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Pleased to finally have some movement. I've got a long way to go. Not worked out my average but probably close to 12 p.

Hopefully this will end the stalemate and allow some real progress to be made.

Onwards and upwards.....

I'm still invested after several years. Average cost is probably 12p per share for me now. I'm still optimistic but I'm also realistic in that it's going to take a brave investor to come up with the money to develop this mine. Prior to investing here I didn't fully appreciate the issues with trying to operate in Africa. This for me is the biggest stumbling block but Glencore are not helping as they obviously don't fancy the risk/reward profile.

When corruption is rife it must be a nightmare for a company that has to be accountable to UK regulators.

I don't think there's much Trahar can do to progress the project but that's no excuse for the complete lack of investor updates or email response. Whether he's paid in shares or cash he is still (presumably) being paid and as such should be doing what he's paid for.

No one wants to be the bearer of bad news, but if that's all the news there is then I'm sure we'd all rather hear it than not.

I suppose they are still hopeful like I am that this mine will not go undeveloped forever.

Thanks for the link JR. Let's hope Glencore can do something to enable us all to benefit from these historical high prices.

It's frustrating. I'm still heavily (for me) invested as there's no doubt this is an incredible resource. However as Kongolasse says it's been a waste of 10 years with no material progress and no shovels in the ground. Personally I'm more inclined to blame Nguesso and Glasenberg but you're probably right that Elphick could have done more to try to influence the other two.

The question is whether or not anything will change over the coming months/years. The only positive I can really see is the current iron ore price.

You're right Sooty. Trahar's silence does not indicate anything positive IMO. However in AT's defence I don't really know what they can do other than wait for Glencore and hope Glen decide now is the time to do something with the asset.

I don't think the ZIOC BOD have much more influence on the outcome of this project than we do as private investors.

I'm just hoping that Glen see the current Iron Ore prices as an opportunity and are able to find someone who wants to develop the mine despite the people currently in charge of the country.

Iron ore spot price up another 10% this morning!!

Surely someone (with money) must want to develop this mine.

I largely agree with you Sooty. I'd be surprised if there was anything significant in the next RNS. In defence of our BOD I'm not sure what more they can do other than continue mincing around doing cost saving/EPP/etc studies and trying to conserve cash.

IMO it is the Glencore BOD we should be irritated by. If they do nothing then I don't really see what our BOD can do. We don't have the money to develop the mine and unless Glen are on board we can't do that anyway. As for a sale, I can't see anyone buying our 50%-1 share without Glencore's half as well.

AIMHO

Exactly!

If Glen had invested in this 5 years ago they could have been producing and benefiting from this right now. With Iron ore at the current prices there would have been massive profit in our ore. I know hindsight is a wonderful thing but surely Glen must be thinking this has been a missed opportunity.

I am tending to agree with most of what you've said there Kongolasse and respect your decision to reduce your holding. As you've suggested I think the biggest stumbling block is the people/government running the country.

Personally I'm still fully invested and unlikely to sell any time soon. I think the resource is of such a size and value that eventually it will be developed. I just hope it's sooner rather than later.

It's unbelievable considering the current value of iron ore that no one is benefiting from the resource.

One thing I will say for you Mr Rambo. You never fail to make me laugh.

For that I am grateful.

Thanks for clearing that up Extrader. Yes I had forgotten that Glencore/Xstrata buyout option was only valid for a limited time period.

Is it the case that if Glencore buy us they have to use NPV as a valuation method whereas if we're sold to a 3rd party we can be bought for whatever Glencore and our BOD agree to sell us for?

Not particularly pleasant reading.

After reading that it does make me wonder who (other than possibly the Chinese) would ever buy a mine in this country whilst he's in charge.

Absolutely right Aberdeenman.
There was nothing to say so he's just given us an RNS as a courtesy or you could say as he is obliged to do so to let us know he is still alive BUT there is no news yet.

I don't enjoy saying it but I'm fairly confident we'll just be getting another can kicking RNS when they finally deliver it. If there was something interesting to say it would be easy. As there is no material progress they are struggling to find anything worth writing in the update.

I'd love to be proven wrong and am still heavily (for me) invested here but I really think our directors are just passengers like the rest of us. The only people who can make a difference here are Glencore.

AIMO

"3-for-1 share swap coming soon IMO. DYOR."

3 Glen. for every 1 ZIOC ???

That would be nice.

I know I shouldn't rise to the bait but Simon could you explain why Glencore having a shareprice of £1.19 has any relation to what price ZIOC could be sold for?

Glencore's current MCap is approximately £16 billion.

In relation to the dilution as has been pointed out to you previously, if ZIOC is sold for any reasonable amount of money (ie anything more than £100 million) then dilution of 10%, 20% or even 50% will still give most current shareholders a very healthy return on their investment.

I guess they have been holding it until iron ore prices and the political and financial situation in the country get to a more favorable position.

You're right, they have been missing out massively compared to the other big miners with respect to cashing in on decent iron ore prices.

Let's hope they agree with us and decide the time is now right to realise the asset in whatever way they see fit.

From my point of view I'd be most happy with an outright sale at a decent price.