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actually… reading the translation that i have… the transfer of dev shares to pba… is one of the main pre-conditions for the dipa financing… and we’ve been told that the only pre-condition outstanding… is the secured banks settlement… maybe it’s been done already… and pba does own dev now…

the release of the dipa financing held in the jrp escrow account… and transfer of 99.9% dev shares to pba… happen as part of the same sequence of events… and i think it happens in that order…

maybe it’s as simple as measuring and labelling the stockpiles… stockpile a : bank / stockpile b : pba… the latter including indo sino’s 1.71mt stockpile… ;)

it’s a $2.5m gamble ffs… guaranteed by indo if we pull out later… and now covered by the sale profits from the 1st ore shipment… (did i see somewhere… the ranking of the guarantees for the dipa and dipb debt financing we have / will be providing to dev)…

at what point would the jrp investors have enough confidence in these court rulings to waiver the dipa condition onto the dipb investment stage… if necessary…

effectively… that has happened already ob… the banks were given a deadline to execute their guarantees or agree a settlement… the didn’t execute… they presented us with a settlement offer… to which we have agreed… and the courts are continuing to allow dev to dip into dev’s stockpiles… keeping 10% in reserves to pay the banks outstanding credit… until that signed settlement agreement is presented by the banks…
as can be seen by the most recent court decision… they won’t be stopping this operation now… the courts will make sure that the remaining stockpiles will cover the outstanding credit…
the banks have a credit… dev won’t be going bankrupt… the guarantees are effectively obsolete / expired… and the credit will be paid… one way or another… either in line with the jrp or as defined in the signed settlement agreement…

thinking about that for a second…
we have a court approved jrp… that we are now progressing with the shipments of dev owned ore… #4 shipment is due next month…
https://www.lse.co.uk/rns/KDNC/approval-of-judicial-restructuring-plan-amapa-i427sb3g1b3sys4.html …
and we have a binding jv agreement to take up 20% / 27% with a 1st right of refusal and / or default clauses to increase that to 49.9% ownership of the jv holdings company pba…
https://www.lse.co.uk/rns/KDNC/binding-investment-amapa-dg9ha7jyn861mcv.html …
and we have a settlement agreed…
https://www.lse.co.uk/rns/KDNC/agreement-in-principle-to-bank-creditor-settlement-exahnnem98oaz0w.html …
that whilst it has been a long and drawn out process getting the contract completed… the courts are supporting the jrp and allowing more ore to be shipped… until the signed settlement agreement is presented by the banks…
https://www.lse.co.uk/rns/KDNC/approval-of-further-amapa-iron-ore-shipment-q34kfav3o3qtmol.html …
fait accompli or what…
nobody seems forthcoming with any suggestions on what will happen next… if the banks carry on indefinitely and continue to delay presenting us and the courts the signed settlement agreement…
seems pretty obvious to me…

it’ll probably get turned around quicker than the 7 days it’s scheduled in port… as we’ve seen with hs… ;)
they’ll be 2 dev ships in port simultaneously though… loading iron ore on piers 1 and 2…

white bay looks to have been unloaded and ready to set sail for santana… showing inbound eta 29th…

and what happens if the banks delay indefinitely and don’t settle then?…

the 10% is key… that’s what the courts are reserving on account for the banks… that will only be released to them once the settlement completes… the longer they take… the longer they wait for their cash…

2-days ahead of schedule… gives kiran plenty time to add it onto tomorrow’s court ruling rns… if we’re claiming it as one of ours…

there we go… port elizabeth… fully loaded at 11.5m…

hs has set off… but hasn’t updated it’s stats?…

1st ever… epic… probably political that it was a dev ship and a unamgen ship… rather than both dev ships… as it will be next time… ;)

https://cleantechnica.com/2021/07/24/form-energy-reveals-iron-air-100-hour-storage-battery/ …
could be the new lithium for static storage solutions…

with a ruling like this one… it’s basically giving a clear message and a huge incentive for the banks to complete the settlement agreement asap… otherwise the project will now just carry on through it’s course of the recovery plan… and the banks 10% reserve will be held on account… capping it at $10m also keeps us incentivised to not delay our side either…

the debtor requires authorisation to ‘continue’ shipping the stored iron ore… which will allow the company to continue it’s activities… through the sale of stored iron ore… until the company and the banks union present the agreement signed in the process…

it does definitely say ‘continue’ and not ‘start’…

i authorize the sale of the iron ore stock of the recovering company… up to $10m… with a 10% reserve for the banks…

the other 90% must therefore be going into the jrp…

it’s very pleasing to see the courts once again ruling in favour of the jrp… supporting the very reason why the brazilian jrp exists in the first instance… and confirms everything i’ve said about it all… it’s dev’s ore… ;)

is that stated in the doc in your link ob… 2.8mt gerald’s ore at santana… 1.2mt at the mine…

mv has just arrived… fangcheng…