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Well I can't buy any with x-o or HL !
You can,but at 1.35
atm
We have income. Game changer.
For what its worth....
I can't buy any atm
Can sell loads
Mt Isa has an adult population of about 13,000, suggesting 8% of the town could be impacted.
Katter said he did not believe Glencore that the mine had become unviable, pointing to previous advice about the company’s Townsville copper smelter and Ernest Henry Mine, which had its life extended by a new owner.
“The reality is no one wants Glencore here in the North West – we want an owner who is less interested in playing games and more interested in mining the $750 billion worth of untapped critical minerals that exist in the region,” Katter said in a statement.
“If our future out here is so tied to the whims of a fickle global commodity trader, then we need to re-assess the operating conditions that we have created and the value our government has placed on mining to our economy.”
A Glencore spokesperson said Katter’s comments were “disappointing” and the company “remains committed to investing in the region.”
“The reality of mining is that mines have a beginning, middle and end. And after 60 years of operation, Mount Isa’s underground copper operations have now reached that end of mine life.”
Glencore said Mount Isa Mines’ other metals assets including the copper smelter, George Fisher Mine, zinc-lead concentrator, the lead smelter and the copper refinery in Townsville will all continue operating.
Glencore will cease operations in Mt Isa at one of the biggest copper mines in the world from 2025.
The multinational company has notified 1,200 workers that after 60 years mining copper in the far northwest Queensland city, underground operations at the Enterprise, X41 and Black Rock mines will close, as well as the copper concentrator.
The mines form part of Glencore’s enormous Mount Isa Mines operation, which was first established in 1924, and also extracts zinc, silver and lead.
“Glencore has conducted a range of studies and reviews seeking to further extend the life of the underground copper mines but unfortunately it has not been possible and they have reached the end of mine life,” the miner said in a statement on Wednesday.
“The studies revealed the remaining mineral resources are not economically viable due to low ore grades and areas where, due to geological conditions, safe extraction can’t be achieved using current technology, this all coupled with ageing infrastructure.”
The company said the Lady Loretta zinc mine, 140km northwest of Mt Isa, will also close in 2025.The chief operating officer, Sam Strohmayr, said it was disappointing the mine life had reached its end and the company wanted to give affected workers and their families time to prepare.
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He said it was too early to determine how many of the 1,200 Mount Isa Mines employees would receive redundancies.
“Redundancies are the last resort and will be offered only when other options have been exhausted,” he said.
The treasurer, Cameron Dick, said the closure of the mine would be “unsettling” for those impacted, but the mine had reached the end of its life.
“We can’t make a mine continue to operate when the mine says it’s no longer economically viable or no longer safe,” he said.
He announced the government would invest $50m towards developing other resource projects in the state’s north west, as well as supporting future job opportunities in the region. Glencore will also spend $20m on the latter, he said.
Dick dismissed as baseless any suggestion that the mine’s closure was due to the state’s progressive coal royalties scheme.
The Australian Workers’ Union called the decision an incredibly sad day for the Mt Isa community.This is a fight for Mount Isa, the capital of the northwest minerals province and the epicentre of the next mining boom,” Stacey Schinnerl, the union’s Queensland secretary, said in a statement.
“We will do everything in our power to hold the government and Glencore to account in delivering the support and dignity that the Mount Isa community deserves.”
Robbie Katter, the local state MP, said he understood there were 1,100 local workers employed in the copper business, not including fly-in-fly-out employees.
Mt Isa has an adult population of about 13,000, sugg
if it wasn't for steve i believe we would, he pretty much poisoned this share for the foreseable future.
if he didn't realise what he would do for the finances of so many people he must have been an idiot but he certainly wasn't one in my opinion. he knew exactly what he was doing, the only thing we will never know is his motive. surely nobody could be such a massive **** to do that to so many people they don't know ?
personally i think he has history with bird and did it once he'd got his money back from a previous bird f*ck up and we were just colateral damage.
