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Copper gone back above $10000 on that news.
Goldman Sachs say $12K copper end of this year and $15k next year!
https://www.forexlive.com/news/why-goldman-sachs-boosted-its-copper-forecast-to-12000-from-10000ton-20240506/
JLPpositive
I believe you have hit the nail on it's head.It can only be the reasons for the closure
Thanks JLPositive.
Its does seem to put a floor under the price since even at these elevated chrome prices Glencore still choose not use the Rustenburg smelter. I'm guessing the prices still need to go up even higher for the Rustenburg smelter to go online?
@Happydays
Dorfan would probably have a better answer, but having been a shareholder in Merafe, the Rustenburg smelters are the ones which Merafe built, prior to the JV with Glencore.
Glencore's original sites were located in the Steelpoort, Burgerfort region and were newer and less costly to run. The Lion II project was built even later in the Steelpoort, Burgerfort region and use significantly less energy than the Rustenburg area. It would makes sense for the JV to keep the Rustenburg smelters mothballed and utiise all the smelters in the Steelpoort region to produce the ferrochrome they market and keep the price at a level where they can make money.
Historically the cost of labour is higher too on the Rustenburg side as that is home to the majority of Platinum players in the market, who command (demand) higher salaries too,
Hope this makes sense and help a bit.
GLA & DYOR
The article also says chrome prices are up again this quarter :).
With Thutse coming online soon we could really take off.
Would that mean Chrome prices should remain elevated?
Looks like Jubilee could gain the monopoly if we producing at a much lower cost than our competitors.
Happydays
Being in South Africa I would suggest sustainable and viable power supplies and increasing power supply costs would be a big factor but the article isn't in great detail on it.
Https://m.miningweekly.com/article/glencores-rustenburg-ferrochrome-smelter-remains-idled-2024-04-30
Bodes well for Jubilee.
Although I thought chrome prices are high, why would Glencore chrome plant remain idle?
Anyone have an answer?
Thanks HD
Some of us never learn dbh, that's why I'm illiterate. I have a recommended read for you, o dia wots the title, got my wive to rite it down fur me, o yea "How to win friends and influence people", that's the one, enjoy the read.
Meanwhile, looking past the short term, which I hope we can do now, fingers crossed, done some copper research and $12000 per tonne is on the cards, as many have been predicting. I know I'm behind the curve, always best to look at what JLP is doing now before we get excited about crystal ball gazing. The mist is clearing and I can see ........ huge revenues, and my grandson is going to play football for England. In the short term he needs to learn how to tie his own shoe laces first.
Congratulations Seisnav I don't have any premium bonds but have diversified into preference shares and blue chip dividend paying stock.
The wife is even better at diversifying our money:)
Happydays
At least it is up in South Africa at the start of trading
I had a nice result with my premium bonds last week. Diversification is never a bad thing!
If you are basing your investment on a couple of blokes telling you insider information then you need to move into premium bonds. Never heard such rubbish. Oh it’s nice in roan so sp doubles or not a lot in roan so price halves. The voice of desperation. When will you all learn to wait for official al notification of news worthy info?
Good morning everyone.
Hope so Chester.
I agree Chester, it's the only reason I can think of.
Being optimistic, I hope that they can't broadcast until another RNS has been released!
The whole point of going to Zambia was to report back on Roan since they been building it up the last few months. What an anti climax. I would have thought they would have made Jubilee a priority when reporting back. Now we wait again. Let's see how the share price reacts...
2 mins 30 to 4 mins.
Don’t bother, they barely get a mention. They are planning to to a “Zambia Special” in the next week or so.
Haven't listened yet, so not sure how much, if any, coverage Jubilee gets.
https://audioboom.com/posts/8500425-sunday-roast-featuring-jason-starr-chief-executive-of-dillistone-group-dsg-atn-cgnr-kav
Apologies, bobbill
Difficult to say how the sp will react bobtail. From charts and indicators there's lots of small level resistance up to 7.7p. It could be about another month until news of Roan up and running . At that point increased volume could see the sp power through 7.7p then I don't see any problem getting to my personal target of 9.5p. Roan start up cuts expenditure and increases income - JLP becomes cash flow positive from then on. I don't think many current holders are in the mood to sell off their shares at just above 7p. As you say new investors might want to see financial results before buying. Fortune favours the brave - sometimes.
I don't think there will any huge sp movement with news on the module being up and running , it will be huge news for shareholders , but I think the first quarterly update after it's producing copper will be the start of a sp rerate.
Some coverage from the forum. No interview with Ricus in this one but there may be more to come. There is mention of Jubilee giving a presentation to the delegates before a visit to site (about 21 min.)
https://youtu.be/zq027tZO6fQ?si=YjJ4UN8ZUScsuN9N