LC as CEO16 Feb 2023 11:51
I have lost all trust in LC as the CEO of JLP. Until the most recent delayed RNS, LC over about the last two years has been telling S/Hs that they have done the hard yards; with investments in South Africa to recover PGM and Chrome, plus investments in Zambia to recover Cu and Co. However LC failed to ensure these investments had adequate power and water supplies for optimal operation. From the latest RNS I understand that Inyoni is on standby until sufficient PGM enriched tails are stock piled at plant for operation. Then once an adequate power supply is assured, the plant is turned on and runs until stock pile processed, thereafter the plant reverts to standby. What a mess and hidden from investors for as long as possible.
The problems of power supplies in South Africa have been on the down hill for 5 years or more, initially sacrificed by Zuma's corrupt regime. But there is plenty of sunshine in Southern Africa, thus solar panel farms adjacent to plants will solve power supplies, and the problems of battery power storage from variable power supplies have long been over come. LC lives in Southern Africa and he should know, that the game farms of the area have made use of solar panels to maintain electrified game fences since at least 1980 or before.
Zambia currently is locked in a drought cycle most probably linked to global warming. Kariba which is the major power supply for Zambia is about 5 % full. And when it rains the first claim for water in Zambia is for agricultural food production. But this problem is not recent. Roan which has yet to operate to design capacity, appears to have suffered, according to last RNS , plant damage due to issues with power and water supplies. Now Roan capacity is to be doubled ?
Sable is now to produce Cobalt as this will generate the greatest immediate financial return. Also according to the some what garbled RNS Sable is now part of the Northern Strategy. The company is unable to even produce a concise RNS.
An associated operative to the company recently lost his/her life in a safety accident. LC appears to think the solution to health and safety short comings is to sweep the matter under the carpet. Such issues need instant public publication.
As for our New very Expensive Chairman, his only action on behalf of the company that I have registered was a trip to London, for the annual general meeting. Of course this free trip enabled him to undertake some early Christmas shopping in London.
Now when ever LC talks about further expansion, when he can not operate JLP's current investments optimally, just shatters myself.
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