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Sumoskier
Totally agree with yourself , that is also my understanding of situation, Roan to produce at least 1000 tons copper per month , Charles.
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.
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I think the UK economy could do with a shot in the arm, just a 0.25 % cut in interest rates would be a great boost., Problem is Bailey appears to be waiting for the Federal Reserve to cut interest rates first before he acts. But now must be the time for the Old Lady to be the first to act, and boost the UK economy. A 0.25 % cut is not going to mean inflation will come roaring back , but the effect on the UK economy will be vast.
The effect on Lloyds of lower interest rates means less income, but overall Lloyds is totally tied to the strength of the UK economy.
Now I do not understand all the market manipulations , but 75m block shares were listed this morning as part of the Lloyds share incentive scheme at a nominal price of 10 p. These shares will be available for trading on the 3 rd April at full market price.
Now these shares I suppose at present represent an over hang in the market, and the Lloyds share price consequently weakens, Of course the full effect of this new share issue will be determined by how many recipients, wish to sell some or all of these new shares next week.
I read the RNS more than once and I understand that a second chrome module at Thutse is to be commissioned August 2024. But I can find no detail as to progress with first Thutse chrome module. For a progress report this is I think an error, or is only the first Thutse chrome module in fact going to be commissioned in August 2024.
Until the market receives positive evidence of copper production, and hence cash accruing to the bottom line there is minimal interest in JLP shares. LC has promised so often and not delivered, and the Sunday Roast is not an adequate method of communicating with the market.
For myself the fact that LC and the BOD are paid increasing amounts of cash as salary every year, with no link to share price, means nobody is concerned with PR and talking to the market.
Well Bailey has got inflation down to 3.4% by harvesting the low hanging fruit. I predict to reduce inflation to 2% will take a lot more time and effort. Currently Communication inflation is 5.6 % , and we all need communication. But with BT I do not think it will ever fall below 5 % .
Martin Lewis needs deporting to the USA , that is the home of litigation, not the UK.
Some 75% of global copper reserves are to be found in low grade sulphide ores at depth or associated with waste on surface. The major problem with these reserves is that they can not be treated economically with traditional acid leaching measures, which are in themselves very detrimental to the environment.
Jetti Resources in the states has just raised $200m towards finding new leaching agents, to treat low grade copper sulphide ores, with BMW taking a stake in the company. Hence I can well understand Slater's interest in JLP.
However I get more and more desperate for a progress report from JLP , and the market appears to follow my feelings.
A major worry for myself is that I believe Lloyds is still running much of its important systems on Cobol , a totally outdated language, but it works OK when correctly programmed. But Cobol is not the way forward for any Bank.
IT is difficult and expensive to update , but a day of reckoning can arrive if nothing is set in motion to keep systems up to date.
From Kitco.com, today 15 th Mar. Pt, Pd and Rd all gained from 1.5 % - 2.0% . At last after years of grind I believe JLP share holders can look forward to a very bright future; with Cu also on the up. But we need the company to report on positive progress.
Gotreal please do not get personal about posts on this BB , we live in a Democracy and everybody is entitled to their opinions however diverse.
Leon always told share holders that most money was to be made in producing A grade copper cathode and not concentrates. This was a prime reason for purchasing Sable, and I have no reason to disbelieve Leon. Although, currently in China copper refineries have a major shortage of material to process, thus it maybe that China is now buying up copper concentrates at much higher prices than historically.
Pt is falling back whilst Pd is on the up, whilst Rd is steady. Hence PGMs for JLP remain profitable.
Cr demand appears strong, but impossible to know the true situation within China. However demand for Cr continues to increase from India.
Cu demand very steady at present and appears to originate from countries upgrading National Grids to accept green electricity etc. The world can only go all green (electric) by countries upgrading their National Grids. Current National Grids Infrastructure will not support global electrification, and will fall over with increased demands for electricity.
On a personal level, I believe the danger from fire from using Lithium in batteries will be overcome by utilising Cobalt Sulphate.
But JLP is in an excellent position at present ref. metal demands.
From Kitco.com at Canadian Bank's (6/03/2024 ) annual Global Metals, Mining and Critical Minerals Conference ; Survey of delegates reported that for the next Five years, 62% preferred to hold Copper with 22% wanting Gold. Copper is number one.
All I expect from Lloyds is a progressive dividend policy plus share buy backs. The company is not responsible for the problems of the world, nor is the UK.
The Jews and the Arabs have been at each others throats for donkey years; in Palestine. It is time they sorted out their problems. Palestine is a long way from the UK, and its troubles are no fault of the UK. I do not wish to see the problems of Palestine continually played out on the streets of London to the detriment of the majority. London demos take up very valuable police time, whose prime duty is to prevent and solve crime.
Well done Lloyds keep it up, I believe the company is on the right track.
Poors I agree, even my rather limited system is showing up to 3 million shares moved this morning, some buy and some sell, but majority look like buys. Thus I think a rerating on way as does Poors.
I have known for some years that the rate of recovery for PGMs is as low as about 30% , but if Draslovka can improve the recovery rate with Gly Leach to say 60 % , then JLP will not require PGM prices to recover. Profits arising from current PGM prices could well be as good as historic returns from when PGM prices were much higher.
Well LC has escaped having to answer any difficult questions at the scheduled presentation , and once again there is no mention anywhere of current Chairman's activities. I despair the company will ever learn how to communicate with share holders.
Sable was purchased in order to process the Zn, Pb and V found in the dumps at Kabwe , and to date no Zn, Pb or V has been recovered at Sable to my knowledge. Equally some 300 MT of waste sulphide historic processed tails were purchased in Zambia to produce copper concentrate for processing at Sable. My understanding is that Roan, which was built in order to recover copper concentrate from historic sulphide tails proved to date a failure at such production, and JLP has now purchased old mine copper oxide rock waste to process at Roan into copper concentrate.
If LC knew previously how to recover copper oxide concentrate from old mine waste copper oxide rock, why did JLP purchase 300 MT of historic processed copper sulphide tails?
Bailey at the Bank was very slow to raise interest rates and UK inflation told hold like a petrol fire. Then realising rates must go up to choke off inflation, Bailey upped rates to current high levels. Now with inflation falling Bailey wets his pants that he may lower interest rates too soon. The solution is for the Bank to act like the FED and state it expects interest rates to decline in the 3 rd quarter etc, the Bank has yet to learn how to communicate with the market. The UK does not need a Bailey recession.
Bailey and the Bank are like so many company CEOs and BOD, they just never learn how to interact with the market.
For myself Lloyds is a steady and meaningful dividend payer. Thus I am at a loss from time to time by all the negative comments posted on this board about the company. Some persons at times appear so negative about the bank, that I suggest they sell up and invest in another company.
In the USA there is Trump stating that the US economy is improving not because of Biden's actions, but because Americans know Trump will be their next president. With this lunatic on the loose in the USA, I am very happy to hold onto my steady Lloyds shares.