Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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STV. Those that voted in 1975 were not told of the plans, they were hidden. My understanding is people were voting for a very different beast, I have yet to see documents from 1975 with the EU written on them. How many times has the name been changed since it was a 'steel tariff thingy me bob'?
Scotland. Ha. Democracy? Are you joking? So out of a Scottish electorate of 3.9 million the SNP received 25% of the vote (977,000). 35 out of 59 seats (60%) and 5% of the Westminster seats despite being vote for by on 2% of the UK electorate. I feel for the other 75% of Scotland.
Blimey Dev, just having a sit down after reading that
saothair, you have Jimmy Krankie running your health service into the ground and cutting the drugs rehabilitation budget in half, while Scotland has the biggest drugs problem in a Europe.
Please don’t worry about what Boris is, says or does. Not only can you do anything about it, but you have enough problems at home.
Sorry.
It is actually the second vote you want honoured, the first was in 1975 and I'm still (I think) alive so what I voted for now doesn't matter because a small group of people decided they didn't like it. Yep that's democracy my ass
How is unbridled lying during elections respecting democracy? In Scotland we haven't voted for Conservative in over 60 years but we keep getting them and their awful policies. In a FPTP system democracy is the last thing on politicians minds. It's the stupid that define our democracy because thats who our leaders target for votes
GIT. Ot was leave or remain. Kalan is 100% correct. The rest was mostly smoke and mirrors. Globalism or internationalism (wiki search it - you are good that). Anyone that didnt know this was leave or remain and believed there would be a second chance was ignorant. Lets honour the first vote and leave, then vote again if necessary. Every party leader said it is a one off. No going back.
A Corbyn lead government in any way shape or form would be a catastrophe for this country.
GiT. Tell me about the bus again? Or the otter? I dont mind, it is nice to relax my mind every now and again.
Apologies - off soapbox - wish Corbyn was running WRES. Lol.
GIT. Perhaps you could try and reassure the Jewish community because a significant number of them are terrified of Jizzer and/or labour.
David Cameron:
We will have an in out referendum.
We will either vote to stay in the European Union or LEAVE ALTOGETHER.
That's what he said - what anyone else said or promised doesn't matter - we didn't vote to leave with a deal of any kind - we voted to LEAVE ALTOGETHER.
After we left they can do a trade deal - as long as we have left - end of argument. His words are a matter of public record.
p.s. we are now sending over £400 million pounds a week to the EU (what Boris forgot to say was that we get a rebate and some of the money is spent in the UK at the whim of the EU stasi.
All of that is irrelevant as we voted to LEAVE ALTOGETHER.
Kalan
It is not democracy when what the public were told was s heap of lies mate, where is the £350 million a week for the nhs that Johnson went on and on about, how comes there’s going to be a border in the Irish Sea, he said that wouldn’t happen.
A second referendum based on fact not fiction and lies is real democracy, what we had as a joke, but hold in a minute that’s what Johnson is good at isn’t it
"What l would like to know is why, 32 per cent of this country are supposedly going to vote for Corbyn. Beggars belief."
I am from a mining town - 14 years in mining myself. My dad was a miner and my grandad. We lived in a pre-fab when I was born and then moved to a council house which my parents still live in. I joined the Labour party when I was 18.
I told my dad I was voting Conservative as it is the only one of the big 3 (or is it 2) that respects democracy - you can't say you respect democracy and then pledge to overturn what the public clearly voted for. The Conservatives are the only party defending our democratic rights (admittedly for their own gain). On top of that Corbyn's policies would be an absolute disaster. The last Labour government put us deep in the mire with 40 new stealth taxes and 70 billion pounds a year borrowing. we have had 10 years of trying to get the public finances back in order and balance the books. We haven't had austerity yet - we are still living above our means - we need years of paying more tax than we get back in services to pay back the debt run up so far. Corbyn's solution is to borrow another 700 billion pounds and tax everyone to the roof. Then we all vote conservative again but this time it takes 20 years to put right the damage. Only someone with a slate loose would vote for that. My parent's are voting for that as is my son in law and step son - why - because they always have. Where I live they would vote in a donkey as long as it wore a red rosette. This year some of them are voting for a dead rancid rotting corpse of a donkey - but hopefully not enough of them.
Mogwhy
So only lab costs and management costs are fixed, amounting to less than 10% of opex.
FYI, blasting is contracted out as is waste haulage.
Blimey, that much for Corbyn? Mind you it’s a parlous bunch all round. Pity we don’t have PR then I could perhaps find something/one that makes sense to me. I would vote for Ken Clarke he seems reasonable.
32% of the country aren’t going to vote for Corbyn they are going to vote for labour
What I can’t understand is how 42% say they are going to vote Tory with the proven liar that currently leads them, that beggars belief !
This is a man who is to frightened to be interviewed by Andrew Neal the same as all of the other party leaders ! And why because he is not capable of not putting his foot in his mouth !
What l would like to know is why, 32 per cent of this country are supposedly going to vote for Corbyn. Beggars belief.
