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Why would mk have reason to lie? He was a holder for a long time and always positive until things to a turn from the worse and spoke to JP. Given that JP has been less than 100% truthful, running a placing right under shareholders noses at the AGM. I do not think MK would make this up.
I guess the only way is to see the email itself.
Leigh Creek will do fine. You have to expect a learning curve to start with. For someone to say it has been 'shelved' is clearly nonsense. Once you start acid flowing through a heap you can't just stop it. Well you could but it would cost a lot more to remove a toxic heap than just letting it progress and getting what copper cement you can and then improving future heaps with the knowledge you gain.
For me the upper end of the estimated range on the Cobre income was the most significant factor in the RNS. Any company needs cash flow and that's providing it.
Would Pete Wale have bought a huge chunk of open-market shares if he believed that SML's future did not look rosy?
It seems to me from the Q3 trading update that, given the ongoing profitability of cobre, we have sufficient funds to pay the remaining Redmoor instalments to NAE by 30 June 2020 (deadline). There is then limited cash to progress LCCM (or Redmoor) without raising further funds via either a placing (unlikely imo) or a loan/JV. The RNS alluded to the ongoing work in securing additional funds and lets hope that the BoD are successful in this endeavour
Also I think that mothballing the best way of avoiding further dilution would be unlikely.
As I said last night, the existing heaps were likely to have been subject to numerous attempts to extract the copper by the last owner therby reducing the copper content even if they did not take much out it can still be reduced by the wrong chemical mix
to be fair the last thing MK said never materialised, the review release so im a bit confused, even so it appears unless hes a liar that he has known more than the rest of us for 3 wks
Would you really believe that JP would have sent a private investor potentially market-sensitive information such as declaring that he might be considering mothballing LC? Hmmm...
it really doesn't take much volume to move this share either way.
4 trades today all sells suggests we may have another red day. Bit depressing. Cheer us up Fira...lol
Sooner or later JP is going to have to come clean with what's going on. The market never likes uncertainty in any form. It doesn't look good when our boss decides what information to share market sensitive info and with whom. Yet again JP is showing he doesn't have shareholder interests as his focus. Discussing mothballing his dance card A1 focus for over a year, via email to a non shareholder is criminal.
Oh right enough... Not sure where I got the moving the plant idea from then, for some reason I thought it was to happen sooner.. Maybe that was the original plan, or long term plan and I got confused.
Decent grades at paltridge north anyway so let’s hope they get the recipe right! I wonder how many tonnes full capacity 2020 is expected to be...
aandi,
I thought Paltridge North was close to the processing plant and the plan was to mine there and deposit the waste into the Rosmann East pit, but after testing that they found copper near the surface and therefore will now mine Rosmann East first as the copper ore was easier to get to. Then Paltridge North would be mined and the plant (that was going to be moved after PN worked, will stay where it is for a longer period because of the extra deposits at RE). This was going to reduce the costs and allow mining from both deposits with the processing plant nearby (Rosmann East was initially going to be used to dump the waste and then they found more copper beneath the original workings, that was why they were able to increase the asset value on a bargain basis in the accounts).
Aandi, i very much appreciate your post, thankyou
Copper sulphate is blue. Copper with sulphuric acid gives copper sulphate. Just oxidizing copper turns it green. I recall they use hydrochloric acid with leach heaps but would need to check that.
Virgin ore*
And for the less technical minded amongst us, copper ore is generally blue so the more blue the better as blue = copper.
In regards to Paltridge ridge north, I’m sure I remember Alan Broome or John Peters staying in an interview earlier in the year that the plan was to move operations from Leigh creek to Paltridge north as part of the upscaling to reach 1000 tonnes per month production.
https://www.lse.co.uk/rns/SML/strategic-minerals-leigh-creek-copper-mine-drilling-update-736dz7it3gw6gry.html
Stellar grades at Paltridge north too...
Looks like the idea of moving the plant has been shelved for now due to funding restraints. I base this on the following:
Search maps.google.com for Leigh creek to get an idea of the layout, then check out the link below. Set up an account, it’s free to register, then do a time lapse from the start of the year to the present...
https://apps.sentinel-hub.com/eo-browser/?lat=-30.571120&lng=138.442358&zoom=17&time=2019-10-12&preset=1_TRUE_COLOR&datasource=Sentinel-2%20L1C
It’s clear to see that the two leach pads remain in place and look like they are I use, also the heap piles along side appear to change colour over time gaining a more blue tone past June time, this to me suggests that they are perhaps importing Irvin ore from another location and advancing with recovery trials..
So operations continue, just not the full relocation high expenditure move initially talked about. As for the location of paltridge north, can’t yet find it on the satellite images to comment on where the source of the blue heaps has came from....
you need to remember MK and you need to substantiate what you just posted!
People have been mentioning earlier that they think lccm is mothballed, just thought I'd put them straight ( cant remember who it was, so many posts today)
Mk I dont think you should be quoting what jp has or hasn't said in an email that's not available to others. It cant be referenced.
I am beginning to question your last never happened comment about a review.
I am only going by past comments from yourself and now your stating from another 3 week ish old email.
Asked the about lccm a little while back (3 ish weeks), I was concerned about the amount spent on it and the significant amount still required with no real feed back as to what is going on. Got the reply that whilst most is market sensitive and cant be disclosed, they are working on a way forward although not yet finalized, they could just mothball but prefer not to.
So it would seem lccm is still en route to being operational but I recon that due to the existing heaps not having to copper that was first thought to sell they have had to re think and get funding from elsewhere.