Member Info for MinorMiner

Another 7am slot comes and goes, and we only have 2 more before the day of the, '..briefing to (ZIOC) shareholders (the "Investor Event")'.

FWIW I heard several weeks ago that the company intended a time and venue to 'maximise the attendance'. I'm convinced that the final details are pending external confirmation, i.e. input from Strategic/s.

That we haven't heard that the event is either off or postponed suggests (to me) that confirmation is still expected. If not the surely we would have been told by now. Surely!? - but this is ZIOC, land of zero IR/PR.

Anyway, I still harbour hopes (dreams/wish fulfilment) that this dependency might be related to something like Rio's review of future iron ore products, initiated mid-Oct 24 and just as Rio-Glencore talks were paused, and for which nothing has yet been announced. Just a theory, but you've got to have one.

We shall see, of course.

Oh, Dozey!

Given that company men have barely been able to contain themselves for some months now I'll take my chances.

My thinking is that if Tuesday's 'Investor Event' was to be delayed by anything under ZIOC's control (internal corporate stuff) then we would have heard about it.

We haven't.

We tends me to think that our news ahead of the day (specifically ZIOC's "update to shareholders on the Company's strategic partner process (plus) further information on the Zanaga Iron Ore Project's development plans.") must be driven by external factors, for which read our inbound Strategics.

> We wait on our Strategics.

No news is good news.

Daily chart:

https://invst.ly/18rxcd

Buses?

Some more today on Simadou from the SCMP. Of note is the reminder of their development bill, at $20bn - (Zanaga is 'just' $1.8bn) and the determination of 'China' to invest in African iron ore to de-risk from Australia reliance. For Rio there's also the issue of precipitous decline in Pilbara grades.

Simandou is scheduled to complete development by the end of this year, whilst we have insight from PSEI in China that Zanaga will undertake FEED through 2025. This would mean Rio could then refocus on Zanaga for a build commencing early 2026...

GUINEA’S VAST SIMANDOU MINE ON TRACK TO START DELIVERING FOR CHINESE INVESTORS

"At an estimated US$20 billion, the development of the mine and its associated infrastructure is the largest greenfield investment of its kind in Africa.

“Simandou will bring about 120 million tonnes of iron ore to the market, positioning Guinea as the third largest iron ore exporters around the globe,” said Liz Gao, senior analyst in iron ore at commodities consultancy CRU Group, in an interview with the Post.

According to Gao, when Simandou becomes operational, it will probably replace some Brazilian and Australian iron ore shipments to China, although they will still maintain a dominant position.

Lauren Johnston, a China-Africa specialist and associate professor at the University of Sydney’s China Studies Centre, said the investments in Africa point to China’s determination to de-risk its iron ore supplies.

In particular, China wants to de-risk away from Australia, which for some time has been the country’s dominant supplier of iron ore, according to Johnston."

https://www.scmp.com/news/china/diplomacy/article/3297304/guineas-vast-simandou-mine-track-start-delivering-chinese-investors

Except.... benchmark prices are not doing what the market/analysts predicted. 62% remains at $95+ all the way out to Dec 26.

> Strong evidence that Simandou won't be causing a glut, it'll be used to blend up depleting Pilbara grades.

>> And that means there's room for Zanaga and then some. Rio will know this. So will Baowu, and so will Chinalco...

GUINEA SEES MAXIMUM SIMANDOU OUTPUT IN SECOND YEAR OF OPERATION

Bloomberg News | February 4, 2025

Guinea expects the giant Simandou iron ore project, which is expected to begin production by December, to achieve maximum output by its second year of operation.

The government projects the two mines at the world’s largest untapped iron ore deposit will produce 30 million tons each in the first year, Mines and Geology Minister Bouna Sylla told Bloomberg TV in an interview. Output is then expected to double to 60 million tons at each cite the following year, he said on Tuesday on the sidelines of the Mining Indaba conference in Cape Town.

For a mine “to arrive at 60 million tons, that will take roughly two years because you have the ramp-up time,” Sylla said.

