The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I can only go on what is said in an RNS. I can only go on what jubilee say in there numerous podcasts that they were unaware of any license being revoked. Bmr would be duty bound to disclose this information if they knew prior to the jv being signed
The letter was dated 17th dec but bmr did not receive it until later. Facts please
10.38 re "Get your facts right"
Couldn't agree more. The licence was revoked in Dec 2017, before both dates mentioned. Borelli just so happened to find the letter telling him just after we signed the deal. Having to go and get the licence back for BMR was not an ideal start, but all worked out well in the end. We got full control of Kabwe and then bought Sable as well. Net result can be seen in Grouchos posts below.
15th Jan 2018 Jubilee metals group aquires significant equity position in bmr. 7th Feb termination of mining license. Get your facts right. I remember the conversations with leon. We did not know that the licenses were to be revoked while signing the jv
What a load of nonsense. There was no licence in place when the JV was signed, as per BMRs announcement whilst the ink was drying. That was the root of the problem which ultimately led to BMR having to hand over Kabwe.
As for the sable, yes we’ve bought a refinery from Glencore with existing plant. Not exactly a bad move.
Fellowship I think you are totally deluded about what BMRs position was two years ago. They clearly had no effective relationship with the Zambian authorities, nor did they have a processing method that could be commercial. As I understand it, it had been solely developed and tested in a laboratory and excluded the vanadium. Bmr also had no method of upgrading the tailings prior to processing, another necessary requirement for a commercial process. The real test for Jubilee and their own relationship with the authorities will come over the next few months with their request for the small scale licence transfer from BMR and its renewal. We can only wait and see.
There was a small scale mining license in place with bmr when the jv was signed. Jubilee with borrelli embarked on squeezing bmr out the jv. There was a process in place but was expensive for sulphuric acid. Easy to own the whole project when borrelli hands it over to jubilee. Nothing amazing there. Sable zinc was already being used for cobalt and copper. Leon and jubilee stopped any plant build for zinc a year ago. They turned to copper. Jubilee have screwed over bmr and the cadastre. This is a big mistake as the cadastre do not trust jubilee now. The cadastre have the upper hand over jubilee now.
Done nothing at Kabwe! Really. They committed to the joint venture with BMR about 2.33 years ago. It was quickly found there was no small scale mining licence for the tailings, and the much vaunted process of extracting the metals from the tailings was an absolute non runner. After being the junior partner they now own virtually the whole project, have a viable process method and a refinery in which to do the processing, and without COVID border controls would have probably started up the zinc processing. I would say that is pretty good in such a short period.As an aside
they have upgraded a copper circuit at the refinery, developed a cobalt circuit and shown they can produce high grade copper from tailings to land a massive copper project. A public commitment has been made by Leon to get on with the zinc circuit as soon as the Border closure is lifted. The Zambian mining authorities now need to play their part by approving the transfer of the small scale mining licence from BMR, renewing it in September on sensible commercial terms. Ideally they also need to grant a small scale mining licence to Galileo so the high grade zinc from the Star Zinc project can be used to upgrade the Kabwe tailings so they can be processed more economically.
No one in zambia believes luanshiya is a good resource. Huge amounts but bad grades. Luanshiya has switched hands numerous times. Zambia is full of speculators. Jubilee remind me of bmr years ago. Deal after deal but no delivery. Glr have star zinc . Jubilee have sable plant. They cant get bmrs licenses apparently probably because they have not shown commitment at kabwe. They are just looking for copper to feed sable as there is no copper at kabwe. Jubilee have to be very careful in that have they miscalculated kabwe and all the baggage that comes with kabwe. The cadastre wont be happy as others were willing to take on the dumps etc but bmr/jubilee paid there way for time. 2 years have passed and nothing. It doesnt look good considering bmr were robbed of there licenses. There will be described as good news just like bmr did. There are alot of similarities between both. Lets see what happens but i have big doubts about jubilee now. They were desperate when they took on kabwe now there scampering around to make it work
The volume on the 24th was 196 million .... not 95.
Not sure your right about Luanshiya, fellow. BMR walked away, but they had (have) very low skills when it comes to processing. It seems unlikely that JLP would have bought the dam unless they had worked out the economics. It's the one thing we are good at. I believe the fine chrome process adapts to fine copper. We might be able to achieve a very high extraction ratio.
Luanshiya very low grade. Bmr have looked at luanahiya many years ago and walked away. There are better opportunities in zambia. Jubilee will have to spend millions extracting low grade copper to supply its sable plant. The govt will play hard ball with jubilee ref the kabwe dumps. Jubillee have done very little in the last couple of years at kabwe. This govt will not be screwed over again
Totally agree Jonah58 - Kabwe is the JLP shop window whether we like it or not. This is more important than future cashflow projections - its JLP's reputation on the line. Therefore we need to address the waste and wear a white hat, or we will be the black hat of the situation - politicians arent renowned for sharing the blame. We should now have a very healthy cashflow from PGM's and now Copper and we simply need to spend to get Kabwe underway - in another year the cash will be coming and the expenditure on Kabwe will be small beer compared to the opportunity the clean up will provide for the future - oh and of smaller consequence I will feel a lot better personally that the company works to eradicate the appalling suffering of the Kabwe community.
This is an important discussion. JLP have set their store on becoming the 'go to' company for clearing up legacy waste. If we are to realise Colin's oft-quoted midcap ambition we will need all the credibility we can get and failure on Kabwe is simply unthinkable. We are in a unique position to make a real human difference in a disastrous situation. Even if the economic payback is minimal, the less easily quantifiable benefits will be huge.
If anyone from our company sees this post, I urge you to include in the next appropriate RNS a statement of intent re Kabwe, a detailed plan and a conservative time frame to achieve it. I want to see progress in my lifetime and I'm no spring chicken.
Every day it's the same story. C,mon JLP give us some information to stop the rut. If this drops any lower I will have to average down yet again
Who was responsible for the huge volume on 24th June... 196 mill shares traded...../ that's why we are dropping .... No RNS yet in terms of a threshold crossed ...
I suggest you look back at bmrs history. Zinc has always been about 2k pt. The ZG didnt care about price. They were fed up with lack of action from licensees ie luanshiya. That is a JV something bmr did on a yearly basis to no avail. The Govt were clear to bmr start producing by the end of the year. They didnt say once the price hit 4k. Jubilee want Sable and Copper. The Cadastre will now be a thorn in the side of jubilee now. Jubilee will be forced to spend on these dumps at 2k pt. Is it viable. To you it isnt
Fellowship
Are you making this up as you go along?we are all ****ed off with the share price but what is the point in producing Zinc at a loss. And do you think the Zambian Gov would of let them do the Copper deal if they were ****ed off.
There is something going on in the back ground that is making the share drop, maybe it's an overhang or even a placing, but look at SLP and the same thing is going on. We will all find out sooner or later and have to deal with it
Kabwe now looking like a real drag on the shareprice. The Zambia Govt will be furious with Coetzer and Bird in there lack of action at Kabwe. The Govt feel they have been taken as mugs again. The Govt will now be looking at possible revoking of Jubilees licenses imo. The same thing happened to Bmr lack of action the licenses were revoked and then returned with tough conditions of production within a year. 2 years later jubilee have done nothing. History repeating itself at kabwe. I suspect jubilee wanted the refinery more than they wanted the dumps. The cadastre will be furious and this could potentially be disasterous for jubilee.
Last year there was a Project update on the 11th July.
Everyday we now see a drop here. When is our next update?