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Think you might be the first, lol!
To correct Mikie he mean't to say 'But i’m taking the attitude Roan wasnt built in a day.
Guessing this gag been said before...
Gray, i dont think its that the tailings are commercially unviable. Its more that the rocks are so much more viable. The rocks have an average grade of 1.5% - 3%, whereas the tailings sit at 0.3%. They are limited by cash flow at present and have correctly chosen to pursue the richest prize. Once they have saturated the richest prize, im sure they will move on to the tailings. Priorities must.
That may well be the case Seisnav regarding Draslovka but the problem is they don't tell us. If they are doing more work on it fine tells us if they are putting it on the back burner for now then again fine tell us even if they have decided it is not commercially viable then tell us. A lot of money was spent on tailings and this process mainly through share issues so we have a right to know what is happening with it whether good or bad don't just forget about it and hope it will go away. It just breeds mistrust and lack of confidence.
Thanks for all your input interesting for me anyway.
Tailings are likely to be a lower priority while they get the other projects up and running. I don't know if you watched the Draslovka webinar but they showed a case study from Zambia (obviously Jubilee) which gave copper recoveries of 70-80% depending on the specific process. Cobalt recovery was pretty low however, I would imagine they are doing more work on the process to either improve cobalt recovery or use another process to do that. I'm sure that's going on in the background.
I agree that communication leaves a lot to be desired at times but I think things have improved recently, especially with the new CFO coming in. I do think Leon plays things close to his chest at times to retain first mover advantage, as they did with chrome.
Absolutely Mikie I have held on for copper more in hope that faith and the only thing that has kept me interested is the chrome success (pgms was also can't help low prices).
I don't like JLP communications still too much guesswork. What happened to Draslovka? Trouble with JLP when something doesn't quite go to plan they go quiet or conveniently forget about it. Much better to be open about things same with the electronics at Roan they knew about this delay again awhile ago and only communicate it at the last minute.
Things go wrong in business nothing wrong in saying so or being a bit more flexible with timelines manages expectations better. JLP are rubbish at this unfortunately and yet they do some things well it is a shame they continuously shoot themselves in the foot with poor comms.
Lets hope Gray, this time next year we are celebrating. On the chrome and copper front.
You are always positive Mikie. The 20k doesn't excite me too much as we couldn't process that ourselves at the moment and the margin is probably not there at today's prices for someone else to do it. Can always stockpile it though for when it is I suppose or acquire facilities to do it ourselves but not a priority at the moment.
Yes Chrome could be more than 2 million tonnes also which is a bonus. I will be looking closely at the 3rd quarter margin for chrome that could be revealing.
Looking at the last quarter Gray, production could be a fair bit higher than 2M. If it is, the chrome figure is going to get more interesting. But its very interesting at $60M and provides a solid back bone. Whilst we have written off PGM’s, a small recovery in the price and they become interesting, especially with an extra 20kOz floating around. I completely agree, copper has been a disaster so far! But i’m taking the attitude Rome wasnt built in a day. I am now feeling very confident copper is on the right track and will reward all. It looks like we are coming good, just at the right time. Lots of feed being secured at a time when copper is jumping. Slater is one of the best in his field and he has been increasing his position. That says it all for me.
I get that seisnav but I am more interested in the numbers first quarter 10 dollar margin, 2nd quarter 23 dollar margin (net 17 dollars). When they put some numbers on for the 3rd quarter I can work out what the 3rd quarter margin is and if I am seeing margins of 30 dollars or more for the 3rd quarter then maybe 50 becomes more realistic until then it is just words and whilst that is nice I am more interested in actual numbers with JLP.
I am just looking to be realistic. I hope 50 dollars plus margin is reality but at the moment that seems some way off but I am happy with anything over 30.
Have a listen to the last presentation again for the chrome percentage, Neil specifically states 40-42% when talking about the commodity prices.
I accept your figure Mikie as the margin will have improved as we sell more of our own processing and I accept it will improve some more as the new module comes on line later. Even at 30 dollars a ton it is 60 million dollars gross. I think that is pretty good and the chrome process has been a real success story.
Shame copper hasn't been so far and has cost a ton of money more and is 2 years behind where we should be but when the world champion seeker is brought on board and can find the electronic components then hopefully that will turn the corner.
Gray if you are referring to the $23 figure, you need to look at the difference between 1st quarter and half year. I posted the calculation early March and i think Seis posted about a week earlier.
On 90 dollars a ton revenue. I can see a possible gross margin of 30 dollars. How do you get to 50 or more as gotreal says?
I can't shuvlin because I don't see how these figures are arrived at and no-one can show how they are.
Nice people here nice board full of nice and very helpful people.
Sorry first 6 months of this year. Mikie says it has improved to 23 dollars still a long way off.
Enlighten yourself!
Last 6 months revenue per ton 90 dollars costs 73 dollars. I am not seeing those sort of figures enlighten me.
Gotreal, yes that's the same website that I use, they seem to be quoting the figure for 42-44% concentrate but most of what Jubilee produce is 40-42% concentrate, which is the figure I've been using for my calculations. They always come in close to what Jubilee quote in the financials. WH Ireland even state that in their old research note from 2021 (page 27-28):
https://jubileemetalsgroup.com/wp-content/uploads/2021/12/FN-JLP-091221-reissue.pdf
Ok gotreal I like a few figures assuming next year we hit 2 mill tonnes of chrome, 800k is toll processing assume 10 dollars a ton (could be more could be less). 8 million dollars gross.
We would need a margin of around 77 dollars a ton to bring us in at 50 dollars a ton average. Doable you think?
WHI cited and provided to me the reference for Chrome having been at $350/t: Fri, 19 Apr 2024 02:20:00 GMT www.ferroalloynet.com: South Africanchrome ore 40-42% concentrate price is 300-308(bulk). South African chrome ore 42-44% concentrate price is 345-350(bulk). South African chrome ore lumpy 38% tran... So $50/t is an underestimation.
Sorry Gray, margin of 23.18 was second quarter not first half, after impact of new module.
Also we make very little on pgms at the moment 126 dollars, 40k is only 5 mill gross margin plus a little for any uplift in price less any for increased costs.
Good morning to you Happydays see you got out of bed the wrong side. No need to be so agressive. My comment wasn't aimed at anyone in particular.
Gray1 , go back and read my message again. That's Chrome and PGMs. With an uptick in PGM prices.
Stop acting like an imb#cile.