Member Info for charles432

Well Dame Rose restored the NatWest Bank to health, see today's results , and the mess of Fred The Shred appears to be behind the Bank. The Lady has had a successful career.

Yet Farage has yet , after numerous attempts, to win a seat as an MP.

Well she has gone, unlike UK politicians who lie and hang on. How much is N.F. a business man and how much a politician ?

Agreed Mikiesunday, the latest RNS gives no figures for revenue or costs.

A typical RNS for a Technical CEO and a sleeping Chairman.

Bailey was slow to raise UK interest rates, he got behind the curve. Now interest rates are going to have to raise further in order to chock inflation out of the economy. For inflation it is the early bird that catches the worm.

My understanding of the latest RNS is that JLP is going to gain Chrome revenue in terms of the agreement. But conversly JLP is giving up a portion of PGM revenue to the host mine. Since the enriched PGM tails have to be transported at considerable expense from the Eastern Limb to Inyoni: this realignment will mean expense of trucking sharred beween host mine and JLP, and not all for cost of JLP as at present.

The great news in this RNS is that JLP has $8m cash available, from its own resources, for development of the Eastern PGM Limb agreement.

I wonder what Bushy Tailed previous name was ?

Gotreal thanks for Info on Inyoni Load Shedding. Impala report on curtailment of PGM output referred entirely to Q1 2023. I am not certain that anywhere in SA currently escapes effects of Eskom Load Shedding, it has become a political mine field. Hopefully LC and his team have matters under control for Inyoni, which is currently such a key factor in onward progress of company.

I regret my error in stating that capex for Roan was $ 50m , in fact it was $20 m and completed the Southern Refinery project. Where Sable cost $ 30m , which with Roan is in reality one integrated unit costing $ 50 m for total project.

Now for 2023 the above $ 50 m investment may produce 3000 tons copper. A failure of LC is that he regularly quotes production capacity and not actual production achieved. A clear sign of a technical CEO and not a management CEO . Rather belatedly LC has woken up to the fact that the Southern Refinery project is under performing. Hence he has now appointed a senior additional manager to oversee the project.

For Q1 2023 Impala Platinum in S.A. reported that, its PGM output was down 10% due to Eskom load shedding. Now Samancor, which is a larger user of power in S.A. : similar to Impala, will also have had its power supply similarly curtailed. Now since Inyoni obtains its power supply from Samancor, it is highly likely that Inyoni power supply has also been curtailed due to Eskom load shedding. However although JLP persists with contact details on its webb site; these details are purely a PR exercise to make the company look good. The company never responds to questions and the truth about Inyoni power supplies, feed grades etc, remain a hidden agenda.

Now LC established Roan without ensuring adequate reliable water and power supplies were present. Thus I am quite content to see current JLP planned expansion put on hold, until quality services at planned expansion sites are garanteed . In the meantime the company will accrue earnings such that no further issuance of shares is required for expansion projects.

I have heard LC state in the past there will be no more issuance of shares only to renege on his statement. As a LTH of JLP shares I am fed up with the share price being continually depressed due to past vast numbers of warrants, options and shares issued that now over hang the market.

LC and the BOD need to maximise revenue and earnings for the benefit of JLP share holders; with no dividend and no share price appreciation, share holders face a bleak out look. LC is paid a cash salary and appears, more interested in solving technical problems for the wider mining industry, than always protecting JLP shareholders interests. JLP has a new Chairman, now in place for one year, but all I have found out about this man is that he is a mate of LC.

Inyoni was supposed to deliver 44000 ozs PGMs per year, with luck it might deliver 38000 ozs PGMs in 2023. Sable is set up to deliver 14000 tons copper per year, with ROAN supposed to deliver 10000 tons copper concentrate per year. With luck JLP may sell 3000 tons copper in 2023. Capex for ROAN was originally $20m , but has now exceeded $40m, although thankfully ROAN can now be doubled in size without further capex.

LC and BOD record in delivering projects, on time, within budget, with reliable services present, performing to design capacity is non existent. Thankfully LC and his team cannot currently expand refinery capacity in Zambia due to outstanding tax problem, for projected site. Equally within South Africa, LC and team cannot expand PGM recovery capacity to Eastern Limb of South African PGM bushveld complex, due to required outstanding Government permits.

From above it can be seen that the only positive way forward for LC and his team is to ensure, that all plants constructed in Southern Africa are operating at optimal designed efficiency. Then JLP will start to accumulate earnings, to enable the company to pursue future envisaged expansion projects, without recourse to the issuance of further shares.

