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If only - excellent post, sums up exactly what i feel. I have been holding/building for 20+ years. I believe its all coming together soon, IRH, RBC, Zambia and the coming Copper price boom. Excellent BOD with vast experience. The low volume really surprises me, perhaps we are just so well ahead of the game. 5-10 bagger within the next 5 years if allowed to grow
Northern
I agree with the statement that Leon (I got the spelling right this time! 😂) is an engineer who likes solving problems. However, as someone said recently " Africa is an extremely difficult place to operate in."
I personally believe Leon ,and Colin, have done a fantastic job getting is where we are now. Like many long term holders, I would have been much happier if copper had been produced much earlier but when you invest in small companies you have to expect many bumps along the road to success!
Recent events should move things along much quicker now. As the saying goes "patience is a virtue".
If Only,
If that is the case then I would politely disagree and venture a different opinion. Some people forget or ignore what has been built over the last few years - I don't.
I understand frustrations and as Leon has admitted they made quite a serious error when getting copper started in Zambia.
I recognise the past but also look to the immediate future which has a whole host of opportunities - some as the Mining Minister for Zambia commented is because Leon and the team are very good at what they do.
I believe Charles's last paragraph is basically saying that lion is an engineer who's interested is designing solutions to resolve problems. After the problem is resolved he moves on to the next problem rather than concentration on producing the goods!
Gotreal, I don't understand what the last sentence refers to unfortunately so not in a position to comment. If Charles would like to provide some detail then happy to venture an opinion.
ATB
Northern
What about the last scurrilous comment, Northern?
Charles, you could be right or it could be a function of a particular batch of the particular feedstock in the period. I don't know for sure either way.
I remember discussion at the AGM regarding the feedstock as with the new modules they should have a lot of excess PGM material from the processing of the new chrome sources. My personal view is they will switch the third party processing on in Q4 to go through some of this.
ATB
Northern
Not worth commenting on that....
Put your tin hat on Charles after that post. I've hidden behind the sofa:)
The Ftsee 100 is at record levels but JLP continues to weaken. As long as I can remember when Chrome prices are up so PGM prices are down, and the reverse is true. Thus one would expect JLP to concentrate its efforts on recovering the most profitable mineral in SA, as sound business practice, and not as new wisdom as some attribute to LC.
For Q1 FY 2024 Inyoni PGM production increased to 10113 ozs from Q4 FY 2023 9350 ozs due to increased feed from the Thutse new module. And the RNS states this process is expected to continue as the Thutse Processing Module operates at design capacity.
But for Q2 FY 2024 PGM production fell back to 8339 ozs, due the RNS states to reduction in available stock of lower grade PGM feed material being available. Yet I remember Inyoni as built on the site of the old Hernic PGM recovery plant, where there are literally millions of tons of historic low grade PGM tails waiting to be processed by Inyoni. Thus the above is maybe another LC hidden problem, he never admits to any problems.
For myself in Zambia JLP operates strictly according to Murphy's law: If it can go wrong, it will go wrong : And this situation will continue until the salaries of LC and the BOD are linked to share price performance.
LC built built his private test centre in SA in record time, and this is where his major interest lies; not in ensuring after some five years Roan produces copper concentrates.
.
I agree Gray that it is WIP. Just reporting what I have seen on TV at lunchtime
Yes Mikie, there are several 'Black Mountains' I believe, all furnace s l a g dumps which are still being added to. The biggest one is at Kitwe but the one we are involved with is the Mufulira dump. Apparently they are quite different in composition and require different processes to extract the copper and cobalt. I believe Leon said they expect to do it in stages with the easy to process materials being dealt with first to generate revenue while they work on the more complex stuff.
Northern
On the link Seisnav posted he said there was corruption but they are working on it to eliminate as much as possible and they have only been in power for 2 years. It will take time and there will always be some. Difficult to eliminate it all. Even western governments have some corruption.
Thats very interesting, thanks Seis. I think a little later he referred to Black Mountain. Which i believe is the black glass. Jubilee have openly stated they are still working on a formula for this.
Report on Bloomberg about the Zam government paying 6x the going rate for laptops. Doesn't mention when the purchases were made but looks like there is still work to be done on paper bags!
That explains it. Helps you don't need the subtitles the translation was a bit iffy.
He said that back in the day the technology wasn't available to process the waste. They picked Jubilee from several bidders because they did have the technology. No subtitles required... I spent quite a few years working up and down the West African coast 😁
Seisnav,
I watched the majority of it. It was a hard watch but interesting about Mopani and how the bidders were scored eventually picking IRH as they were the best fit for the Zambian government.
Also the comments about fighting corruption.
Picking Jubilee to work with IRH on the "tellings and slugs" their translation:)
Not sure whether he said the technology wasn't quite there yet but they were working on it. It was translated so I might have got that wrong.
Copper 360 has gone from 250 to 400cents in two days. I'm sure it will come down but I'm expecting the same performance from Jubilee when they announce their 1000T per month.
The funny thing is that currently Copper360 have only produced 130T.... we been doing triple that the last 1 and half years.
Https://fb.watch/rF_GLClxbI/
A brief discussion about Jubilee and s l a g s / tailings, from about 42 minutes.
Thanks HD43
Gotreal
All it shows is that it is better to claim less and rather over achieve than under achieve production.Leon was guilty,in his enthusiasm of promising too much. It was a bad mistake and that is why the share price is so low
2 years to build and commission and another year to get copper out of it previous management didn't exactly cover themselves in glory there. Is there any wonder there was a reverse takeover looks like they have got their act together now though.
Profitable and less than 700 mill shares in issue. Looks promising for them.
They began building plant in 2019: "Cape Copper Oxide started construction of the copper processing plant on 12 April 2019" https://copper360.co.za/about/
Is it 5 years Gotreal? Says it was a reverse takeover of Green Tree and formed in Nov 22. No idea how long it has taken them from deciding on this process to getting there though. Never heard of them until today.
It does actually say concentrate in the quote they aren't claiming it is copper.