The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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Morning Seis. Thank you, that illustrates the chrome position very clearly and demonstrates how much better the second half of full year 23 is going to be compared with the first. I believe it is very likely, average prices were even stronger in the fourth quarter compared to the third quarter for chrome. It would be very interesting to see your spreadsheet indeed. Im sure that would benefit the board considerably. I also note, that whilst chrome earnings are increasing rapidly, the PGM production was up considerably in the second half compared to the first half, which is another factor in mitigating the fall in PGM prices. Clearly the share is well and truly oversold, especially after a run of very solid RNS's and the prospect of considerably enhanced earnings for the current year, with 3 metals adding considerable value! Thanks again Seis, your work here is tireless and very well appreciated.
Regarding the Mufulira project I should probably have said that ‘Jubilee Metals Solutions’ already has an active exploration license which covers the s l a g dump, so that kind of makes us default front runners in that race already.
METALS – Copper prices climb as China stimulus lifts demand outlook
03:10
BEIJING, Sept 1 (Reuters) – Copper prices started the month on a firmer note despite a strong U.S. dollar on Friday, supported by better demand prospects as top metals consumer China issued further measures to revive a crisis-hit property market. Three-month copper on the London Metal Exchange was up 0.8% at $8,487.50 per metric ton by 0136 GMT, after having registered its first monthly loss since May.
China's central bank and financial regulator on Thursday issued notices to ease some borrowing rules to aid homebuyers, including lowering the existing mortgage rate for first-home buyers and the down payment ratio in some cities. The property market accounts for a key demand sector for industrial metals.
LME aluminium gained 0.8% at $2,225 a ton, tin added 0.6% to $25,550, zinc moved up 0.8% to $2,449, lead increased 0.6% to $2,231, and nickel rose 1.1% to $20,520.
Global demand for copper will be aided by the electric vehicle market and a fast-growing India economy, said ANZ analysts in a note. Copper demand in India will exceed 1.5 million tons in 2025, up 40% from 2022 levels, according to ANZ.
Still, a strong dollar limited the gains and made greenback-priced metals more expensive to holders of other currencies.
6.88 on the bid...
Bargain or lower?
The most arrogant people I’ve worked with almost always turned out to be the most clueless…. Just saying.
Just to be clear the US$7.5-9 million a quarter is for total chrome production not just the 17,000 tonnes / month!
Mikie, if you're talking about the effect of chrome on the FY 2023 numbers then the information is already there to work it out if you want to. Just look at the Q3 numbers:
chrome credit / PGM Ounce x number of PGM ounces sold = 402 x 11,437 = ~US$4.6 million in chrome earnings for Q3. For H1 the earnings were US$2.94 million, or US$1.47 million per quarter. So the chrome earnings has tripled in Q3. Q4 is potentially higher. The chrome sold was about 30,000 tonnes more than in any other quarter, this might be due to the 24,500 tonnes from the new contract which has already been sold into the market. If that's the case then the earnings would be ~US$6-7 million depending on which end of Leons US$50-80 / tonne you choose to use.
That's a nice little boost and certainly cushions agains the drop in PGM's but the real effects won't be felt until the current financial year when we start to see the full production of the new contract coming in. It should be worth between US$7.5-9.0 million a quarter at 17,000 tonnes a month production (at current prices). They were guiding 60,000 tonnes for H1 so I guess they are not at full capacity yet.
I've got all this in a nice spreadsheet but I'm keeping that to myself for now!
I'm not sure what if anything to expect from the Mopani deal finalising. They haven't mentioned the MoU for a long time and seem to be focusing on acquiring the new refinery, which would have all the capacity they need. It's possible they are just keeping quiet until things are finalised or maybe they decided to forget about that due to the uncertainty over new ownership. I guess we will find out in a few weeks! I'm hoping that the government has included our bid for the Mufulira S l a g project in the negotiations... really we need to get Chambishi Metals signed off in order to progress that project because it's already set up to process that kind of material.
Maybe it'll print tomorrow froggy lol
Neil Froneman says news on Mopani in about 3 weeks. https://www.lusakatimes.com/2023/08/31/sibanye-brings-in-chinese-partner-for-mopani-bid/
Sounds like Froneman may be winning the bid? Any thoughts here Dorf? There is certainly going to be a plethora of news here over the next couple of months. Just need the next few weeks to play out, what will be first? Mopani news? New chrome contract signed? New chrome plant underway? Roan upgraded? Quarterly production report including latest chrome addition? Full year accounts? New copper plant? Crikey, there's some serious incoming. personally i'm really looking forward to the full year results and the effect chrome has had. From memory i believe Leon said approximately 800k tonnes of chrome were on a fixed toll and 400K tonnes were subject to market prices. Can anyone remember this, correct or expand on this?
Well I hope the last 2 posts on the notice board are correct as I am well down along probably with a few other investors and would be pleased to get out of the red. Have invested in this company for a few years and while most posts are postive you do get the few idiots on here. Thank goodness for the filters.
Caveman I could not agree more my site has s o many green boxes it is taking lots of my space.
Not a share has traded in South Africa while the London trading is likewise pitiful. Everybody is waiting for results.
I only hope that what ever comes first (the quarterlies or last years figures) new production figures are disclosed so that the accountants among st us can do a more accurate spread sheet of expected profits. I certainly believe they will surprise to the upside and finally the green boxes will disappear .
Morning Chaps,
My chat page has recently been filled with a 'Helluva lot' of green boxes which undoubtedly saves my time reading cr*p. However some really excellent posters, at times, continue to respond to this DRIVEL. You are only encouraging the morons too! 😆
I personally think we are all going to do very well with Jubilee. 👍😁
Happy times are coming.
Cavey
Wait for January for real price increase metals moving slowly up
It could be your employer 😂
Massive buy just got printed at 9:33:32, cmon which one of you high rollers is that?
I am sure he is spouting his/her usual nonsense. I would say the filter button has come in very handy and would advise everyone to do the same!
Responding to them is pointless and they will continue to pursue their own agenda (whatever that is this week).
ATB Northern
I think its time that everyone reports his lies and demands his account be removed
Perhaps its time to start copying everything he writes here on the Hum board?
I want to see Jubes paying a small dividend as a way of recognising us shareholders while still being a growth company cos they sure as hell aren't able to move the shareprice in any way that gives us anything back.
The sad thing is, Bushytailed is down on his investment in two companies despite a very strong gold price. What’s going to happen if the gold price drops? Or in the case of HUM, the government decides they want to take a much bigger slice of the pie…. Which they have just done. Maybe he should spend more time examining his own investing record instead of trying to advise others 😂
Utterly ridiculous comment. You should be banned from the boards.
Don't bother management with unpleasantries. Who cares how much money we are not making, because we reinvest every single penny. This is a g r o w t h company. Until it is not.
Top ranking excuses:
Zambia is very supportive but unfortunately moving slowly
Power outages, totally unexpected
Bushy writing trash
PGM prices crashing, but Seisnav et al always warned you this will happen.
Copper holding up, until it does not.
Must be getting bored of the “it’s tomorrow“ message! In the current environment now counts! Surely this is the time to move to quarterly financials?
There is a steady seller dropping 250K blocks
Think the market wants reassurance with actual figures -hopefully in quarterly production figures to 30/9/23 and half yearly production to 31/12/23