Ref. Kitco.com 11/4/2023

Amerigo is an innovative copper producer in Chile, closely allied to Codelco the world's largest copper producer.

Amerigo recovers copper and molybdenum metals as concentrates from historic and current waste tailings generated by the El Teniente mine, the world's largest underground copper mine. Amerigo does not have a refinery, with concentrate sold to third party to recover copper and small amounts of molybdenum present. The situation is very similar to Inyoni , where historic and current PGM tails are fed into the plant; with the final PGM concentrate sold to a third party to recover the PGMs present.

Amerigo announces quarterly production in lbs of copper and molybdenum recovered. For Q1 2023 Amerigo recovered 16.5 M lbs copper together with 0.3 M lbs Molybdenum. Molybdenum is vastly more valuable than cobalt , thus even when recovering only a small amount, this goes a long way to keeping costs down.

For Q1 2023 Amerigo had a cash cost of $1.91 per lb copper recovered, and received $4.02 per lb copper sold. Also during Q1 Amerigo increased cash on hand by $6m to $44m. Now my maths could be totally wrong but I think 16.5 M lbs is equivalent to 8.25 kT copper or 33 kT copper per year. But 33 kT copper cathode is JLP's immediate copper output per year , once Mopani and Sable are combined. Hence I view the objective size, operational methodology and metals recovered as to a degree similar for both companies.

But JLP produces no quarterly reports, with LC stating once operations mature the company will publish quarterly reports. Certainly the PGM operations in SA are mature enough to publish quarterly reports. And as the copper operations in Zambia mature so quarterly reports must be produced, ultimately arriving at cost to recover 1 kg Copper. JLP must align its quarterly reports with companies such as Amerigo, thus giving the market a simple, clear, ongoing view of its progress and achievements.

Happydays43 my understanding is that when third party small operations supply ROM ore to JLP, the ore is weighed and sampled. Then the operative receives the going rate for copper present , with price determined by the days' LME copper price. About 150 tons copper per month is recovered by Sable from small local operations.
I assume the same approach will be utilised for ROM ore supplied to Roan in the future.

I maintain my current strong buy outlook for JLP; and with Roan, Sable, Inyoni and the Chrome plants all operating at design efficiency 24/7 , the company has monthly earnings of at least $2.5 m; more than enough to fund current planned expansion. People on this BB must ignore BT, taking note of the fool supplies himself with oxygen, ignore and he dies from lack of oxygen.

JLP is about to embark on further expansion. This process will require cash, and as a LTH I support expansion. but not funded by the further issuance of shares. As the company is cash generative, obviously expansion can come from cash flow and limited debt.

However there is no reason to rush into major expansion, as rushed expansion tends to lead to mistakes. As illustrated by the recent failure of essential services for Roan in Zambia, and historically by Chrome/PGM operations at DCM site in South Africa. Currently a period of consolidation would be most welcome.

Now the Chrome plants in S.A. have back up power installed, these plants can operate 24/7 at full efficiency. Once the supply train of PGMs to Inyoni is full, surplus PGMs can be diverted to the JV. This operation may not be totally advantageous to JLP, but is very cash positive and requires no capital expenditure.

In Zambia with Roan problems now resolved, for a limited cash injection and only a short production hiccup, Copper output can be doubled to 16000 tons/year, of A grade copper cathode. This will vastly enlarge cash flow within Zambia, and enable funding for the refurbishment/reconfigurement of old copper refinery at Mopani. This refinery will ultimately produce both copper and cobalt, and have a waste metals concentrator adjacent to the refinery.

Of course the publication of quarterly results would tell S/Hs how much cash in hand, is residing with JLP.

Opperman I complained about the fact that the company failed to report a death had occurred, until much too late; not death its self. Charles.

Now I lost truss in LC and his team when they failed to report the death of an operative, who worked for an organisation which supported JLP operations. Now I wait and see, but not as unforgiving as most.

If the company would only publish quarterly reports, the BOD would be kept continually up to the mark. I have said it before, the market regards no news as bad news. When will JLP learn that regular quarterly reports are a must.

I note that when ever I pass an adverse comment about LC and his team. I am immediately attacked for my opinion. Well I have a message for all, every body makes mistakes, even LC and his team, at 85 I know this to be true. I started life as a Chemical Engineer from Imperial, lived and worked in South Africa for 30 years, married a South African.

On this BB I always generate my own headings and list an opinion on JLP, which has only ever been strong buy or hold, so what is it with people who only want positive thought agreeing with their point of view.

