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Apologies, that's not quite 21 weeks.
23rd January RNS:Roan copper concentrator was brought back into operation during December 2023 to reduce the impact of the front-end upgrade project start-up being postponed due to the delay in the delivery of a critical electrical components due to the ongoing logistics constraints at ports across South Africa.
· Roan will continue to operate at approximately 50% of full capacity while an alternative solution is being pursued to source the electrical components which includes the option to locally manufacture the components. A 9 weeks delay is expected to the upgrade of the Roan project."
23rd January + 9 weeks takes us to the end of March.
Now Leon is saying end of May which is 21 weeks later than first announced.
The 8th February RNS which said that final testing was underway and it all needed to be shipped and painted was taken by most at face value as confirmation that end of March or at latest full production by end of April was assured.
After 15 years of JLP investment - the lack of any mention of the electrics or that a solution had been found was like Leon screaming out of the RNS that it hadn't been sorted.
Hopefully this is another blip on a very blippy road to copper heaven. Anybody thought what the sp might be if JLP had banked cash from the PGM bonanza and just invested in chrome (a bit like SLP, although they are belatedly moving to chrome I am told). Could be at 15p now - maybe not the potential for 30p and 50p as some hope but it would have been jam today.
Just musing - we all expect delays in mining and proxi mining and engineering so we should all take this in our stride and look to the end game as long as your time frame isn't short.
I think there are a lot of p!II0cks on here who haven't a clue how industry operates and the problems that they are experiencing currently. The main thing is that EVERYBODY has got these problems and JLP is sorting them quickly and has plans to prevent them happening again.
New WHI note out sees fair value at a conservative 11p.
I think some posters here underestimate the logistic challenges of operating in Zambia. I found this well written and illustrated article very interesting:
https://www.bloomberg.com/features/2022-africa-copper-supply-chain-snarls/
However, the module at Roan is based on our much vaunted chrome modules, so one hopes the lesson had been learned in SA. I assume the same control electronics will be needed for the Munkoyo module and the OB1 modules. I hope we have ordered them already!
The two new small mine projects are interesting. 250,000 mt at, say 1% Cu, will be a very short payback time. I am still wondering how it is all going to be refined and whether we will be involved in that process.
Sometimes there are direct replacements, but many components now have field bus communications; manufacturers have diverged so that one manufacturers products are not directly compatible with another's, (think Ethernet-IP/Profinet). again with proportional control cards for hydraulics, they're usually matched to that manufacturers specific valves. There's also the fact that a change of component required a change in the drawings and bill of materials that must be approved by the client.
Where possible, it's always better to stick to the existing design; it's also a perfect chance to demonstrate to the client that ordering spares for the long lead time items is a good idea.
On the electrical controls side, there is or was usually a DIN standard which may allow an alternative but you might be right on stock nowadays. Equally, it could be a medium voltage cable or an accessory that often get overlooked and 6-8 weeks is often a timescale quoted but can be substantially improved upon if you know who to talk to. Leon - did you hear that?
Speaking from the position of an electrical controls guy; There are lots of items that used to be on the shelf but now have weeks or sometimes months back order. Soft Starts, Inverters, PLCs, some modules, HMIs. I've just finished one job where the data acquisition module which used to be next day was quoting 16 weeks.
The usual tends to be, we submit designs to the client for approval with lead times of parts from that day. They then have a load of meetings, drag their feet until the order is placed, and we then discover that parts are now on back order because the client took so long to issue a purchase order. Our choices at this point are to either redesign with available components, (and go through the waiting for customer approval process, by which time the available parts may not be available anymore), or advise the client that because they took so long to approve, they'll have to wait for the parts to be available.
6 weeks, I'm not concerned. just been quoted 14 weeks for an NI module that used to be back order.
Hapless day…Jlp are running a business and not providing running commentary to shareholders on a daily basis. You invest, allegedly for 12 years, and apparently have no trust in the board. In my view you have become tainted having held so long. Let the bod manage the company and provide regular updates as they are doing. A 4 week delay is not worthy of separate announcement as it has no bearing on current production. Have a look at prem and then you will understand what a delay is!!
Does anybody know what the actual electrical product is that has a 6 week delay.
Rather strident Happy? How do you know penalties won't be applied? Maybe some complete balls up in production caused it and it had to be sent back. Maybe leon can't say anything due to thenature of the contract. Like you said it's only 6 weeks and might be less so that they can say they got it sorted quicker. Who knows?
I refuse to accept this additional 6 week delay without proper explanation.
Let's look at this logically.
When you place an order for specialized electrical components there are timelines that become part of the contract and missing timelines results in penalties. I understand some delays but 6 weeks to me is either a major design change or gross negligence in placing the order.
Leon needs to detail the six week delay. I can guarantee you the market isn't going to like this an will punish the share price. We have another six weeks of uncertainty and I suggest Leon's gives a PROPER EXPLANATION!!