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@EV. My understanding is that the union of banks, as secured creditors, are not taking a haircut - they are subject to a separate negotiation, payment terms and schedules, outside of the terms of the JRP:

"Court Approval to Commence Iron Ore Shipments" (14 April 2020)
https://www.lse.co.uk/rns/KDNC/court-approval-to-commence-iron-ore-shipments-hzouuhfq5grr5eu.html
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In addition, the Court has requested that the secured bank creditors reach an agreement with the JV Partners and DEV within 60 days or the Court might rule on the annulment of the Bank Liens and consider the banks as unsecured creditors. As unsecured creditors, the bank's credit will be subject to restructuring plan limits and discounts and be paid from free cash flow from DEV, which may be over fifteen years.
]===

"Zamin: A disastrous operation in Amapá. Judicial recovery is the solution!" (April 28, 2017 )
https://tribunaamapaense.blogspot.com/2017/04/zamin-uma-operacao-desastrosa-no-amapa.html
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Santana's promoter of the Environment, Adilson Garcia, concludes by saying that if we opted for BANKRUPTCY DECLARATION, it would be highly damaging because Banco Intesa Sanpaolo has a fiduciary alienation agreement on top of the US $ 135 million stocks, Banco ABN AMRO BANK has a pledge of $ 50 million dollars and GERALD METALS owns $ 400 million in ore stocks, estimated at four million tons (2.8 million in the yard in Santana and 1.2 million in Pedra Branca do Amapari ).
]===

That "$ 400 million" is presumably BRL, which on that date was around 3.17 = US $126m, which is close enough to the US $135m in this context. As discussed the 2.8Mt + 1.2Mt mentioned is unlikely to be physical ore, but that derived from the US $135m guarantee, which based on likely realised profits from iron ore prices at the time would not surprise me at all if this worked out to be a confused estimate of the 1.39Mt of physical ore at the port which Gerald may have claim over, with the left over being at the rail end/mine - which we would consequently be able to estimate a minimum (1.39Mt * 1.2Mt / 2.8Mt)

Who knows? It's confusing! But to be clear, unless we are RNS'd to the contrary then I'm inclined to believe that the ore DEV is currently shipping for Gerald is separate to the 1.39Mt identified in the RNS's, and that there is now a distinct likelihood that the remainder of this ore after $135m has been shipped will revert to being owned by DEV benefiting the project, and us, once we take our 20% ownership of it. :-)

Ob.

Well yes @EV, that's what I'd like to believe given all of our research to date. But the fact we haven't been told this officially makes me doubt it. It's material either way and should be RNS'd IMHO.

That's now my understanding @Bannor, which, as I'm sure you are aware, makes the question of exactly what ore is DEV shipping for Gerald more pertinent. Are we to believe that because the BoD haven't RNS'd that it is coming out of the 1.39Mt, that it isn't coming out of the 1.39Mt?

If it's coming out of the 1.39Mt then bad for us. If it is isn't, then good for us. Which is it?

I'm of the opinion that a lot of the projects we are invested in are deemed too complicated and not relevant to bother PI's with by the BoD. This is fair enough to a degree I suppose, we don't need to be told the minutia of day to day operations. But they have to realise lack of information and clarity is a breeding ground for Fear, Uncertainty and Doubt spread by Fudsters, of which I perhaps rightly could be accused of being one, if viewed through a certain lens - I do like to ask questions! Perhaps my constant highlighting of what we don't know and no end of supposition contributes to persuading those susceptible to FUD to sell? Perhaps it's even purposeful on a level I'm not consciously aware of? Ever thought about that @justfencing? ;-)

In the light of this revelation, the total amount of ore sat in the various locations, and who has claim over it seems fairly price sensitive to me. For if the ore we are shipping for Gerald is coming out of "DEV's" 1.39Mt stock piles that have been mentioned in our RNS's this is material. If it isn't coming out of these stockpiles, but Gerald's private stock piles, then who owns what is left over when DEV have finished shipping $135m worth? Is this added to the 1.39Mt total? If there isn't $135m of Gerald's ore at the ports, then what about at the far rail terminal, and if not there, what about at the mine?