Apologies that I'm a busy person and I only really make comments when there's something to comment on Lucky, how ridiculous of me.
"You are posting to try incourage a positive board and get a lift in the SP from new shareholders. All for your 10-20% trading." - again, I feel like you're not picking up what I'm putting down Lucky.
I hold a substantially larger holding than the amount I regularly trade with - my trading passes the time and ensures I make some money along with the ebbs and flows of the market, as I feel I've been pretty transparent about, meanwhile my larger holding will at some point in the future be sold when I feel there is fair value and I have something better to do with my money.
I'm not trying to trick anyone as you're insinuating lucky, I'm just stating facts.. XTR just announced earnings of circa £950k for Q2, our Mcap this morning was circa £9.5m, I made a statement that earning 10% of your mcap in one quarter is good going and I'm surprised it hasn't been better received by the market.
Did I buy some shares prior to todays lift when I perceived this to be undervalued based on what I was fairly sure was about to happen - yes
Will I sell said shares when I perceive there to be a more fair valuation of the company - also yes
How you're suggesting I'm trying to be sneaky and trick people into buying so I can make a trade is beyond me and to be honest, considering my transparency, yeah, I find it kind of insulting.
To be clear, I chose to buy based on my own research (which I openly shared on this bb) and burden the risk prior to news of income being confirmed, I sure as hell deserve the benefit of that decision once that news lands and the market (after being spoon-fed) catches up.
Its not a personal attack, I'm just merely pointing out to anyone new, don't believe any poster, no matter how much they are respected.
I had a look at old steve, looks like he's using the same old phrases on his next shares.
I wonder if he really did make a loss, or he's a Fantastic trader.
He Is an ex professional poker player, so who knows.....
If it wasn't for Steve, I wonder if we would be sitting at 3p still?
Doesn't look like you'll get your 2p plus trade off the back of that RNS.
Let's hope the sale of BR and the next results might get us closer to 5p.
I'm jealous JDAU, I bet you made a nice profit off the 1p to 7p. Unlike the rest of the long term investors here. Most of the people here are like me, we all need our heads checking.
I just don't like poorly constructed attacks on my character Lucky.
If I'm being honest, yes, after being a cornerstone of the XTR investor base for coming up on a decade now, spending countless hours digging (excuse the pun) into asset history / researching and happily sharing my findings/trying to help explain to those who didn't understand certain aspects of the company and its operations that have been discussed over the years - and consistently posting in a style not dissimilar to a university level paper with references so my points made could be fact checked / verified - it did touch a nerve when you suggested I'm merely a short term trader looking for an exit point just because I wrote a post promoting an event occurring that I've waited years for finally happening - and because I wanted to point out how ridiculous the limited market reaction is when you compare quarterly earnings to mcap.
Wasn't gloating, I was relieved that finally after all the times I've ignored my gut, this time I went with it and was correct. And to sit in a room of over 30 people, thinking and believing the opposite, it's a hard decision to make.
It's exactly what Steve4077 did, trusted himself, not the BS on these boards.
You are out here today posting, when you rarely post, and you have proven me correct. You are posting to try incourage a positive board and get a lift in the SP from new shareholders. All for your 10-20% trading.
Thanks for proving my initial post. 👍
I sold some, not all, just after the AGM.
Lol, touched a nerve 🤣?
Lucky, 10th of Oct. you wrote: "Andrew4444 Said I was a weak holder for selling, doesn't look like a weak decision. Actually after holding for so long it's quite a brave decision to sell. Looks like I was right. Could buy back in what I sold, think I'll wait." Ref: https://www.lse.co.uk/profiles/lucky520/
I'm confused, because it sure looked at that point (not two weeks ago) like it was in fact YOU gloating about being right / having sold prior to a drop... so which is it, because you're now saying you're a holder and you'd take the money and run at 5p?
A couple of phrases spring to mind... 'pot calling the kettle' & 'oh what a wicked web we weave'.
