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According to the JRP we could release our $2.5m and take 20% of the JV today, but that would be a foolish thing to do whilst the JV doesn't own any of DEV. IMHO.

The thought has crossed my mind too @Bannor. Clearly we'll all feel a lot less jittery when the JV owns 99.9% of DEV and we own 20% of the JV! ;-) I'm also cognisant that a well funded company could take our 20% and up to 49% option for what they would consider peanuts :-)))

@tomcat - at least we know the environmental licences and other aspects related to once again shipping iron ore from the public port are very likely no longer an obstacle as demonstrated by the sailing of the Xin ;-)

@Bannor "but be that as it may it makes me feel a little easier that our 20% appears to be on the cards prior to shipment (just my opinion though)." I wondered if you would be feeling more :-) based on no mention of shipping ore. Personally I think it's a bit of a remiss of the company not to update us on the shipping situation. Presumably it's not good or they would have said something. Then again I'm not sure how it would have sounded had they said: "Courts gave DEV permission to ship. Banks said please don't. DEV said we are going to. Banks appealed. Appeal failed. DEV said we are going to ship. Banks appealed to higher courts. Appeal failed. DEV said we are going to ship. Banks said if you ship, we pull out. DEV said, OK we won't ship." Of course all my own opinion of the likely turn of events. Anyway, fingers crossed for that 4th RNS at 11am - 8am Brazil time ;-) Unlikely, but it wouldn't surprise me if the RNS eventually landed during play - perhaps not today, or this week, month even, but it could!

What are you getting at @tomcat? Initial approval to ship ore was in April. The meeting below was in August. That's a 4 month wait. bing translates it as.

"PGE meets with ore company" (20 August 2020)
http://ageamapa.ap.gov.br/noticia/2008/pge-reune-com-empresa-do-ramo-de-minerio
===[
The meeting was to discuss the procedures for the withdrawal of ore from Zamin, recalling the company's judicial recovery action, highlighting the importance of the withdrawal of the ore allocated in the Port of Santana, and the resumption of this extraction, since the mining company claims a four-month wait since the start of the ore withdrawal procedures.
]===

@tomcat, I hadn't looked at that location before. What makes you think this is where they barged from? It looks feasible.

https://satellites.pro/Brazil_map#-0.057439,-51.180732,19

"and investigating the installation of an interim shipment facility outside the public port to increase the capacity associated with the shipment of the iron ore stockpiles." It's certainly intriguing @MLQ. Tell me more, tell me more.

It does seem that way @MLQ. I'm guessing this means closing the deal must be imminent, and to ship now might demonstrate bad faith.

Indeed @tomcat. Quite happy to see them using the spot :-)))

"On a global basis, and not restricted to a pit shell or cut-off grade, BGS has modelled an additional 800 Mt of Indicated and Inferred Semi Compact and Compact Itabirite that lie predominantly below the existing Itabirite resource. This provides a significant opportunity should future metallurgical and optimisation test work show the material can be upgraded economically to a saleable concentrate." :-))))

Cheers @Barksy.

@Cause - I guess what I'm getting at is that the wording of that particular ruling is slightly beyond my comprehension! LoL. But if you think it is within your grasp, then great! :-)) The line you highlighted does indeed confuse. I should say that I think the ruling was in favour of DEV but thought I'd point out that I'm not certain as it's complicated. Percentage wise I'd say I believe with 95% certainty it's in DEV's favour. i.e. I believe that the higher court rejected the injunction requested by the banks to prevent the shipment of ore. As to why the ore hasn't started to ship since that date? Perhaps these things take time, or as we have hypothesised, perhaps it is a show of good faith being so close to completing the deal?

Thanks @Nick. I'd say using that graph to look at the trends is probably OK! Though from the trends on that graph I'm not sure how you concluded it was heading south? It looks to be heading North again :-))

https://www.marketindex.com.au/iron-ore

From what I can tell it's based on the cmegroup's futures:
"Market Index tracks the industry standard NYMEX traded 62% Fe, CFR China in $US/metric tonne."

https://www.cmegroup.com/company/nymex.html
https://www.cmegroup.com/trading/metals/ferrous/iron-ore-62pct-fe-cfr-china-tsi-swap-futures_quotes_globex.html

I don't know the exact weighting. Anyway, probably not a good idea to try to compare absolute values between markets/indices/websites. For example, Custeel was reporting a spot of $130 mid September, but that graph only got as high as $121 - since it's likely based on futures.

I hope that helps,

Ob.

@Cause, it looks to me that they have copied and pasted what they reported previously perhaps believing that the situation was unchanged and no progress had been made. I'm also uncertain on the meaning of this:

https://scon.stj.jus.br/SCON/decisoes/toc.jsp?livre=DEV+MINERACAO&b=DTXT

I'm not sure if that link is working any more, but you can easily search on that site for the high court decision made on the 7th/8th October 2020.

These:

https://satellites.pro/Brazil_map#0.614764,-51.766300,19

https://apps.sentinel-hub.com/eo-browser/?zoom=18&lat=0.614764&lng=-51.766300&time=2020-10-25&preset=1_TRUE_COLOR&datasource=Sentinel-2%20L2A

@tomcat, as I mentioned during the week, there appears to be movement at what I assume is the Vila Nova stockpiles:

https://apps.sentinel-hub.com/eo-browser/?zoom=18&lat=0.614764&lng=-51.766300,&time=2020-10-25&preset=1_TRUE_COLOR&datasource=Sentinel-2%20L2A

@Nick2151: "Iron ore price seems to be heading south, hope we havnt misses the boat again (excuse the pun)"

What makes you say that? Where is your source? From what I can see prices are heading back up again after a little dip:

http://www.custeel.com/en/csi.jsp
===[
Date Seaborne index 62% Fe fines Seaborne index 65% Fe fines
2020-10-30 118.20 129.90
2020-10-29 116.10 129.40
2020-10-28 116.80 130.90
2020-10-27 115.70 129.80
2020-10-26 115.10 129.20
2020-10-23 115.60 129.40
2020-10-22 120.00 133.40
]===

And Friday's DCE evening session, which is classed as part of Monday's day session is around 1% up.

@Cause: "Affirmation that what @Obs found with courts is correct. Courts have allowed the shipping so it may just be a good faith agreement to not ship at the moment.". I wouldn't take what you quoted as affirmation as they reported exactly the same text in their 27 August 2020 announcement.

@Barksy. You could ask @Kiran why Anglo report there are: "3Mt of iron ore currently sitting as a stockpile in the port facilities."

That's ingenious @Mb. I've always wondered the answer to that question, and now we know!

The mine was sold on this date:

"On September 16, 2020, we completed a sale of the Vila Nova iron ore mine, a non-core asset, for proceeds of $10.0 million and realized a gain on sale of $2.5 million."

And less than 2 weeks later UNAMGEN signed a deal to ship ore, presumably from stock piles.

"Companhia Docas de Santana - CDSA started this last Thursday (10/22/2020) the resumption of iron ore export operations, through the operational contract signed with the company UNAMGEN Mineração e Metalúrgica S / A, on 09/29/2020. Ensuring the return of iron ore storage and export through the Organized Port of Santana, which expects to handle up to 400 thousand tons."