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Please . no more mention of he who cannot be named!
Apologies, that's not quite 21 weeks.
23rd January RNS:Roan copper concentrator was brought back into operation during December 2023 to reduce the impact of the front-end upgrade project start-up being postponed due to the delay in the delivery of a critical electrical components due to the ongoing logistics constraints at ports across South Africa.
· Roan will continue to operate at approximately 50% of full capacity while an alternative solution is being pursued to source the electrical components which includes the option to locally manufacture the components. A 9 weeks delay is expected to the upgrade of the Roan project."
23rd January + 9 weeks takes us to the end of March.
Now Leon is saying end of May which is 21 weeks later than first announced.
The 8th February RNS which said that final testing was underway and it all needed to be shipped and painted was taken by most at face value as confirmation that end of March or at latest full production by end of April was assured.
After 15 years of JLP investment - the lack of any mention of the electrics or that a solution had been found was like Leon screaming out of the RNS that it hadn't been sorted.
Hopefully this is another blip on a very blippy road to copper heaven. Anybody thought what the sp might be if JLP had banked cash from the PGM bonanza and just invested in chrome (a bit like SLP, although they are belatedly moving to chrome I am told). Could be at 15p now - maybe not the potential for 30p and 50p as some hope but it would have been jam today.
Just musing - we all expect delays in mining and proxi mining and engineering so we should all take this in our stride and look to the end game as long as your time frame isn't short.
I think there are a lot of p!II0cks on here who haven't a clue how industry operates and the problems that they are experiencing currently. The main thing is that EVERYBODY has got these problems and JLP is sorting them quickly and has plans to prevent them happening again.
Alanos - We were all new here once upon a time, bright eyed and bushy tailed, full of enthusiasm. The experience hasn't been good, with many obstacles seemingly recurring, management competence has to be questioned. It's a shame, when as you say, the raw numbers should be more fruitful for investors.
New WHI note out sees fair value at a conservative 11p.
I think some posters here underestimate the logistic challenges of operating in Zambia. I found this well written and illustrated article very interesting:
https://www.bloomberg.com/features/2022-africa-copper-supply-chain-snarls/
However, the module at Roan is based on our much vaunted chrome modules, so one hopes the lesson had been learned in SA. I assume the same control electronics will be needed for the Munkoyo module and the OB1 modules. I hope we have ordered them already!
The two new small mine projects are interesting. 250,000 mt at, say 1% Cu, will be a very short payback time. I am still wondering how it is all going to be refined and whether we will be involved in that process.
New here and invested recently. Just listened to the Roast, the future numbers sound amazing . Shame about a small time delay in a part affecting the price, but this temporary I think. GLA
Sometimes there are direct replacements, but many components now have field bus communications; manufacturers have diverged so that one manufacturers products are not directly compatible with another's, (think Ethernet-IP/Profinet). again with proportional control cards for hydraulics, they're usually matched to that manufacturers specific valves. There's also the fact that a change of component required a change in the drawings and bill of materials that must be approved by the client.
Where possible, it's always better to stick to the existing design; it's also a perfect chance to demonstrate to the client that ordering spares for the long lead time items is a good idea.
Charttopper - Ditto from me!
This isn’t a 6 week delay, it’s a 2 year delay on meeting targets. Before the front upgrade, roan was suppose to be producing then was it is saying it can produce with the upgrade. Just look back at the roan updates. I am still invested and will stay invested but can they deliver by the end of may, if previous rns,s are to go by, even if the ipgrade is completed will it ever reach capacity
Well, at the moment you can sell for more than you can buy! If you look at the trades, even though MM's dropped it at the open, it's been nearly all buys and is slowly creeping back up. ATB
Leon should add contingency time in his schedules/forecasts. If he did then we could occasionally get good news when sh*t doesn't happen.
On the electrical controls side, there is or was usually a DIN standard which may allow an alternative but you might be right on stock nowadays. Equally, it could be a medium voltage cable or an accessory that often get overlooked and 6-8 weeks is often a timescale quoted but can be substantially improved upon if you know who to talk to. Leon - did you hear that?
A few weeks delay is frustrating but is par for the course when conducting business especially in Africa -it is a storm in a teacup and does not have impact on the production targets when Roan is up and running -just look at the long delays in completing some large Government projects in the Uk for example
Speaking from the position of an electrical controls guy; There are lots of items that used to be on the shelf but now have weeks or sometimes months back order. Soft Starts, Inverters, PLCs, some modules, HMIs. I've just finished one job where the data acquisition module which used to be next day was quoting 16 weeks.
The usual tends to be, we submit designs to the client for approval with lead times of parts from that day. They then have a load of meetings, drag their feet until the order is placed, and we then discover that parts are now on back order because the client took so long to issue a purchase order. Our choices at this point are to either redesign with available components, (and go through the waiting for customer approval process, by which time the available parts may not be available anymore), or advise the client that because they took so long to approve, they'll have to wait for the parts to be available.
6 weeks, I'm not concerned. just been quoted 14 weeks for an NI module that used to be back order.
Bobbill, you have hit the nail on the head. Shameful, miss-leading behaviour by the company
How does it work with your car or any other bit of machinery bobbill? Doesn't need much imagination to see the possible problems. S88t happens as they say. Fortunately this is really not the major event that some on here would like it to be and other areas of production are proceeding nicely.
Delays - something we have come to expect with JLP
- what disappoints me with this one is in the project update of 28 March they told us “Roan was progressing to schedule “ but now 3 weeks later there is a 6 week delay, how does that work?
Hapless day…Jlp are running a business and not providing running commentary to shareholders on a daily basis. You invest, allegedly for 12 years, and apparently have no trust in the board. In my view you have become tainted having held so long. Let the bod manage the company and provide regular updates as they are doing. A 4 week delay is not worthy of separate announcement as it has no bearing on current production. Have a look at prem and then you will understand what a delay is!!
Thank goodness I have filtered butter . I am sorry that he now has another reason to deramp Jubilee.
To do business in Africa you can expect delays but I am more than certain that his glee at running down Jubilee can only last for another month or two. I will apologies at year end if I am wrong but would expect the same apology from all derampers if I am right
Does anybody know what the actual electrical product is that has a 6 week delay.
Why are you all getting so excited if you don't believe in the company get out and leave the board if you do believe hold or increase your your holdings and stay positive (EASY)
Very annoyed given I stupidly bought a few yesterday on the drop in case of an early good news RNS... Sadly it is the same old story and feel JLP they have been almost blatently dishonest. Clearly they knew ramp up was not going to be achieved on time and yet said nothing, in fact continued to say it would be end of the month.
While Copper is a big prize, it remains, as ever, jam tomorrow. This is a timely reminder that this company still cannot be trusted and thus extreme care is needed. People often comment wondering why the share price is not moving despite the potential and improving Copper prices etc - I feel this is a good lesson why - in the case of JLP unless it is actually delivered, there is a high chance of delay, a "problem" that is never their fault... or they all of a sudden just wont mention it ever again! I really wish this company would learn and treat shareholders with a bit more respect. I expect this to drop substantially frustratingly. I remain very dubious on the IRH thing, I feel they were very vague in the last RNS - it did not say agreement signed (which was supposed to be months ago). Anyway maybe a chance for a top up or re entry if you are gambling they may eventually deliver some Copper in meaningful volume.