Member Info for MinorMiner

Morning yogiananda. On Glencore check back to my posts of yesterday afternoon.

I've joined some dots and speculated but.....Glencore had to move on, likely at Brazzaville's 'insistence', or risk the jeopardy of their previous coming to the attention of the SEC and hindering any NYK listing. That could/would have been worth many times the current NPV of Glencore's 43% in Zanaga, at least at this stage. I think Glencore looked at the variables and the Big Picture and just got out.

This from the RNS:

Upcoming Investor Day

The management team looks forward to updating shareholders at the upcoming Investor Day on 18 March 2025, where they will provide further clarity on the ongoing strategic review process (1), financing pathway (2), and key operational updates (3) and initiatives (4).

> All 4 of those items **must** be RNSed to investors before the Investor Day. I would also suggest that the RNSs must come in good time for shareholders to decide whether to attend and ask questions based on them. We have to hope that these are in hand, now that yesterday's big RNS is out the way. We shall see, of course.

What we need to know is whether any of the existing company officers (namely Elphick, Trahar and Knauth) are in any way connected with Greymont Bay, HeeneyCapital, or GIS.

We have to be 100% assured and convinced that future potential hasn't disappeared into opaque vehicles.

As it stands I won't bother with the Investor Briefing. I think all/any incisive questions will be stonewalled and/or obfuscated.

We can but hope that the personal greed of those now involved aligns with the rest of us as shareholders.

All reasonable questions, answers to which there will be none!

1. Greymont Bay - doesn't exist as a place except in SIMS 3 (is someone having a laugh?)

(a) Both

(b) Heeney Capital

https://www.linkedin.com/in/henryheeney Has 'liked' Marty and ZIOC posts on LinkedIn.

ZIOC just copy/pasted their blurb into the RNS

Their website:

ABOUT US

A private capital firm headquartered in New York, focused on acquiring significant interests in private companies and individual assets. The firm specialises in development-stage mining assets, leveraging deep sector expertise to unlock value in high-impact, strategically significant projects. Its portfolio is complemented by opportunistic investments across critical resource sectors, with a strong track record of partnering with industry leaders to drive long-term asset growth and value realisation. For more information, please contact information@heeneycapital.com

2. Sir Mick? No chance

3. Try PIF, Armaco and SABIC as the founders of Saudi Arabia's DUSSUR (see my LSE posts earlier today)

https://dussur.com

4. GIS as a concern doesn't seem to have existed a few weeks ago. Their website is a dead-end with no meta data immediately visible.

Their website only appeared 6 days ago.

https://gulfironsteel.com

They seem to be connected in some way to Greymont Capital through the terms of Glencore's off-take cancellation.

5. The 'new' NPV of $5.7bn seems to be the mid-price of the Stage 1 NPV at $3.8bn and Stage 2 at $7.6bn

All opaque entities into which value (or more accurately 'potential') has disappeared.

All reasonable questions, answers to which there will be none!

1. Greymont Bay - doesn't exist as a place except in SIMS 3 (is someone having a laugh?)

(a) Both

(b) Heeney Capital

https://www.linkedin.com/in/henryheeney Has 'liked' Marty and ZIOC posts on LinkedIn.

ZIOC just copy/pasted their blurb into the RNS

Their website:

ABOUT US

A private capital firm headquartered in New York, focused on acquiring significant interests in private companies and individual assets. The firm specialises in development-stage mining assets, leveraging deep sector expertise to unlock value in high-impact, strategically significant projects. Its portfolio is complemented by opportunistic investments across critical resource sectors, with a strong track record of partnering with industry leaders to drive long-term asset growth and value realisation. For more information, please contact information@heeneycapital.com

2. Sir Mick? No chance

3. Try PIF, Armaco and SABIC as the founders of Saudi Arabia's DUSSUR (see my LSE posts earlier today)

https://dussur.com

4. GIS as a concern doesn't seem to have existed a few weeks ago. Their website is a dead-end with no meta data immediately visible.

Their website only appeared 6 days ago.

https://gulfironsteel.com

They seem to be connected in some way to Greymont Capital through the terms of Glencore's off-take cancellation.

