Member Info for Mitch984

If its any consolation, KP2 didn't provide any trading update with the 2022 AGM either.

Instead there was the normal quarterly trading update for 30 June, which was released in mid July.

It seems it will be the same this year. However it was totally wrong that shareholders who wanted to dial into the AGM were unable to do so.

"I think we still need news on how to get the ore from mine to port. That may come with full year results."

Absolutely right Shrewd. The port news only brings up back to where we were 3-4 years ago when we hit 25p on speculation about impending port development.

We still need finance from a third party to get the EPP going - and a viable way to get the ore to the port. Until we get that, we will see speculative rises due to buys from small investors - but the big rises will only come with concrete development news direct from Zioc.

I agree it is disgraceful there has been no update.

However surely the port news over on the ZIOC board is positive news for KP2 also?

"A company like Glencore doesn’t hand over their 50% +1 share for fun.."

Shaun. Glencore have not "handed over" their share. They now own 48.6% of the shares in Zioc and also have distribution rights for the ore for the life of the mine.

So basically Glencore have decided that they want nothing to do with the mine's development, but if Zioc find somebody else willing to mine the asset, Glencore still want a huge amount of the profit alongside distributing the ore.

That is hardly "handing over", is it?

I also welcome MM's posts, as long as we all realise that all he is doing is "join the dots" speculation. Which, to be honest, is exactly what we have all been doing for the last 6+ years.

Sadly there is still absolutely zero actual evidence that ZIOC are progressing anything at all as regards the mine's development or sale. I just hope there is some positive statements in the end of month update, and not just the usual copy/paste waffle.

Jiving. That sounds about right as regards the takeover code ec, but I'm no expert either. As you say, it is an interesting prospect if it leads to a takeover offer.

Personally, despite ZIOC saying they are now in sole control of the project, I just don't think that is the case - and Glencore are still dominating because of their distribution rights.

If there had have been a way to get rid of Glencore completely, we would either have been sold or had a major development partner by now.

Lets hope we get some news in June. The Annual Results are due at the end of June, and that will include an update. Whether it will be anything more than the tiresome "significant engagement is underway...." is anyone's guess.

"Q. If we offered a 'Vale' our controlling interest in Zanaga for £1-a-share (£300m/$375m), how long do you think it would take them to accept?

A. 1 second"

...and how long would it take Glencore to decide not to accept it because they do not want a competitor to have access to, or distributing, the ore?

MM. The one thing I can't get my head around regarding Vale, is why Vale would be interested in Zanaga when they will have no rights to distribute the iron ore.

Are you seriously suggesting that Vale would put millions into Zanaga as part of a partnership or consortium only to then have to buy the ore from Glencore, who will have invested nothing in the mine's development?

OK, a total buyout would be a different matter, but all the indications are that we are looking at investment for development. And Glencore will not relinquish their distribution rights (in my view) in a development scenario.

Am I missing something? I sincerely hope I am!

I'm not sure I buy that discussions are now at board level, Shaun. AT is still in charge, supposedly, of investor relations, and I get the impression that nobody has had any direct contact with him for the past year.

I did hear indirectly last year that AT was spending most of his time on Vision Blu, and if that is still the reason for his Zioc silence then that is not a good indication that things are moving forward with Zanaga.

AT was very communicative when discussions were underway with the Chinese via COIDIC. We know the Chinese are now not iterested, but if discussions have moved in a different direction, then there would be no need for him not to return phone calls or answer emails from investors.

I don't have Whatsapp by the way, so do not know if he responds to anyone on there.

Has anyone had any direct communication with him in the past 12 months?

I am pretty sure AT's bio on Vision Blue is accurate - he hasn't worked anywhere else other than JP Morgan, Zanaga and Vision Blue.

During Covid he was based in Dubai as I recall, but I think that was more to do with travel convenience rather than Zanaga related.

I also seem to remember that he used to return phone calls from a couple of the more established members of this forum, but I can't remember who.

Maybe they can try and speak to him again? He can't say anything market sensitive of course, but it would be good to know if Zanaga are still trying to move forward.

I have emailed but with no response, and am not unfortunately a large enough shareholder to expect him to return a call.

