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@EV. I think I'm coming round to your point of view, the judge could have been clearer though! ;-) Is the $10m net? If so why mention staff costs and shipping expenses? It makes sense to me that $1m of the net would go to the banks, and $9m would be held by the courts. Happy days if so, the limbo period always worried me. :-))))

Perhaps you are right @EV. However, it seems a little terse on details to be a new $10m for me. What can the proceeds be used for? Anything? Seems unlikely. Regardless of whether it is or not, I don't think it changes the likelihood of when the deal will complete because the courts have multiple cases proceeding simultaneously, just in case delays in others. In particular we have yet to hear the conclusion of 1041359-79.2015, which may or may not be the big one. :-)))) Hopefully next week!

@EV. You've read the translated pdf with all the font highlighting and quotes intact?

Thanks @Dallas, I knew "I" knew this. ;-) So not so fungible in terms of mine vs port. But within the mine area, or the port area?

@MLQ. Probably down for overnight maintenance.

@EV Given section 4.5.2 of the JRP:

https://pje.trt8.jus.br/primeirograu/Processo/ConsultaDocumento/listView.seam
20012416350764800000023996777

it now makes sense that DEV is shipping Gerald's ore, which makes me wonder if the ore is "fungible" in the sense that there is some ore stored in various places but you couldn't point to any particular stockpile and say that one belongs to X, that one belongs to Y, it's deemed a pool of ore. Up until now I had thought that wasn't the case, as the ore at the port is clearly more valuable than the ore at the mine, but now I'm not so sure!

Also, I'm not convinced this is a new $10m. It feels like a continued ratification that in the absence of agreement with the banks DEV can continue to ship up to $10m of "its" ore, whatever, wherever that is, but is able, perhaps now even duty bound to continue shipping "Gerald's ore" if they have requested so.

Do we know how much ore/value of ore, Gerald has claim over? @tomcat?

Ob.

Scratch my calculation, I thought they were trying to say that between the two piers they had managed to load 22kt in a single day. On second read that might just be for one of them!

Very much indeed @EV :-)))

Nice spot @EV. Upper bound on if they loaded at that rate for a year (which is impossible due to ship movements and other shipment types) is 365 * 22.332kt = 8.1Mt/yr. Half that might be possible though :-)))

@Dallas. Got any thoughts on the 1,005,000 trades yesterday? And hello! ;-)

@EV "HALIL SHAHIN is filling up nicely". Indeed, they knocked 2 days off the estimated departure date. :-)))

Indeed @EV, that's why I'm hopeful @bigdouble will clarify reporting around T+20 trades: both buys and sells (which are presumably classed as shorts in this context - colloquially, if not technically. But I don't know!)

20 working days...

@bigdouble do you happen to know/recall the reporting arrangements around these types of trade? If it's a T-20 buy (presumably it could be a sell?) and the buyer decides to settle at the end, keeping the shares, then presumably at some point we'll see (or have we already seen, but missed?) the trade reported as a single trade of 1,005,000 shares, or is this disguised as many smaller trades in practice?

@EV. This wording is interesting "Após, tornem os autos conclusos. Intime-se."

Google translates this as: "After, make the case concluded and. Intimate yourself."
DeepL as: "Afterwards, return the case file to its conclusion. Notice is hereby given."

Hopefully it means after 15 days without objection close the case, but does it?

Here is the text of the certificate:

https://esaj.tjsp.jus.br/cdje/consultaSimples.do?cdVolume=15&nuDiario=3313&cdCaderno=12&nuSeqpagina=777
===[
Processo 1041359-79.2015.8.26.0100 - Execução de Título Extrajudicial - Mandato - Lima Gonçalves, Jambor, Rotenberg e
Silveira Bueno Advogado - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Vistos. Fls. 256/258: Anote-se. Cadastro a
nova administradora de Zamin Amapá Mineração Ltda para que tome conhecimento do presente feito, e receba as publicações.
Digam as partes a respeito da aprovação do plano de recuperação da executada, comprovando-se, no prazo de 15 (quinze)
dias. Após, tornem os autos conclusos. Intime-se. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI
AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP)
]===

which DeepL translates as:
===[
Lawsuit 1041359-79.2015.8.26.0100 - Extrajudicial Title Execution - Mandate - Lima Gonçalves, Jambor, Rotenberg e
Silveira Bueno Advogado - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Visas. Page 256/258: Note. Register the
new administrator of Zamin Amapá Mineração Ltda to take cognizance of the present proceeding, and receive the publications.
The parties shall inform about the approval of the plan for recovery of the defendant, proving within fifteen (15) days.
days. Afterwards, the case record shall be concluded. Send the case record. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI
AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP)
]===

and google:

===[
Process 1041359-79.2015.8.26.0100 - Execution of Extrajudicial Title - Mandate - Lima Gonçalves, Jambor, Rotenberg and
Silveira Bueno Lawyer - Zamin Amapá Mineração Ltda. - Kpmg Corporte Finance - Visas. Page 256/258: Take note. Register to
new administrator of Zamin Amapá Mineração Ltda so that she can take note of the present achievement and receive the publications.
Tell the parties about the approval of the recovery plan of the executed, proving it, within 15 (fifteen)
days. After, make the case concluded and. Intimate yourself. - ADV: EDGARD SILVEIRA BUENO FILHO (OAB 26548/SP), TIAGO RAVAZZI
AMBRIZZI (OAB 236645/SP), OSANA MARIA DA ROCHA MENDONÇA (OAB 122930/SP)
]===

Indeed @EV, and looks like they are making good progress on pier 2. :-)))

It's a pretty momentous occasion @MLQ. Feels close... :-)

Don't know, but recent Macarthur comms seems to suggest so: "In addition to his role as Executive Chairman at Cadence he is the founding principal and portfolio manager for Verulam, a discretionary commodity fund."

@EV, close! See haul document October 22, 2020

@EV. I think we've already got backing should we not be able to or choose not to raise the remainder of the DIP B financing ourselves (which IMHO seems unlikely given the current iron ore prices), and I think it's closer to home than you appear to realise...

@tomcat. Read the haul yet? Did you pay attention around the DIP B and DIP C financing? ;-)In hindsight of course we'd have these covered before entering negotiations, otherwise they wouldn't have let a minnow like us anywhere near the project! ;-) By covered, I mean backed if we are unable or unwilling to fund these requirements ourselves (KDNC and its shareholders). Obviously we have no plans to do DIP C, but DIP B which hopefully leads to 49% should be on the cards - though the BoD have yet to spell this out in uncertain terms... Personally I'm suspicious we haven't been told all of these details because it was in their interest to keep the share price fairly suppressed so they could issue themselves decent options. But now that's out of the way I'm quite hopeful the full details of Amapa will be shared more clearly once the deal goes through (fait accompli!) and we take our 20%. Fingers crossed for news soon! The next DEV ship is still scheduled to dock early next week :-))))