5. The 'new' NPV of $5.7bn seems to be the mid-price of the Stage 1 NPV at $3.8bn and Stage 2 at $7.6bn

All opaque entities into which value (or more accurately 'potential') has disappeared.

Yes

Not so easy to get achieve the 'optimal valuation' by being in New York if the SEC have said 'No'.

GLENCORE WEIGHS DITCHING LONDON AS PRIMARY LISTING

Cecilia Jamasmie | February 19, 2025 |

Glencore (LON: GLEN) is considering shifting its primary listing from London, likely to New York, or another venue where it can “get the right valuation” in a potential blow to the London Stock Exchange.

Chief executive Gary Nagle said the miner and commodity trader, which has been listed in London since 2011, was evaluating whether another exchange might be better suited for trading its securities.

“We want to ensure that our securities are traded on the right exchange, where we can get the right and optimal valuation,” Nagle said on a call Wednesday morning. “If there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that.”

https://www.mining.com/glencore-weighs-ditching-london-as-primarily-listing/

...and why might Brazzaville want to be done 'as quickly as possible'?

The answer likely lies in a new sense of urgency. The Presidential elections take place next April, and Big D is not immune to a new coalition gaining ground. He and his entourage could do with a big win, and a multi-billion pound development project for Zanaga, 500 MW of power plus associated port facilities would give him just that. So, 12 months max for FEED (they've already started some workstreams) and a couple of globally important Strategics (think Rio/Vale etc) will give him that win. If Glencore were the sticking point then they had to move on. Just saying.

This could well be why Glencore felt the need to sell up and move on. Glencore are looking to list in NYK. There the SEC would not take kindly at all to any fresh revelations from the Congolese jungle. Did they feel 'obliged to', likely because of their legacy issues with Brazzaville? I reckon. Just saying....

"...the Congolese had a different view and wanted to get rid of this partnership as quickly as possible."

Those accounts looking for deep conspiracy theories are probably right to be. But they've been looking in the wrong place...

TRAFIGURA COMES TO RESCUE OF SNPC BY SETTLING GLENCORE DEBT

Brazzaville has obtained pre-financing from Trafigura to settle its debt with Glencore, much to the dismay of international financial institutions. Published on 10/02/2025

It was a conflict that kept Glencore and the Congolese state busy for many months, before being quietly settled. Indebted to the tune of several hundred million dollars to the Geneva trader, Brazzaville found a way out of the crisis on 27 December, without anything being mentioned in the media. In the end, another trader accustomed to doing business with Congo, Trafigura, agreed to new pre-financing in exchange for crude cargoes from the Société Nationale des Pétroles du Congo (SNPC).

In what was an unusual move in the oil business, the Congolese state, via SNPC, paid in advance what it owed Glencore. The relationship between the two parties had gradually deteriorated, and negotiations over the terms of the pre-financing were at times tense at the end of last year (AI, 20/12/24). While Glencore considered that relations had improved, the Congolese had a different view and wanted to get rid of this partnership as quickly as possible.

https://www.africaintelligence.com/central-africa/2025/02/10/trafigura-comes-to-rescue-of-snpc-by-settling-glencore-debt,110373315-art

Just reported - 4 quick fire sells for a total of 1.2m shares timed at 10.30 and down on to 8.00p.

Stop hunting from the brokers.

Motivation (and pay check) of certain accounts only too obvious

ZIOC preparing for execution with project acceleration

The ever-useful take of ChatGPT:

HERE ARE SOME KEY INSIGHTS FROM THE ZANAGA IRON ORE COMPANY (ZIOC) INVESTMENT DEAL:

1. STRATEGIC SHIFT – CUTTING TIES WITH GLENCORE

ZIOC is fully repurchasing Glencore’s 43% stake, effectively ending Glencore’s influence over the project.

This includes terminating Glencore’s offtake agreement and board representation, signaling a major shift in control.

The move suggests ZIOC wants more strategic flexibility in choosing its future partners and funding sources.