If you are a genuine Zioc investor, especially a long term investor as he is and many of us are, you would appreciate everything he posts as being more than relevant.

He is doing the research on current and possible developments that many of us do not have time for. Thanks MM!

"Except, unlike Zanaga, Kore does not have a major partner such as Zanaga has with Glencore. Makes life far more difficult for negotiations and clout. This is not out of the woods yet.."

ATG - probably makes KP2 more open to a complete buy out than Zioc is. Glencore presence in the Zioc set up makes it very hard to sell the project to another major iron ore miner.

There are no such restrictions with KP2, so the lack of a major industry partner may actually be an advantage?

"It's now inevitable that Zanaga will be snapped up by one of the big boys of global mining. All the stars are finally aligning and I can see a bidding war for the asset coming as the Saudi's enter the fray. That won't have gone unnoticed by other parties including the Chinese, Aussies and Americans."

But don't forget that Glencore have the sole rights to distribute the ore. To me that rules out the big iron ore companies (Rio, BHP, AA etc), unless its a complete buy out.

Bringing in an outside partner to finance the development of the mine is what Glencore prefer, and that is why the Saudi side is interesting - especially now China is out of the Zioc picture.

"All this leads me to believe that Glencore will with agreement of KE(and perhaps also JH+ a few others)will acquire the outstanding shares, at a “fair price”(probably with glencore shares held in treasury), when the time is right.
This would be more easily done, with the recent restructure."

I may well be totally missing something here, but if Glencore wanted to do that, surely it would have easier and more sensible to have done it before the restructuring?

I just can't see that as one of the many scenarios, but I live in hope!

"25p next stop - the 2017 and 2018 highs when it looked as if 'China' was going to develop Zanaga. "

While I would very much like us to get back to those levels quickly, I think we will need some sort of concrete news to get there. Nearly all the buys today were small transactions, whereas the price was driven up in 2017/18 by some very large PI buys as I recall.

Next week will tell. Many of the recent buyers will not be LTH and will be looking instead for a quick in/out profit.

What we really need to keep the momentum going is some news from AT and co. If the total silence continues, the share price will sink back again - as we have seen many times before unfortunately. Rises based on speculation and joining the dots, followed by silence from the company, and then finally an underwhelming RNS update.

Having been a holder here for more years than I can admit without kicking myself, I really do hope this is the turning point though! Please!

"LT, an example of good experienced BOD’s is KOD… they made the deal happen and did not hype!… thus x10 SP.."

Albi, what happened to Zioc, who last week you claimed were another example of a very tuned in BOD who kept investors informed?

If you knew anything about Zioc, you would have realised how laughable your statement was.

"Meanwhile,,,Zioc flying, BOD not diluting PI's"

That is the most ridiculous of the many ridiculous posts you have made.

Zioc is just as becalmed as KP2, although with the same huge potential.

And Zioc HAS diluted PIs through buying out Glencore with new shares. Do your research before posting on here please.

"Veteran10 Anyone seriously interested in acquiring Zanaga has been fully aware for a long time now, of not only the quantity and quality of what we have but of all the obstacles in the way of getting it to market. Slowly but surely potential cost effective solutions have and continue to be found. Hopefully, this latest news concerning the "new mole port" is the final box that needed to be ticked off. Also, with all the talk now of "green steel" and the enhanced world wide demand for our "high grade " ore, then the value of what we now have is far higher than what we could have hoped to achieve in the past few years. Lets just hope that the wait wil have been really worth while."

Every one of the above very valid points also applies to Simandou, which has 10x the development costs of Zanaga and 10x the physical obstacles of getting the order to market, but similar high grades of iron ore to Zanaga and similar life of mine reserves.

That is why two of Veteran's point are both valid and highly relevant:-

Why was Simandou picked over Zanaga by Rio Tinto?
Why has nothing happened for 10 years plus with Zanaga?

Does anyone have an answer?

"Zanaga - Now the world's largest and highest graded iron ore not in the hands of an iron ore major, and all prepped for development:"

But Zanaga is mostly still in the hands of an iron ore major. Glencore still have the exclusive rights to distribute the ore, which must be offputting to any other iron ore company.

Has anyone had any contact with AT in the last 12 months?

None of my emails have been replied to, and phone calls have not been returned.