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Over the last month copper has gone up 11.7% near its all time highs and showing no sign of slowing down, last 24hr up 1.35% (at time of writing), stories all over of high copper demand, so if the BoD's cant make a deal here its over for LCCM.
Surely someone will want to secure some copper, it is there, assays dont lie, usually.
Well apart from that things are looking positive (lol), so much so even Alan Broome is thinking of buying some shares.....
Final results are coming ....
No material progress on LCCM to date
No material Progress on Redmoor to date
Increased sales at Cobre envisaged for the coming year.
asset finance taken out for Caterpillar plant
Pay day loan taken out @12% plus warrants
Pay day loan taken out at 20% plus warrants
Same BOD
Cash balances running on fumes....
Be interesting the final results wording..
How to polish a turd
FFS....
Will be nice to be proved wrong and would love to be... but if the last 7 years progress is a measure.....
I am better off putting the investment on Notting ham Forest to win the Champions league this coming year :)
ATB
Prices now at $10,121. If only we had a copper mine.....
I think most here recognise we were sold a pup with LCCM. Redmoor is very slow, almost non existant progress. Cobre keeps the lights on and pays our great BoDs remuneration!
A good story in bloomberg about the world needing more copper, just hope that can relate to some LCCM interest....
Its now or never, for fund raising that is.
A good summary to remind us of their buoyant quips on Leigh Creek, Lupi - and still we wait for the productive step for which we have been waiting since 2018. I wonder if any of their so-called negotiations with potential partners will ever materialise.
And yet we are the Heretics
"A heretic is someone whose beliefs or actions are considered wrong by most people, because they disagree with beliefs that are generally accepted"
They didn't manage anything with LCCM when copper was $10,500 Prop. Its back up to $9,750 which is way past the $7k original plan.
"Shovel ready (Oxide PEPR approved 29 June 2022)"
"Copy and Paste"
"Negotiations on planned funding of the restart of production are at an advanced stage"
"expected re-opening of operations at Mountain of Light in 2023"
"respected global bank"
"The Company is confident that 2022 will see the recommencement of production at Leigh Creek"
"mobilisation and mining in the third quarter of 2021"
"will provide significant on-going after tax cash flows from 2020"
"an opportunity to start copper production potentially earlier in the first half of 2019"
"approved the Mountain of Light Program for Environment Protection and Rehabilitation on 20 July 2018"
"(27 Feb 2018) Production rate of over 200 tonnes of copper per month expected to be reached in approximately one year"
"The outright acquisition of Leigh Creek Copper Mine for an up-front payment of AUD $3m is a significant step forward for the Company"
Imagine the profit-margin at $50,000 a ton - if our BoD has any ability to strike a deal to progress Redmoor; at their current rate of lack of progress, the company will have missed the high prices, and start mining when tin’s on the way down.
Https://markets.businessinsider.com/commodities/tin-price?op=1
35.5k atm
Lupi, A sensible response; however, my main concern remains on the length of time for awarding the grant - particularly for what seems a small amount (based on my reading of the council’s own presentation of how the monies are divvied up).
Prop. I would opine that the Exclusivity and Prospecting Agreement with The Duchy of Cornwall carries some significant weight in Cornwall. I would expect it to be a factor in the decision making of the grant. The council should be more favorable this time around, given their input on the reapplication.
Step forward, the most-incompetent chairman that a company could wish for: Alan Broome, whose involvements in the Cobre court-case debacle, selling Redmoor to SML, and the purchase of LC - see his inimitable accomplishments elsewhere, with a quick Google search - leave us with a share-price lodged at the bottom of a deep well, to which we have been steadily sinking over the past few years; the question is, is can JP and PW haul us up, so that we can on one again see the sunlight that they promised us, many years ago? A few recent tugs of the rope have moved us up a few metres, but we still await - in the dark - for the tug-of-war pull that catapults us to the top.
The bond was known about. It was part of the approval process. The approved PEPR is a watered down version of what was originally applied for. We had to settle for a diet version to process our “shovel ready” oxide heaps. Which would give us income to do remedial work and afford a larger bond. That diet PEPR was approved a long time and we have done nothing with it. No promised oxide production.
The second PEPR is the main PEPR resubmitted to allow mining. This is delayed because (fill in the blanks). We have no idea if the BoD are asking for the delay or if it is being delayed by as gov. We are kept in the dark.
I would love to see the due diligence reports on LCCM and the sign offs. I always was of the opinion that it was a terrible idea and it has been a money pit. It is a current liability to the tune of millions and needs to repay us. There is no culpability for some really bad business decisions and no apologies for destruction of shareholder value. The only asset is Cobre for as long as we have a licence to remove the magnetite and customers to sell it to.
Based on the company’s poor performance over the past six years, should we err on the side of caution by presuming that Cornwall council will not grant us the grant - after all, it’s had more than a year to assess its validity? Or should we fall for the BoD’s media-friendly enthusiasm that it will arrive - soon? Moreover, company-making news should have materialised on Redmoor and LC in the first quarter; yet, here we are, nearly a third through the second quarter - and none the wiser.
What is the second pepr for please
I know there was alot of anticipation a few years ago about getting one through.
Having done that it doesn't allow us to mine??
Have the bod always known about the size of the bond but have not shareholders in on it??
So, we’ve had a ‘shovel ready’ copper project in South Australia for about 3 years with an NPV of over £30m. Copper is more or less at an all time high, but seemingly there is no interest in the project which is very strange??
Additionally, very poor communication by our BOD in respect of this project. Presumably they think that it’s ok not to give shareholders an update on the second ‘copy and paste’ PEPR which was submitted for approval about 16 months ago??
And Alan Broome has yet to explain why he has a negligible investment in this company.
You should correct that ShS to 2x Directors with skin in the game and a Chairman with no confidence to invest. The Chairman has unlimited visibility within the company and has a token holding which certainly gives the impression that he has no faith in the company.
The company is self financing with a bod with plenty of skin in the game.
Certainly a good start, hence the buy button pressed
Going forward, lots to play for unless this is just another lifestyler
They have always been happy for the copper price to fall, because they couldn't afford to buy the promised juggernaut to move all the extra cash :-))
No excuses from the BoD on an unfavourable market for copper and tin, this time round - as has been their go-to excuse over the past few years.