2. STRONG INVESTOR LINE-UP WITH DEEP INDUSTRY EXPERTISE

The investment group includes high-profile mining veterans, such as:

Mark Cutifani (ex-Anglo American CEO)

Sir Mick Davis (ex-Xstrata CEO, Vision Blue founder)

Tony Trahar (ex-Anglo American CEO)

Tony O’Neill (ex-Anglo American Technical Director)

Phil Mitchell (ex-Rio Tinto Head of Business Development)

Gagan Gupta (CEO of Arise, a key African infrastructure player)

Their involvement suggests confidence in Zanaga’s potential and a strong push toward project execution.

3. FINANCIAL STRENGTH & PROJECT ACCELERATION

$21.5M private placement, with the potential to increase to $23M, significantly strengthens ZIOC’s balance sheet.

$15M of the funds will be used for the Glencore buyback, while the rest will fund 12+ months of working capital and project acceleration.

The focus on launching a formal bid process for construction suggests ZIOC is preparing for execution rather than just feasibility studies.

4. HIGH-GRADE IRON ORE & MARKET POSITIONING

The Zanaga Project has a 6.9B tonne resource and a planned 30Mtpa output of high-grade iron ore.

With growing demand for high-purity iron ore (especially for green steel production), the project could attract further strategic buyers.

The departure of Glencore might open opportunities for new offtake agreements with steelmakers or Gulf investors.

5. POTENTIAL INTEREST FROM GULF OR ASIAN INVESTORS?

While the announcement does not explicitly mention new strategic buyers, the Middle East (e.g., Saudi Arabia’s Dussur) and China have been actively investing in high-grade iron ore assets to secure green steel supply chains.

The presence of Gagan Gupta (Arise) suggests a focus on African infrastructure and trade, which could facilitate export routes to the Middle East or Asia.

CONCLUSION: A MAJOR RESET FOR ZANAGA

This is a bold restructuring move for ZIOC. The departure of Glencore and arrival of industry heavyweights suggest:

A shift toward execution and financing decisions without Glencore’s constraints.

Increased flexibility to bring in new strategic partners, possibly from Asia or the Gulf.

Positioning as a supplier of high-grade iron ore for green steel, which could attract premium pricing in global markets.

Stellar cast list as news travels:

Africa | News

Zanaga Iron Ore Company cuts ties with Glencore in investment deal

A GROUP OF HIGH-PROFILE MINING EXECUTIVES HAVE INVESTED AN INITIAL US$21.5 MILLION INTO ZANAGA IRON ORE COMPANY.

Mining Review Africa

04 March 2025

Zanaga Iron Ore Company Limited (ZIOC) has announced a $21.5 million private placement, with the potential to increase to $23 million, backed by investors with deep expertise in mining, project development, and infrastructure, particularly in the Republic of Congo.

This investment brings world-class advisory and financing expertise to ZIOC, significantly de-risking the Zanaga Iron Ore Project and positioning it for a final construction decision.

Glencore share buyback & Board changes

ZIOC has entered an agreement to repurchase Glencore Projects Pty Limited’s entire 43% stake, leading to the cancellation of the Relationship Agreement between ZIOC and Glencore, Glencore’s Offtake Agreement for iron ore marketing rights, and Glencore’s board representation, with its appointed director stepping down.

The buyback will be funded from the private placement, which will be completed in two tranches at the same price. Additionally, ZIOC will appoint CEO Martin Knauth and Phil Mitchell to its Board.

USE OF FUNDS & PROJECT ACCELERATION

$15M will fund the Glencore buyback

Remaining funds will provide 12+ months of working capital, advancing key project initiatives and launching a formal bid process to establish a construction consortium

The Zanaga Project, with a $5.7B NPV and a 6.9B tonne resource, aims to produce 30Mtpa of high-grade iron ore at low costs

Key investors in the fundraise

ZIOC has secured subscriptions from several strategic investors, including Greymont Bay LLC, which will invest up to $12.35M for a potential 28.8% stake post-buyback. Greymont Bay’s investment group includes:

Mark Cutifani – Former CEO, Anglo American

Sir Mick Davis – Former CEO, Xstrata & Founder, Vision Blue

Tony Trahar – Former CEO, Anglo American

Tony O’Neill – Former Technical Director, Anglo American

Phil Mitchell – Former Head of Business Development, Rio Tinto

Gagan Gupta – CEO & Founder, Arise (West African port developer)

Clifford Elphick, Chairman of ZIOC, described the deal as a transformational milestone, bringing top-tier mining expertise to accelerate the Zanaga Project and strengthen ZIOC’s strategic position.

