Good morning! Firstly a reminder that it is the usual monthly investor evening & dinner in Beckenham tonight, called Mello. I am told that around 60 of us will be descending on "Sea Salt" restaurant for a lively evening of two presentations (from me to begin with, followed by Netplay TV, then dinner), with drinks & networking. Those of you who are booked in are asked to definitely turn up (or cancel if you can't make it), as organiser David Stredder is concerned that it may cause problems with the restaurant if there are too many no-shows, since the large numbers booked in means that he's asked them to allocate the whole restaurant to us only. Contact details are here.

NetPlay TV (LON:NPT) should be an interesting presentation. The shares look really good value at first sight, but there is a big question mark over sustainability of earnings after forthcoming Govt taxation changes. Directors becoming repeated sellers of shares personally from Sept 2012 onwards is not exactly a positive sign.

 

The FTSE 100 Futures shot up overnight, perhaps Ben Bernanke has said something? Anyway, at present the market is set to open up 68 points at 6,652.

 

 

 

I called in to see Zanaga Iron Ore Co (LON:ZIOC) on Friday afternoon with some fellow investor friends, and discussed their series of exciting announcements on Friday confirming that, much to our surprise, Glencore has decided to progress their jointly-owned iron ore project in the Republic of Congo. It's a vast resource, and Glencore has already spent around $300m on the feasibility study.

Glencore has overhauled the project such that the capex requirement has been reduced by about two thirds, from $7.4bn to somewhere in the £2.5bn to $3.0bn range. This has been achieved by planning to develop the resource in stages. The initial stage is little more than scraping the purest product off the surface, and putting it in trucks (this is called "DSO"), so production could start as early as 2015, and then gradually increase in stages as the capex is completed.

The house broker, Liberum, has done a very quick analysis of the deal, and believes ZIOC shares are worth 114p to over 200p, depending…

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