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You're probably right ext. Just wishful thinking on my part.

I take some comfort from the fact that Glencore had to agree not to sell their shares (without directors consent) for the first 6 months after them being issued.

I optimistically think that might indicate the ZIOC directors are of the opinion that something will be happening within 6 months that will negate anything Glencore can do after that time. Of course this could just be wishful thinking.

It takes very little to move this share price either way.

As such I think it would be virtually impossible for anyone to build up a notifiable stake in the company without a major change to the share price.

I got fed up with the uncertainty here so contacted Glencore. It appears you are correct Mitch. The "sale" of the Zanaga mine by Glencore actually refers to the exchange of there 50%+1 share in the Zanaga mine for a 48% stake in ZIOC (the owner of the Zanaga mine).

I have voiced my irritation with Glencore regarding the wording in their investor presentation, pointing out that the definition of a sale is "the exchange of a commodity for money" however it doesn't change the fact that the imminent sale I was looking forward to is probably not so imminent.

Agreed nibj. I sincerely hope there will be some more progress in 2023. Of the 3 business' Glencore listed as "Sale Pending", Zanaga is the only one of the 3 without negotiations being underway (as far as we know).

Now Glencore have decided to act I don't think they will hang about. I'm optimistic there will be news incoming sooner rather than later.

Glen's lack of action over the years has been incredibly frustrating but at this stage of the game I'm very happy to have them on board and hopefully taking charge of negotiations.

There's no doubt everyone will take ZIOC a lot more seriously with Glencore onboard than they would without.

Exactly. If those 2 directors can't arrange a sale then no one can.

I'd be pleased to see the share price back up at 20p but very disappointed if they sold for that price.

We reached over 20 pence when Keith Everitt accumulated his stake in the company.

Yes quite a few buys.

I find it a bit odd people are still selling at these levels after the recent news. It would be nice to see the share price start to reflect the value we see in it.

Will any of you be attending the General Meeting tomorrow?

Unfortunately I can't get out of work.

Chinese and Australians are both looking further afield for iron ore now and as far as potential targets go, we have to be up there with the best of them, particularly now Glen will be ceding control and have suggested a sale.

The only thing I'm not sure about is whether Glencores retention of marketing and sale rights for the iron will put off the likes of Fortescue.

Mitch. In answer to your question of who would buy the mine knowing Glen have the rights to market the iron ore, I think it's worth looking at the Cobar sale which is one of the other 2 sales mentioned with Zanaga.
Glen have sold that mine for $1.1 billion and a 1.5% life of mine smelter royalty
I appreciate that mine is up and running but in terms of potential profit, Zanaga dwarfs it.

It seems that the Cobar mine has been sold to the Metal Acquisitions Corps who happen to have a shared director with Glencore.

15p would give Glencore approximately £43 million.

The only way I could see them even considering such a low sale price would be if they feel their rights to market and sell the ore far outweigh the value of the mine itself.

However Glencore can't sell their shares for the first 6 months after their creation without the consent of ZIOC the company. I would be surprised if Elphick would agree to sell for 15 pence per share and I think most private investors would be hoping for a considerably higher price than that. If there are any investors left who bought in at IPO the shares would have cost them around £1.56 each.

If you look at the figures the various Simandou blocks have exchanged hands for over the years most of the prices are in the hundreds of millions, not tens of millions.

I appreciate we are not Simandou's size but equally we don't have Simandou's development costs.

Let's hope so Extrader.

I struggle to see how Glencore could claim that this would be selling their asset.

BWDIK

Jv123 you could be right but I really think for Glencore to try and pass off this as a sale of the asset would be a stretch too far.

Basically they have exchanged a 50%+1 share in Zanaga Iron Ore Mine for 48% of the shares in ZIOC who will now own 100% of the Zanaga Iron Ore Mine. ( Plus an agreement that Glen will have the right to market and sell the iron).

Unless Glencore have been a bit inaccurate in their wording I don't think this 'pending sale' is referring to the acquisition by ZIOC of the controlling stake in the Zanaga Iron Ore Mine.

Nowhere in the earlier RNS did ZIOC refer to the acquisition of the controlling stake as a sale or purchase of Glencore's controlling stake.

Glencore retaining 48% of the shares in ZIOC could not really be described as a "sale" of Zanaga Iron Ore Mine.

As such I read this as a clear intention of Glencore to sell their 48% stake in the company once they have been issued their new 286 million shares. I don't think it will be possible for anyone to buy Glen's shares without offering to buy everyone else's at the same time.

Let's just hope Glen don't sell us out cheaply.

AIMHO

I consider this great news. It's the first time I'm aware of Glencore clearly stating their intention to sell the mine. Assuming the proposed changes go through at the upcoming general meeting then Glen will own about 286 million shares out of a total close to 600 million. If they sell then whoever buys will have to offer to buy the whole company.

I don't imagine Glencore selling this for 4 pence per share.

Besides which they will only own 48% of the company after the general meeting so they will have to have the approval of at least Elphick in order for a sale to go through. Perhaps the deal has already been done.

I suppose if they bought the shares at 2 to 3 pence then that's a tidy profit. Can't blame them for that but I think most of us long term holders are here for exactly that, the long term.

We are now in the best position the company has ever been in (with the exception of the fact that we have no money left). The feasibility studies have been paid for and completed. We have mining and environmental permits in place. Finally we will soon have overall control of the project.

We're in a far better position now than when the share price reached £2.12, however we still need to find funding.