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Sorry, my mistake. JMS only gets half the ASD116mil. So RRR gets around £280k.
DYOR
No RNS yet.
I make that to be £560k/£580k to RRR.
Means RRR can hit the accelerator pedal on DRC.
DYOR
Distribution update. No doubt the wrong type of money.
https://hotcopper.com.au/threads/news-jms-jupiter-mines-says-tshipi-production-is-on-track-to-deliver-its-3-mln-tonnes-sales-target.4776517/
DPGSJPM - "Also another £20k bid at 0.53 still to be filled"
lol
If you're so confident why not just pay asking price or even 0.60p ?! What's 10% when you believe this will multi-bag ?! Where's your 3% holding? Honestly fooling no-one here. Ramp on old chum.
“We bought them all”.... haha I’m calling BS on that one
(Also another £20k bid at 0.53 still to be filled) - come back when you understand how markets work buddy. Keep sprouting your same nonsense about confetti. It’s how small companies fund themselves. Good luck.
Resident ramper going at it extra hard and like clockwork dredges up the old "jam tomorrow" billy bull about Mt Ida. A project that Jupiter mothballed back in 2012 and which has remained mothballed ever since. I've lost count of how many times these chumps have tried to ramp this particular project, shamelessly.
Problem is they really have naff all else to ramp here.
Greenland project has now been sold off for £1
Ivory Coast project went nowhere
El Limon gold mine was sold off for a song and royalties are paltry
Shoats Creek oil project is being written off
Steelmin is now in Administration leaving RRR with a £1.1m debt owed which will have to be written off imo
There's really nothing for the rampers to go at here which is why, time and time again, they pull the Mt Ida project out of the bag, dust it off and try to present it as something imminent and tangible when the reality is it is a mothballed project that will take years to ever come to fruition should Jupiter ever decide to do anything with it.
There is NO ROYALTY in practice, there is just an agreed royalty deal for a project which is sadly mothballed and which has been on care and maintenance for years.
The effort being put in by the shameless rampers suggests to me personally that confetti is on its way again.
Which of course would not surprise me in the least given that the company only had a mere £27k in the bank at end Dec.
Also at end Dec there were Current Liabilities of £2.7m plus there will be project costs and doubtless on-going legal costs for the Kenya debacle plus this BOD get through a staggering c£850,000 just on Admin Expenses a year !!!!
So where is the cash going to come from? Recent confetti issue raised £323k and the Jupiter dividend approx. £250k. Small change in the grand scheme. Doesn't even cover the Admin Expenses here.
Where is the cash going to come from?? Placings of course.
Authority already established to issue up to 400m more shares here this year at the last AGM.
Look at the string of sells in the list today. I wonder what's coming ?!!
DYOR
ECR having a good day too :-)
Okay a binding offtake agreement but meaningless really. Incidentally Mt Ida and Mt Bevan are streets ahead of Moonshine in terms of location -but still a fair road distance to a rickety old rail to Esperance -unlike Koolyanobbing. No comparison to the Pilbara - and FMG spent many billions getting set up much closer to very large ports.
I don't like the ski lift at St Moritz.
Many companies like Glencore do non binding deals to lock in future possibilities. Have a look at Novo Resources with the Sumitomo deal - usually a friend of a friend knows someone -- Notwithstanding it was heartening to see Glencore actually take up some stock - convertible notes through a subsidiary as I recall but would have to check. As well as Macarthur there is Mindax with a big resource at Mt Forrest and Legacy with an even bigger resource at Mt Bevan next to JMS backed by NMDC in India -- plus a few others- The banks will never fund these deals but if iron ore rockets to $200 tonne then all bets are off - we can all retire to St Moritz.
See below re Glencore. They are taking a risk. JMS spent something $40mil on the banking feasibility study for Mt Ida and Mt Mason.
VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (OTCQB: MMSDF) (the “Company” or “Macarthur”) is pleased to announce, that further to the announcement of March 19, 2019, that a subsidiary of Glencore plc (“Glencore”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$2 million.
Glencore’s participation in this financing, strengthens the life-of-mine long-term strategic relationship between the parties in line with the previously announced binding Off-Take Agreement (“Agreement”) with Glencore for sale of iron ore to be produced from the Lake Giles Iron Project (“Project”) in the Yilgarn Region of Western Australia.
The proceeds from the Note will be targeted towards the completion of a 2019 compliant Bankable Feasibility Study (“BFS”) on Macarthur’s Moonshine Magnetite iron ore deposits in Western Australia.
Ok
So why has Glencore agreed to an off take agreement and to fund the bond?
The economics for Moonshine and Mt Ida will be very similar.