The Simandou project is divided into four blocks, with blocks 1 and 2 controlled by Winning Consortium Simandou, backed by Chinese companies including China Baowu Steel Group. Rio Tinto Plc and Aluminum Corp. of China, known as Chinalco, own blocks 3 and 4.

https://www.mining.com/web/guinea-sees-maximum-simandou-output-in-second-year-of-operation/

14th December and AT name-checked 'power agreements' and 'strategic partner process' as milestones for next year.

Well, we've had 'power' today and that 'de-risked' other milestones...

ZANAGA IRON ORE SECURES GAME-CHANGING PORT PARTNERSHIP - ICYMI

PROACTIVE: Andrew, maybe tell us about some of those milestones that you are targeting for next year as you take the project forward.

ANDREW TRAHAR: Some of them we have already indicated to the market, such as power agreements, for example. The strategic partner process, in particular, has been a major focus for the company and a huge workstream for us. Once again, de-risking milestones such as this port definition and this port agreement and partnership is very important for us.

https://www.proactiveinvestors.co.uk/companies/news/1062820/zanaga-iron-ore-secures-game-changing-port-partnership-icymi-1062820.html

Only 4 more 7am slots before Briefing day, and we're due 2, maybe 3, RNSs....

Lantern Day.

While we wait I've delved some more into symbolism around the Chinese Lunar New Year. This began on 23rd January and the festival will culminate on 12th February with the first full moon on their year. This is styled 'Lantern Day'. (Note at this point that 12th February **starts** in Beijing at 4pm London time on 11th February given their 8 hour time difference. And when might our Investor Briefing be...???)

Anyway, I asked ChattyGPT if 'Lantern Day' was auspicious for mining ventures. Have a look at the names in Point 3:

LANTERN DAY IN A CHINESE MINING CONTEXT

In a Chinese cultural and mining industry context, Lantern Day could be associated with the Lantern Festival (元宵节, Yuánxiāo Jié), which marks the end of the Chinese New Year celebrations. This day, symbolizing illumination, prosperity, and unity, could hold auspicious meaning for the mining sector, particularly for new project announcements or significant milestones.

1. LANTERN FESTIVAL SYMBOLISM IN MINING

Light in the Darkness: Mining, especially underground operations, has historically been linked with the concept of bringing light into darkness. The Lantern Festival’s association with illumination and guiding the way aligns well with new mining discoveries or project launches.

Prosperity and Good Fortune: The festival is a time for wishing wealth, success, and smooth progress—all critical aspects of any mining venture.

New Beginnings: Since it marks the official end of the New Year festivities, making an announcement related to a mining project on or around Lantern Festival could symbolize a strong start to the year.

2. WOULD IT BE AUSPICIOUS FOR A MINING PROJECT ANNOUNCEMENT?

✅ Yes, very auspicious! If a mining company were to announce a new project, expansion, or joint venture on Lantern Day,

(etc)

3. LANTERN FESTIVAL & CHINESE MINING INDUSTRY CONNECTIONS

Mining and Feng Shui: Feng Shui principles often associate mining with Earth elements, and Lantern Festival’s light/fire elements could represent balance and prosperity for such ventures.

Chinese SOEs & Mining Expansion: **COMPANIES LIKE CHINA BAOWU STEEL, CHINALCO, AND ZIJIN MINING** often factor in traditional and cultural timing for business announcements.

Historical References: Ancient Chinese mining operations relied on lanterns for underground visibility, making the festival’s symbolism even more relevant.

CONCLUSION

Announcing a mining project around Lantern Day (Lantern Festival) is considered auspicious in Chinese culture, symbolizing prosperity, clarity, and successful beginnings. If strategically timed, it could enhance stakeholder confidence and align with Chinese cultural values of fortune and renewal.

