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Blaming the weather? Apparently it's been too hot to buy those poor summer borns birthday cards this year.

Rio Tinto send 76% of their iron ore to China and of the 30 largest steel mills in Asia, they supply 26.

This is where the major growth is for high grade iron ore.

Has anyone else noticed that Leganes Limited (original shareholder in Garbet) who originally acquired 12,513,469 (4.49%) as part of the transfer in April 2017 now holds 16,971,041 (5.99%) according to ZIOC website.

Only problem is I cant see the notification of their increase (1.5%), yet the company has obviously been informed?

They already announced that these are made from 67.4% iron ore fines. That drops slightly once they bind the fines into pellets, same as with conventional pellets.

As below, test was conducted to prove commercial acceptability in the steel process, which was positive.

"Test work was then commissioned with the intention of ascertaining commercial acceptability in the steel production process. Two further 20kg samples of Zanaga cold pellets were sent to a European steel mill as well as an accredited European laboratory servicing the steel industry.

ZIOC is pleased to confirm that the tests conducted by these independent laboratories have returned positive results within the industry acceptable limits for conventional pellets."

Further testing will be with the other interested parties that they are in discussing with. Remember this is a new product to market, so all steel mills will need to do their own tests with their own processes. It's how business works, you get a sample to trial before placing your order.

I've said all along, this is on track to becoming a TRILLION dollar asset.

Once the full resource is tested, it should exceed this.

So we're potentially looking at $131/ton profit MM

That gives us potential profit of...

770 MT (proven) $100.9 BILLION

2.1 BT (probable) $275.1 BILLION

6.9 BT (resource) $903.9 BILLION

Split half with Glencore, you can forget the pennies when you're talking about hundreds of billions

Nice to see that Keith managed to buy 5% of the company just before the commercial acceptability of the pellets was announced ;)

As always, follow the big money!

So we are now in commercial negotiations with the European steel mill to agree a suitable price for the cold pellets.

They stated that if they were successful, that they would be interested (particularly if we give them a discount compared to normal pellets)

And, we are in discussions with further customers GLOBALLY!

The last data I had averaged 16,059 bopd with 3 interruptions, but regularly exceeded 20,000 bopd

Erskine averaged 2,800 bopd but again this regularly exceeded 3,800 with quote a lot of interruptions.

Add in the new 4,700 from BK

So should be 26,000 in total with scope for more. My calculations are further below.

Remember that a 10% retained free carry stake in the project would still be worth £3-4 once producing.

Sure, it only adds £36 million profit per year which would underpin a share price of over £1 on its own.

Sounds like someone didn't load up while it was cheap.

So BHP has just agreed $3bn investment into its Australia iron ore mines to increase grades. Clearly targeting growth in this area of mining.

They also just offloaded their shale assets in the US for $11bn

Now a key BHP executive joins ZIOC board to join Clinton with his close BHP connections.

Is BHP going to be one of our key partners along with the Chinese and Glencore to get this up and running?

That's 26,000 boepd excluding new developments and exploration

Those figures were based on the 35p therm base agreed with BP, so MINIMUM value we will receive.

Current costs are around 57p therm, so even better than this.

Calculation as follows:

57p therm selling price x 55 per boe = £31.35/bbl

Production costs $14/bbl (£10.5) = £20.85/bbl profit

Combined assets will produce 9,115,500 bbls per year

= £190,058,175 profit per year

Divided across shares in issue = £0.72

P/E 10 = £7.20 per share.

very very good news indeed.

So at £9.50 profit per boe and the BK deal adding 4,700 boe/d

that gives us an additional £16.3m profit per year.

Combined with BKR deal puts annual profits at £86.5m or a 32p per share dividend

P/E 10 gives £3.28 per share price

Sorry, that's a trillion dollar asset (not company) we only get half of that!

Indicative selling price of $102/ton

Average LOM (Life Of Mine) Operating Costs of $30/ton

Profit potential of $72/ton

Proven 770 MT x $72/ton = $55.4 Billion

Probable 2.1 BT x $72/ton = $151.2 Billion

Resource 6.9 BT x $72/ton = $496.8 Billion

This is for our ore, add in cold palletisation and we could be a TRILLION $ company

never should have fallen. on the brink of a takeover worth billions and yet we dropped to sub 10p

Zioc is one of the few shares in the history of AIM to never dilute shareholders and have actually reduced shares in issue through share buy backs between 20p and 40p so management at the time agreed that 40p spent on reducing share in issue would add even more to their net worth at buy-out.

IPO 2010 at £1.56 per share with MarketCap £437 million

Original Mineral Resource of 3.34 BT (Billion Tonnes)

25km of 47km strike length tested

>178,000m of drilling complete

Magnetic Survey showing key areas of resource further North & South

50/50 Joint Venture with Glencore

$350 million spent to date on project.

Glencore spent $106 million on PFS (Pre Feasibility Study)

Glencore spent $150 million on FS (Feasibility Study)

Proven Iron Ore Reserve of 770 MT (Million Tonnes)

Probable Iron Ore Reserves of 2.1 BT (Billion Tonnes)

Total Mineral Resource of 6.9 BT (Billion Tonnes)

5th Largest Ore Reserves Globally

Benchmark Iron Ore Product 62% iron, 2% alumina and 4.5% silica, among other gangue elements.

Zioc offering 67% iron, 0.8% aluminia and 3% silica – higher grade, fewer impurities

$22/ton premium for 65% iron, approx. $35/ton premium for 67% iron.

Indicative selling price of $102/ton

Average LOM (Life Of Mine) Operating Costs of $30/ton

Profit potential of $72/ton

Proven 770 MT x $72/ton = $55.4 Billion

Probable 2.1 BT x $72/ton = $151.2 Billion

Resource 6.9 BT x $72/ton = $496.8 Billion

Stage 1 Capex $2.2 Billion

Stage 2 Capex $2.5 Billion

ZIOC 50% share = $27.7b ($97 per share), $75.6b ($267 per share), $248.4b ($877 per share)