Mogwhy, I take on board that there are economies of scale when producing more. However, if we process less, we mine less, we blast less, we don’t have the lights on at night, we will QA less in the lab etc. So the costs will be a bit higher but not much. Yes there some things that cost the same such as running machinery with less throughput. Overall though the costs per mtu won’t increase much, conversely if we start producing much larger amounts there can be reductions from that figure.
The OPEX is based on the first 6 years. So is that an average i.e costs are higher in year 1 and lower in year 6? I dont know. I read it as an average, which is one reason I think costs are higher initially whatever you do. Add in the increased debt and profitability takes a hit. Language is very important with WRES, like the change from dates to Year 1, Year 2 etc...cannot be defined.
So many numbers being thrown around. Lovely that it is all so clear. Got that FID though, bang on accurate that was. Oh hang on...
Mogwhy
I hadn’t seen your response to Kev when I posted mate, but yes that makes sense.
Exactly GIT, which is why I said "The most significant influence on opex is going to be achieving a consistant output of 200 tonnes per month through the whole process."
Kev
Until 24 hour production commenced, it is clear the case that our costs are way below what mogwhy suggested, in fact MM has stated that we are currently pretty close to $100 per mtu, this makes sense because on one shift, as we are at the moment, as opposed to three shifts per day in a 24 hour operation virtually all of our opex costs are massively less, e.g. staff costs, trucking costs, utility costs etc.
Once we go to 24 hour operation then obviously our costs will increase, and I think that’s what mogwhy was alluding too.
Mogwhy, from memory, MM said it will cost us about $100 per mtu to produce concentrate and that will reduce with increased production and performance. So I used the figure of $100 per mtu. I imagine that included fixed costs. The loan payments I added on separately- and I based those on all being 12% and the loan total being $50 million ( it’s less). So loan payments to cover it at my loosely arranged figures are $6million a year or $500,000 per month. Those payments remain as required regardless of production. My understanding of OPEX is that it is the cost of the operation to produce, MM said $100 per mtu. The loan payments repays off the capital expenditure. Besides the cost setting the plant up from capital and the cost of production calculated into units, in this case mtus which I took to be the operational costs. $200 per mtu covers all costs including loan, and according to my fag packet breaks even at approx 50tpm. 100tpm gives good profit and as we increase production so the profit ratio increases. Aimho.
K3VMC - I've already covered this in a previous post which I've pasted below.
"The trolls and doomsters amongst us have been suggesting that the oft quoted opex figure of $94/mtu is either not achievable or that the market requires proof that it can be achieved.
Total opex of $94 includes a tin credit of $16, a contingency of $12 and a royalty of $4.
If you remove those 3 elements for the purpose of a cost analysis, you are still left with $94/mtu opex.
We know from the FID that this consists of
1. $23 mining.
2. $13 drill & blast.
3. $5 grade control.
4. $18 crushing and screening.
5. $14 pre-concentration jigging.
6. $7 concentrating.
7. $6 waste haulage.
8. $4 laboratory.
9. $5 management & admin.
1. The mining cost is the largest single expense. We know from the 7 June RNS, that the contract awarded to GME was in line with the FID.
2. There's no data that I'm aware of to suggest that drill and blasting has been contracted out, so I'm assuming it's done by in-house personnel. A drill & blast program will be in place and the costs of this (hourly labour, materials) are unlikely to deviate much from the planned nominal. Hourly paid overtime is likely to add to costs here.
3. Grade control could be more variable but is a minor cost, but again this will be an in-house mainly labour expense. Hourly paid overtime if necessary is likely to add to costs here.
4. Crushing and screening cost will be mainly labour and power consumption with small deviations from nominal.
5. Pre-concentration jigging cost will be mainly labour and power consumption with small deviations from nominal.
6. Concentrating cost will be mainly labour and power consumption with small deviations from nominal.
7. Waste haulage costs - could be contracted out at fixed cost. If it's in-house, then labour, equipment leasing and fuel will be the costs. Either way, maintainance costs will not be required.
8. Lab costs. Fixed labour cost.
9. Management & admin. Fixed salary and labour cost.
I don't see any major deviations in the above costings.
The most significant influence on opex is going to be achieving a consistant output of 200 tonnes per month through the whole process. We know that the jig, mill and crusher are working at or near to design capacity.
Over the next few months we should receive reports on how the concentrator is performing.
Given that we know all of the equipment is state of the art and has been chosen or designed specifically for La Parrilla by world class engineers, then confidence in the process should be high.
Comparisons with Wolf are not relevent given the different metallurgy and engineering "expertise" deployed.
Mogwhy
“Safety, it doesn't work like that, bud.
At 100 tpm the opex will be be closer to $200 per mtu than $100.
At 24/7 production, most of the opex is fixed cost.”
The FID is here https://wresources.com/wp-content/uploads/2017/09/WRES-Final-Investment-Decision-Report-FINAL.pdf on page 4.
Please look at the 9 items that comprise the OPEX and tell me which of those is a fixed cost.