A pair of globally recognised industry names to come in as new cornerstone investors, taking out Glencore in stages between now April 2026 (Brazzaville presidential elections) - think the likes of Rio Tinto and Baowu (or similar manjor miner/steel industry combo). Stages to be milestones based on progress on FEED, EIS for Stage 2 and a new drill campaign to firm Resource into Reserve. Investor Briefing, slated for next Tuesday, will detail this all to us PIs, specifically the terms of buy out offers at respective stages. Current delay in news flow down to Strategics needing to get their ducks in a row. For this I think Rio's review of future iron ore products could well be a key factor.

Just hunches. We shall see, of course.

Reading it a now yogiananda. Lovely find. A clip:

Future Outlook and Project Potential

The Zanaga Iron Ore Project, supported by strategic power infrastructure solutions, stands poised to become a significant contributor to Congo-Brazzaville's mineral export capabilities and economic diversification. By mirroring the commitment seen in the development of resources richer regions, such as those demonstrated in Australia's advanced mining engagements, the project showcases the power of combining resources with strategic infrastructure planning.

FAQ: Zanaga Project Power Infrastructure

What Makes the Zanaga Project Significant?

The project's comprehensive approach to power infrastructure development, combined with its substantial mineral reserves, positions it as a potentially transformative investment in Congo-Brazzaville's mining sector. It mirrors successful strategies that have yielded significant economic outcomes globally.

How Will Power Infrastructure Impact Project Development?

Strategic power solutions are critical for ensuring consistent, reliable energy supply to support large-scale mining operations, directly influencing project feasibility and operational efficiency. This approach is complementary to similar initiatives undertaken in mining capitals around the world.

FWIW I don't see any announcement emanating from the Mining Indaba. I hear that MPD are there as a sighter for future Indaba's when development will be underway. If so and interestingly that ZIOC aren't there as themselves - a pointer that we'll be a backseat partner in future years?! As much as any RNS, and intraday is a possibility as per 2nd Jan, I'm looking for leaky buying. Something may slip out via the Indaba but also that in recent months the SP has been moving several days before announcements. Whatever the case, ZIOC do have to announce something this week simply on event details, and we were promised;

"...an update to shareholders on the Company's strategic partner process whilst also providing further information on the Zanaga Iron Ore Project's development plans."

We shall see, of course.

Our update on 'strategic partner process' and further info on 'development plans' have to be pending the all clear from our Strategics. 100%. Insight tells me that the wheels are spinning furiously.

RNS Number : 9711R

Zanaga Iron Ore Company Ltd

02 January 2025

2 Jan 2025

ANNOUNCEMENT OF PLANNED CORPORATE UPDATE AND LONDON INVESTOR EVENT

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC) is pleased to announce that the Company intends to provide an update to shareholders on the Company's strategic partner process whilst also providing further information on the Zanaga Iron Ore Project's development plans.

As a result of the planned corporate update the Company will be hosting an event in London on Tuesday 11 February 2025 to provide a briefing to its shareholders (the "Investor Event").

More detailed information on the Investor Event will be announced shortly.

We're testing up through 9p, which has held for over 3 weeks.

Recall the possibility that our round trip from 8p to 12p and back again could have been driven by 'delta hedging' (and subsequent unhedging) of an uncovered call option.

We could have the same driver again at 9p, 10p, 12p etc should the option still exist and on RNS news.

Worth keeping a close eye on the price action for clues.

I posted a couple of times yesterday about the coincidence of Rio Tinto's iron ore product review, started in mid-October, at the time when the Rio-Glencore merger talks 'stalled' (paused IMO).

FWIW I reckon Zanaga Strategic Investor decisions could be predicated on the outcome of Rio's review. I don't think a major corporate pivot by Rio into DR-grade for green steel could be preempted by investment into/acquisition of Zanaga. Review outcome first, Zanaga second. Thus the possibility that we are waiting on the completion and announcement of Rio's review before we can confirm and detail the time and place of the upcoming Investor Briefing.

More RNSs this week, I reckon.

The timing of the Mining India is a coincidence. MPD have taken a stall as part of a pre-scripted and longterm plan to raise Zanaga's profile within the African mining community. This would indicate that ZIOC are intending to stay the course through the development process.