I pointed out the other day this in relation to Indo's claim: "It turns out that the iron ore in question could not even have been given as a guarantee, by reason of pledge and fiduciary sale in guarantee previously constituted on the same assets, for the benefit of third parties." - presumably this third party is Gerald, but doesn't answer the question of whether it's coming out of the, obviously now reduced, 1.39Mt.

That's great to hear @MLQ. What source are you using?

Great interview @EV. Thanks for sharing. This caught my attention. Does anyone know more, or care to speculate?

"E39: EMH Czech-ing Europe's Lithium Boxes" (1 Aug 2021)
https://www.youtube.com/watch?v=AuBBecki3rI&t=1301s
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You talked about could CEZ end up with 100% of the project, that's possible but it is something that is stipulated in that shareholder's agreement. It's very clearly set out and it has nothing to do with our market capitalisation or where our shares are trading, so we feel comfortable with our position as a minority shareholder in this project.
]===

If so we might see an RNS confirming this. End of the first $10m, start of the next $10m is significant. After DEV's White Bay departs on Wednesday there are currently 4 more DEV ships scheduled to dock at pier 2 in August. :-)))

BCR just departed from pier 1 :-))))

Bottom of page 15:

https://administracaojudicial.kpmg.com.br/downloads/planos_de_recuperacao/PRJ%20Homologado%20em%2029.08.2019-1587574667016.pdf
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To discuss and introduce possibilities with strategic partners to invest in value addition, such as pig iron, pellets or steel in the state of Amapa.
]===

:-)))

Bottom of page 13 of the JRP:

https://administracaojudicial.kpmg.com.br/downloads/planos_de_recuperacao/PRJ%20Homologado%20em%2029.08.2019-1587574667016.pdf
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As a result, the iron ore storage areas at the mine, the rail yard and the port terminal reached their maximum load and, consequently, it was not possible to continue producing iron ore after April 2014
]===

I think it's high time we were told these maximum loads and who has claim over them.

@tomcat: "It turns out that the iron ore in question could not even have been given as a guarantee, by reason of pledge and fiduciary sale in guarantee previously constituted on the same assets, for the benefit of third parties. "

This one's interesting too: 0015950-84.2016.8.26.0100

This is Indo's appeal:

https://www.jusbrasil.com.br/processos/108114731/processo-n-0015967-2320168260100-do-tjsp

Might get more information by viewing it here:

https://esaj.tjsp.jus.br/cpopg/open.do

Looks like the JRP may have a typo and it's actually $49,940,000.00

"1.1.30. "Indo Sino Credit": is the credit held by Indo Sino against the Debtor, in the amount of USD 49,140,000.00, currently indicated in the List of Creditors in the Class of Unsecured Creditors, but subject to an appeal to consider the pledge guarantee of 1,718,338 tons of iron ore.".

I'm interested in how others read that, but to my eyes it says that Indo have previously paid DEV $49m so this is how much DEV owe Indo. However, Indo would rather have the $49m denoted as 1.72Mt of ore owed instead, and of course they would as that is much more valuable now given the shift in exchange rates and iron ore prices. This doesn't mean there is 1.72Mt of ore mined and ready to rail/ship though. But it may do.

LoL @tomcat, I wouldn't put too much credence to a timescale in a corporate presentation. The 27% comes after all preconditions for the 20% have been met, and the additional preconditions for the 27%. Agreed that the original estimate was around 6 months after the start of iron ore shipments, so it's possibly the 27% lands at the same time as the 27%, this month or next ;-)

@tomcat, you seem of the opinion that there is 1.71Mt of additional ore sat around somewhere. I'm tending towards the view that this is a virtual claim they have, which they will waive as part of the DIP financing, assigning their $49m associated with this to the JV - as we have previously discussed: no new money, just a transfer of debt. Got evidence that there is an additional 1.71Mt? And if so, where is it? And why haven't the BoD told us...? Sigh. LoL. ;-)

I was hoping subsequent the issue of their 29p options the BoD would reveal more details about various aspects of the contract with Indo, specifically the details around the 49%. Perhaps they are waiting until we have taken 20%?

Indeed @tomcat, there is a difference between recommissioning studies, and recommissioning work, and we have started both, as evidenced by the various activities listed. :-)