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Rhodium gets the headlines. But don't overlook iridium. Its now the same price as the rhodium was when the interview was first aired in 2019.
I think just the two together could add as much as £10 billion to the gross resource value.
Its an amazing time no doubt.
2017 and 2018 they were drilling Kluchiki to prove it up, it was mainly a different area that those 2018 production numbers relate to -
"Evidence for bonanza grade ore pockets within the latest Kluchiki drilling results."
https://markets.ft.com/data/announce/full?dockey=1323-13841530-6C816TSLLJ88O4FUHDD1B020QF
GLA
https://markets.ft.com/data/announce/full?dockey=1323-13841530-6C816TSLLJ88O4FUHDD1B020QF
Based on those figures in grams there is more Rhodium than palladium.If only that was repeated at MT.I heard somewhere it tends to be about 30percent of the platinum but don’t quote me on that.Anyone know how much platinum there is at MT if any.
I don't go with the 0.5% figure for the simple reason that Dimitry mentions it several times and at the point of the interview Rhodium was less than a fifth of the price now. That must mean that in order for it to make a significant difference there must be a significant amount.
GLA
Kev
The other thing you need to consider is, were Eurasia hitting an area with anomalies in 2018 or is that just the bog standard grades of the main area?. Kluchiki for example is known to be a bonanza grade area, the area they've hit last year and are currently stock piling ore from for this year, i wonder what the reason for that is?
Could it be that there are now no 3rd party contractors getting a slice, so Eurasia can now plough full steam ahead into things for maximum profit to themselves.
GLA
Ok James, so we'll go with your 0.5% for arguments sake -
15,000,000 divided by 100 times by 0.5 = 75,000. . . . . 75000 x 27000 = 2,025,000,000
See, even small percentages can equate to large gains in a valuation. That is of course if the anomalies at MT are similar to the anomalies at WK.
GLA
Lancerman - I’m hopeful as many others invested that we have tonnes of the stuff! Unfortunately however, these 2018 numbers are all we’ve got to go on as far as I’m aware.
"Recent Rhodium prices tell a similar story, commencing 2019 at US$/oz:2,300 to finish the year at US$/oz:5,5803
Rhodium traded above US$/oz:11,000 in February 2020 before correcting to US$/oz:5,800 (June 2020).
The outlook for 2020 is for a deepening market deficit, with further strong gains expected in autocatalyst demand4
especially out of China driven by fast recovery from COVID-19 related lockdown and higher loadings of both
palladium and rhodium per vehicle"
---- The above from annual report ending dec 2019.
Rhodium is now US$/Oz : 27,000
Will go much higher in the coming years.
~31.1 grams to a troy ounce...
~28.4 grams to an ounce......
@RMR - from the annual accounts, WK mine revenues from 2018 were derived from sales of the following metals:
Platinum - 112,597 g
Iridium - 5,416 g
Palladium - 418 g
Rhodium - 654 g
Gold - 994 g
Total 120,079 g.
Therefore suggests Rhodium represents only a small fraction (0.5%) of the basket.
On that basis I am not expecting there to be significant amounts in the ground. It is $27,000/oz for a reason- it’s as rare as rocking horse sh*t!
Happy to hear any alternative
Not quite true optimist59 - DS said it was 'significant grade' - by that I assume he means the quality rather than the quantity, he could mean both of course.
The RNS we had on WK stated that of the 4 metals - rhodium was now a significant contributor to revenues - that was at $11k per oz.
We have had no real indication of volumes sadly, it appears to be being kept tightly under wraps, based on the above however I don't think that is because we have little, it would actually suggest we have quite a bit.......all you can really do is try and join the dots then form an opinion.
In until the end.
I anyone prepared to speculate about how much Rhodium we have in ozs?
The only clue is that Dmitry said it was significant.