"Under the terms of the memorandum, the parties will assess the technical, economic, and legal aspects required for power generation and distribution for the Zanaga Project's needs for its Stage One operations, allowing it to reach a production capacity of 12 millions tons per annum of iron ore with a view to further **expansions**. "

expansions - plural

Interesting.

Power for Stage 1 of 12mtpa is detailed, and Stage 2 of +18mtpa would be one expansion. Any further 'expansions' would be Stage 3 and as a result of proving up the Resource into Reserve by a new drill program.

What's in an 's', eh?

Today's Power RNS compliments December's Port RNS, yet both are simple MoUs - they aren't contractual, they're not legally binding. Besides, there would be little point in signing anything binding with ZIOC (or Jumelles or MPD for that matter) given that actual Zanaga development will probably done by a new joint venture entity. Think Simandou consortia.

So why have the 2 MoUs? The answer I think is very positive for imminent news:

For starters, I think both have been at the instigation of our inbound Strategic Investors. Second, they show intent from the respective parties (Arise at the Pointe Noire SEZ and mineral port site, and CEC for Pointe Noire gas-fired power) to start work on the nuts and bolts of what will be needed by the Strategics once they are ready to reveal themselves.

At the Port, Arise are ticking this lot:

1. Completion of engineering works required for geographical general arrangement, utilities (power, water, internet, roads and sub-surface works), concentrate handling and export infrastructure (shorefront, breakwater, jetty and ship loaders).

2. Definition of a services agreement between the Parties where Arise provides services for SEZ leasing, concentrate handling, facility maintenance and utilities.

3. Definition of a capital return agreement to provide a return on the capital investment required for infrastructure.

Today for Power, CEC are now ticking these:

Under the terms of the memorandum, the parties will assess the technical, economic, and legal aspects required for power generation and distribution for the Zanaga Project's needs for its Stage One operations, allowing it to reach a production capacity of 12 millions tons per annum of iron ore with a view to further expansions.

> In other words, both Arise and CEC are demonstrating intent while being tasked with the groundwork necessary for future agreements with our Strategic Investors.

> In short and because our MoU are not contractual I think their existence is even more significant.

Most useful comment from Marty to finish the RNS: 'Power' complements December's 'Port' MoU in de-risking both the 2 primary 'challenges' to development. IMO now frees up further news in the immediate future, effectively preempting the question, 'What will you do for power?' Nice One.

Next.........

Martin Knauth, CEO of ZIOC commented:

"Together with the recent partnership with Arise to develop bulk mineral export facilities, the partnership with CEC to develop a range of power solutions supports a pathway to further de-risk the Zanaga Project from the two largest development challenges, being the availability of adequate power and port infrastructure.

3 FEBRUARY 2025. POWER MOU SIGNED WITH CEC

Zanaga Iron Ore Company Limited ("ZIOC") is pleased to announced that ZIOC, and its 100% subsidiary MPD Congo, have today signed a memorandum of understanding with Centrale Électrique du Congo (CEC) SA to evaluate potential solutions to supply the Zanaga Iron Ore Project's power demand, leveraging CEC's existing assets.

CEC is a private power producer based in the Republic of Congo, owned by the Government of the Republic of Congo (80%) and Eni Congo (20%). With an installed capacity of 484 MW from its assets located in Côte Matève and Point-Noire, CEC currently supplies more than 70% of the country's electricity demand, benefitting from the vast gas resources developed by Eni Congo.

Under the terms of the memorandum, the parties will assess the technical, economic, and legal aspects required for power generation and distribution for the Zanaga Project's needs for its Stage One operations, allowing it to reach a production capacity of 12 millions tons per annum of iron ore with a view to further expansions.

Martin Knauth, CEO of ZIOC commented:

"Together with the recent partnership with Arise to develop bulk mineral export facilities, the partnership with CEC to develop a range of power solutions supports a pathway to further de-risk the Zanaga Project from the two largest development challenges, being the availability of adequate power and port infrastructure.

https://www.lse.co.uk/rns/ZIOC/power-solutions-mou-bivo8tly7hzg4o4.html