I have been in and out, up and down, with my JLP shares since 2005, but currently under water. At 85 I may live long enough to see a share price recovery, but certainly can not wait for ever for the company to reach the upland sunshine. I have had enough of LC the salesman. If he was an active CEO he would put up his hand and say "I fouled up".

In total LC and his team have wasted some 6 months of production, because of their lack of pro active thought. Load shedding has been part of the South African grid since 2007. Yet LC and his team only got around providing backup power to the company's Chrome processing plants in 2021/2022. Absolutely no proactive thought, just a knee jerk reactive mode when problems arrive. Hence newly constructed Inyoni PGM plant feed compromised, and still not operating 24/7 at design capacity for any decent duration of time.

In 1978 Anglo set up ERGO to recover gold residues from the old gold mine waste dumps etc. in and around Johannesburg. To be successful Anglo knew ERGO would require stable reliable sources of power and water, plus roads for communications etc. ERGO was an early example of recovering metals from waste. Now although JLP has a Johannesburg office, the company heads into Zambia to recover Copper from waste mine dumps without making certain , that the water and power supplies for its first copper concentrator at ROAN were secure and reliable. Result 6 months lost production with mechanical damage to plant.

I ask where was LC and his business development team; answer busy consulting for other world wide mining organisations, JLP was on the back burner.

Central Bankers are raising interest rates world wide, in order to choke off inflation. Thus demand for industrial metals as recovered by JLP is weak. How high rates must go and for how long, remain known unknowns. Then there is Putin's mad war in Ukraine, another known unknown hanging over world economic order. JLP can not but glimpse at the near future; thus caution must be current watch word.
In Zambia JLP needs to utilise fully the suite of services (roads, water and power) available to expand Roan. For about $20 million capacity at Roan can be raised from 8000 tons to 16000 tons copper per year. Then there is the MOU with Mopani, whereby an old, out of use Refinery can be reconfigured and refurbished to mimic Sable. This site will recover Copper and Cobalt, ultimate cost about $30 million, with a capacity of 30000 tons of metals per year. Both enlarged Roan and rebuilt Mopani will follow the JLP business model, whereby plants are able to treat a mixture of copper waste material, in conjunction with ROM copper ore delivered by small scale operators.
In SA JLP is poised to expand into the Eastern limb of the PGM Bushveld complex. However as power supplies remain an ongoing problem within SA, there appears to be no valid reason to undertake such an expansion at the present time.

Corruption is wide spread in Southern Africa, ably led by Glencore, who expect to pay out $1.5 Billion in 2023 in London and New York, in order to settle fines arising from past bribery cases. Eskom, the SA National Power supply company, has had funds looted since the days of Past President Jacob Zuma. Currently some $52 million is looted monthly from Eskom (A. De Ruyter past CEO) , apparently by Mafia style gangs. Until this situation is resolved and reversed, Load Shedding in SA will only worsen.
Considering the above, a conclusion is that JLP should not expand into the Eastern limb of the SA PGM Bushveld complex. JLP must concentrate on ensuring that the metals processing and recovery plants it has established in SA are operating at maximum efficiency. The recently established Inyoni PGM plant should strive for a recovery rate of 75% for PGMs , since most PGM plants operate at a recovery rate about 55%.
Thankfully JLP was recovering PGMs when the Rhodium price was sky high. And the Earnings from PGMs have been reinvested in Zambia. Currently within Zambia, it is possible to find locations, where a reliable suite (roads, power and water) of services is present and the Authorities are transparent. As a LTH of JLP I now expect the company to go full ahead in Zambia with production of A grade copper cathode and high grade Cobalt Hydroxide (solid demand from EU car industry for same), these products to be recovered from waste dump feed plus ROM ore from small producers. An ultimate production of 40000 T copper per annum could be possible, with cobalt as a by product.
Whilst JLP concentrates its efforts in Zambia, the International Community is becoming involved in SA power problems. At COP 26, the UK, France, Germany, USA and EU agreed to deliver $8.5 Billion to SA, in order to replace the old coal power plants of SA by renewables. The first tranche of some $1.35 Billion was agreed on Jan 23 for delivery. But with cash comes fiscal inspection etc. Looting from Eskom within SA should end. SA has now been placed on the Grey List for inward capital investment; thus pressure is being exerted on all parties to get their house in order.

A company in order to generate interest in the market, must produce separate quarterly and update reports.

The former to state earnings achieved for the previous three months; plus cash on hand available for future expansion etc.

The later to show how earnings are being reinvested to guarantee the future of the company. Alternatively stating how earnings are to be returned to S/Hs, the owners of the company.