Looking for a spike to exit doesn't insinuate your a trader lol, its 90% of xtract holders, after all the BS.
I'm one, give me 5p I'm gone. Can't see it happening for years though.
Lucky, I don't think I boasted about it, I just made the point that if you're not trading some of your holding in penny stocks you probably need your head looking at. For the record, I trade approximately 10-20% of my holding at any given time, as is my prerogative.
Let's be fair about what I said (and I quote): "...whilst I broadly agree with your statement, the SP is up circa 60% in the last month. Hands in the air, as a long term holder of a large number of shares - even I traded that move.
Buys at 1.30-1.50 to sell at 2.00-2.20, cheers then."
Ref: https://www.lse.co.uk/profiles/jdau/?page=2
I've been one of the longest term investors here through thick and thin so I don't exactly appreciate the insinuation that I'm "looking for a spike to exit" like a short term trader with no interest in the company.
I'm simply pointing out that it's a bit ridiculous that a company makes circa 10% of its market cap in one quarter and the market seems relatively unphased.
Will I trade any move the SP makes, undoubtedly yes, if you require transparency (which I'm, not remotely required to give you, but will do so out of my own free will) I bought circa 400k @ 1.09 and another 100k this morning @ 1.20.
Will I sell them when the SP starts to better reflect true value? Yes.
JDAU, you want more of a spike to exit?
You traded the last spike and boasted about it, what's your exit price this time?
An additional bit of positive news today:
In AFP, First Quantum have entered into a JV with AFP on license 27767 (see their RNS). FQ will be spending money there on further exploration to obtain a 51% interest. They may also exercise their option on AFP 27770
Both of these licenses are adjacent to XTRs license 30459 - so it does appear to be in an interesting area.
All shown on the interactive Zambia ministry of mines licenses map.
Agree with the majority that it’s a decent RNS, $/oz was more than anticipated on the revenue front and the cost front.
It’s a shame that they didn’t break the Opex cost down a little more E.g production tax were $120/oz, infill drilling was $x/oz etc. I see CB comment that they think they can get it below $1k/oz call it $900/oz after production taxes but this is still more than what’s been stated in the past eg see 2022 full year reports which were 800/Oz, so would be good if he can elaborate and inform investors what’s changes (inflation etc etc)
I think the Alluvials are basically done now, so these dropping off make sense to me at least
In case anyone needs it spelling out for them, XTR just announced it earned circa 10% of its current market cap in Q2.
In the words of Maximus Decimus Meridius: "Are you not entertained?!"
ref: https://www.youtube.com/watch?v=ZtyjY6VjF9Q
The response from the crowd / market seems to match...
You might be right but ownership of Chinese mining companies usually works it's way back to some CCP types so they are not quite as independent as us westerners might imagine.
I unfortunately haven't got time today to compile the HR and alluvial numbers but haven't they been trending down over time?
Always happy to have my off the cuff observations proved wrong!
Yes ZB largely in agreement
I don't buy MMP were busy on FB so alluvials and hard rock went down becuase they were separate contracts with others I recall mainly Chinese producers.
Currently defined resource is circa 7 years mine life @ 480kTpa
Andymillsy, l posted similar observations on the Production update thread. The production numbers are all going in the right direction, but the AISC isn't. Area for improvement.
Regarding the low values from HR and alluvial, l think this reflects the focus by MMP on getting Fairbride up to full capacity. Thank goodness for Empress providing useful numbers way ahead of Extract.
Ta, Z
Good news 82.9 Kg for July so above 80kg a month could be the norm
Bad news $1215 AISC
$774 profit
July 82.9 kg = 2787 oz = $2157138 x 0,23% = $500K a month pre tax profit = £400K pre tax profit
We may need to see Q3 results showing 2700K oz a month production steady state and AISC nearer or below $1K for a significant SP increase
Looking good though and moving in the right direction !