"Today’s transaction is a transformational milestone for Zanaga, securing investment and leadership from industry-leading mining luminaries with a strong track record of developing some of the highest quality mining assets globally. The fundraise allows us to buy back Glencore’s shareholding and fund more than a year of key workstreams that will accelerate the Zanaga Project. This enhances our strategic flexibility, strengthens our financial position, and re-positions the project to prepare for an execution phase."

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Investec knew what was going on when they started quoting ZIOC (aka building a stake) back on the 14th February.

Middle East heavily involved.

Only one way from here.

DUSSUR

From PIF's website:

Dussur operates a sustainable investment model that facilitates the development of key industrial sectors and their desired value chains in the Kingdom. Of particular interest is downstream development in strategically important industries.

Yesterday's RNS:

Investors include : The Founder of a Saudi Arabian investment fund focused on developing downstream processing plants in the Kingdom of Saudi Arabia.

> Perfect fit

Dussur is the Saudi Arabian investment vehicle tasked creating, '...a sustainable investment model that facilitates the development of key industrial sectors and their desired value chains in the Kingdom. Of particular interest is downstream development in strategically important industries.'

Dussur was established by Royal Decree and its 3 founders were (and remain) PIF, Aramco and SABIC.

PIF and Aramco are JV'ed with Baosteel on the huge green steel venture at Ras Al Khair.

The "Saudi Arabian investment fund focused on developing downstream processing plants in the Kingdom of Saudi Arabia" is most likely 'DUSSUR'.

SAUDI ARABIAN INDUSTRIAL INVESTMENTS COMPANY "DUSSUR"

Established in 2017

Saudi Arabia

Dussur operates a sustainable investment model that facilitates the development of key industrial sectors and their desired value chains in the Kingdom. Of particular interest is downstream development in strategically important industries. Dussur will create a significant number of quality job opportunities for the Kingdom’s citizens through its investments in the targeted sectors. .Dussur was established by Royal Decree. The shareholders are three of the Kingdom of Saudi Arabia’s largest and most respected organizations, the Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and SABIC (Saudi Basic Industries Corporation).

https://www.pif.gov.sa/en/our-investments/our-portfolio/saudi-arabian-industrial-investments-company/

Dussur was established by Royal Decree. The shareholders are three of the Kingdom of Saudi Arabia’s largest and most respected organizations, the Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and SABIC (Saudi Basic Industries Corporation).

https://www.dussur.com/about-us.php

Dussur (Saudi Arabian Industrial Investments Company) was founded in 2014 by a Royal Decree as a joint initiative between:

ChatGPT:

DUSSUR

Public Investment Fund (PIF) (Saudi Arabia’s sovereign wealth fund)

Saudi Aramco (the state-owned oil and gas company)

SABIC (Saudi Basic Industries Corporation, a global petrochemical company)

Since it was created by these entities rather than an individual entrepreneur, there isn’t a single “founder” in the traditional sense. However, the leadership at the time of its formation and key decision-makers from PIF, Aramco, and SABIC would have played a role in establishing Dussur’s investment strategy.

If the Zanaga Iron Ore Company (ZIOC) RNS is referring to an individual investor as "the Founder of a Saudi Arabian investment fund," it may point to a senior executive or key figure involved in Dussur’s early development—or an entirely different private fund with similar investment goals.

PIF INVESTMENT

From yesterday:

4) Other investors include:

o The Founder of a Saudi Arabian investment fund focused on developing downstream processing plants in the Kingdom of Saudi Arabia.

and Elphick said:

"I am particularly excited about our new strategic partnerships with Middle Eastern and International groups, with industry expertise but also the commercial relationships needed to support financing and offtake agreements..."

BINGO Yogi!!!!

The PIF or connected

NewKOTB - not open market, hiding in plain sight