There is a big difference between direct shipping ores and magnetite - Sino have spent $13 billion at Cape Preston and still can't make a profit. Savage River have always been profitable but that is an exception. Mt Mason is a nice little hematite ore body but too small to develop. Moonshine is worse - a pipe dream. There are trillions of tonnes of magnetite in the Pilbara right next to major ports. Our hematite is within 7 -20 km of major rail networks at Western Shaw.
Mineral Resources bought Koolyanobbing in the Central Yilgarn from Cliffs for a song - everyone thought Chris Ellison could not make that work . It is powering ahead and expanding - has it own rail but might put pressure on Esperance port capacity. Now if JMS had 50 mt of hematite would be a different ball game. Lets see if JMS have iron ore aspirations again :-)
Moonshine has Buckleys chance of ever being developed but good to see some support from Glencore - likewise Mt Ida has a snowflakes chance in hell of being developed in the next 50 years. All magnetite projects have failed but FMG might make Iron Bridge work -. I/We have 500sq km of hematite -CID's only 50 km from Iron Bridge in North West Iron right on three rail networks only 180 km from Port Hedland - now that is going to really fly. Iron ore is going ballistic but no one was listening back in 2007 until I put RRR on the map with the Jupiter deal and not too many listening yet either but I bloody well have ten times what we had in 2007 -exciting times fellas.
Well my view was and is that both the Steelmin loan and the Amulet loan should have been RNS'd and preferably not made in the first place.
I have made my opinion clear to AB, face to face on both matters.
Regardless, RRR should confirm receipt of the dividend. I would also like JMS to update on Mt Ida and Mt Mason. The JMS annual report should be out shortly and I expect some comment on them in there.
If something happens on the Yilgarn assets it is a big deal for RRR. We are due two stage payments on the royalty sale and a 0.75% royalty payment on production.
"On the 4 September 2012 an increased resource estimate for Mt Ida of 1.23 billion tonnes at 29.79þ was announced, indicating the potential for a robust, long-life operation, which would underpin the Mount Ida Feasibility Study, which was due for completion by Q3 2013. The Study was based on annual production of 10 million tonnes a year of beneficiated magnetite grading +68 per cent Fe. It was also stated that all work streams on the Mount Ida feasibility study were due for completion by December 2012, with the feasibility study to be delivered by Q2 2013."
They can't do 10 mil tonnes pa but could do around 6.5mil tonnes pa based on the available rail capacity: the royalty to RRR would be around $4.9mil pa at current prices.
If JMS completes a sale, RRR might get: a special dividend from JMS, the two stage payments due under the royalty sale and the actual royalties.
If McArthur can gets its deal done, there is no reason why JMS can't its get deal done. I said this last January/Febuary when the rail and port capacity became available.
Obviously, many a slipt twixt cup and lip etc. Things can take a while but given how quickly the McArthur deal moved I am hopeful.
DYOR
Hahaha auto-correct steeling and steelmin. Pmsl.
Google knows everything!!
Times up
Given what has happened with the disgraceful steeling and amulet loans, when they didn't rns those funds being burned as quick as I've seen any aim "loan" burned, why would they rns receiving what, 15% of what they pissed away in what most would see as a case made for the regulators?
The dividend record date is 7 May 2019 (following release of Jupiter's Preliminary Final Report) and will be paid on 21 May 2019. Please refer to the Notification of Dividend/Distribution released to ASX for full details.
RRR needs to confirm that the dividend has been received.
https://mayfieldrecorder.com/2019/05/20/jupiter-mines-ltd-jms-to-go-ex-dividend-on-may-6th.html
Given what has happened at McArthur and Moonshine, JMS should get some traction on the Mt Ida project.
DYOR
https://twitter.com/AfricanBattery/status/1131113723861577728
Creeping up. About £6k available at 0.565p: after that it is 0.589p.
Big spread.
Some news and this moves up pretty quickly.
DYOR
DBGSJPM - "It is an exploration mining company. Projects fail."
Laughable mate. Both RRR and RGM have been going since 2004. That 15 years of failure for both.
£millions upon £millions raised through dilutive share issues and most of it frittered away on lucrative director salaries and various expenses.
15 years and yet still, neither company has managed to put in place a project that produces good strong recurring revenue that can meet the overheads and running costs of the company. I can only personally conclude that these are not mining companies at all, but simply confetti generation machines that exist for the personal enrichment of the BOD.
Nothing will ever change here whist that BOD remains. They must go now. It's patently clear what their MO is and their dire track record is there for all to see. They don't care one jot imo about shareholders here as is patently clear from their refusal to RNS key transactions and events like Amulet diamonds and Steelmin loans. Shareholders will continue to get diluted, plain and simple, it's what this BOD do. DYOR.
Honest as the day is long. Always has been.
Amulet anyone?