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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.
Interim results for period 31 Dec 2023 are due to be published second week Mar 2024. And I expect L.C. to tell the truth about funds accruing to the bottom line, and exact truth as to current metals recovery position. Roan was supposed to have been in production years ago, and LC tries to tell share holders Sable is worth millions. I have a message for LC "Sable is worth zero as it has no meaningful quantity of concentrate to process."
As for our mysterious Chairman, what function he undertakes I do not know. And if the March report is not a useful boost for the SP, I suppose I shall sell out of JLP after very many years of interest. One major positive for myself with JLP was that the company makes a major effort to train the local population for active participation within the company .
I just want to see a pay back for all this effort.
LC pays I believe to use Sunday Roast as he then knows what questions will be asked, it is a waste of time.
The Jlp share price will rerate once the company starts regular quarterly production of copper. Currently the company is dependent on Chrome and PGM revenue to keep it going, and margins are thin. But once the supply difficulties associated with operating in Africa are over comer, and concentrator machinery arrives safely on site, then copper production will take off.
In the meantime I appeal to the BOD to keep investors up to date with progress reports, these are required so share price is a function of future reality.
Some persons on this board are so negative about the UK that I suggest they migrate to Europe etc. It is no good for ever moaning about your country, the solution is to get on with the task in hand, and for us all to make our country work.
That lunatic Bushy spends his life looking for all the possible negatives he can find. Well Cholera is endemic all over Africa and the authorities in Zambia are tackling Publicly their latest outbreak. I wonder what the hell Bushy would have found as a relevant comment to write during the height of Covid 19. And Bushy covid is still present in Africa so there is plenty for you to research on health.
The ANC government is destroying S.A. , crime and corruption appear to be of little concern of the government, and efforts to restore SA electricity supplies seem low on government agenda. This government also appears to have minimal support for its Jewish population.
Yet the SA government devotes considerable efforts to taking Israel to the International Court of Justice for genocide of Palestinians. SA appears to be becoming an Ally of Iran and Yemeni rebels from the company it keeps. No doubt the rumours about SA supplying arms to Russia have some substance.
Now SA has upcoming elections and many of the population have had enough of ANC government. We must all hope that SA elections will bring about change in the SA government. Change of government in SA will be for the greater good of all.
The JLP share price continues to fall, my holding in the company is totally under water. LC produces less and less to the bottom line yet his annual salary continues to rise, now at least £447000. LC promises copper oxide modular concentrators but states the company is waiting on road transport from SA ports for items to arrive.
The truth is SA ports totally congested since SA railways ceased operations due to load shedding, now everything has to be moved by road. Result yet another promise by LC stuck in system, and he finds no need to keep share holders up to date as to current situation.
LC is not a CEO he is entirely a R & D person, hence he built his own private Research and Development centre. In the past JLP used to conduct R & D in conjunction with Mintec Johannesburg . No more LC has his own research centre and I never remember LC telling share holders he was going to leave Mintec and have JLP build its own R & D centre.
Whenever LC states the company is self funding, that means the company will have another placing of shares. I have lost all faith in LC.
If I were a Martian recently arrived in the UK and switched on the tele; I would think I had entered a Black or Coloured country.
Under the Ultra Woke leadership of the BBC all Television, even adverts, has its quota of black or coloured persons. Further in fact much of the TV is black or coloured dominated.
Surprise, about another half million of the silent majority no longer want auntie licences. The BBC answer is to raise the licence fee by a further £15. But the internal problem of the BBC is that it now employs; editors, reporters, specialists and commentators concerned with every facit of life, located in every country of the world. These people need to be rapidly reduced in number.
The BBC always had a reputation for honest true reporting. No longer true, J. Bowen sends incorrect report from Gaza, but because he put blame for Hospital explosion totally on Israel all is fine. Explosion actually caused by Hamas rocket misfire.
Hamas, funded by Iran, is dedicated to removing Israel from the face of the Earth. The palestinians of Gaza by their continual tacit support for Hamas have brought retaliation from Israel upon themselves. Yet the BBC spends a vast amount of time and money on Gaza. Only the looney left of the UK are concerned with Gaza. Most of the UK silent majority are more concerned with the problems of Ukraine than Gaza.
No doubt Reeves will raise UK taxes, Bank Levy etc, so that she can subsidise the Ultra Woke BBC.
On the other B.B. "nickgrant2" has some very interesting comments about copper recovery using the new modular concentrators, refers to latest presentation.
Gotreal, Draslovka purchased Mining Solutions in 2021 (2102 is the future) and the vast amount of their purchase price of $520 m was spent on acquiring Cyanide Production. Draslovaka have also purchased Sasol's South African cyanide production. Gly-leach is a new concept aimed at replacing acid leaching in the base metal mining industry, also appears to offer a future where use of cyanide by Gold industry greatly reduced.
As a person who hates the mining industry for its pollution of Mother Earth, we have to think of our grand children. I for one hope JLP is successful in the utilisation of Gly-leach, not because it offers more porofits but because it protects Motheer Earth from the ravages of the mining industry.
Gotreal I have been around JLP when it was Tjate exploration and CB alone. CB greatest achievement was recruiting LC to JLP. But over the years JLP has become an interest of mine, and I am not likely to sell up on your suggestion.
Historically I had an investment in both JLP and SLP. But then I sold SLP and kept JLP, big mistake should have sold JLP and kept SLP. Eventually selling out of SLP and next buying back into JLP. But hindsight is a wonderful thng. Thus I now take a long term view on JLP.
Of course Gotreal you may have access to info that I do not have , about LC communicating with Draslovka . Although I regard Draslovka as being a family company around for very many years, with the Gly - leach concept very recent.
Mickie not for one moment did I suggest that the copper oxide waste rock material in Zambia recquires leaching. I am well aware that JLP has perfected a new method of recovering copper from this source of copper oxide waste. But I still regard Roan as an expensive failure until it performs utilising Gly - leach. Because LC historically was very gung-ho about treating copper sulphite tails in Zambia, rather mistakenly. I am prudent about accepting all he says about recovering copper from copper oxide waste rock. LC is a great salesman but he does get carried away with technical mining break threws, he is totally addicted to solving mining technical problems and forgets about JLP Shareholders.
When JLP entered Zambia the company purchased North of 300 million tons of copper sulphide waste tails, some of which contains recoverable cobalt in the form of cobalt hydroxide. JLP established Roan in Zambia as a large centralised copper concentrator using sulphuric acid to leach out copper sulphide from part of this waste mountain , and Roan was expected to produce 10000 tons copper sulphide concentrate per year.
Todate Roan has been an expensive failure. Sulphuric acid is expensive, difficult to use, dangerous and destroys the environment. Result the company gets a poor ESG rating. Also copper sulphide tails which have had one historic acid leach are not that responsive to a second acid leaching .
However in Aussie (Perth) it was realised that the use of cyanide , sulphuric acid etc, by the mining industry was totally detrimental to environment. Thus research was conducted into alternative leaching agents, of which Glycine proved successful. Glycine is readily available, cheap to use and aids the environment. This Aussie process was acquiured by the Czeck company Draslovaka for $ 30 m. The company is now offering Gly - leach to the mining industry. It is now expected that Gly - leach will successfully replace sulphuric acid at Roan as the leaching agent, saving LC from falling off the cliff.
In the interim JLP needs a cash flow from copper in Zambia. When one discovers a copper ore body, typically the outmost layer is weathered down to low grade copper oxide , with the massif of the ore body high grade copper sulphide. Historically when mining for Copper in Zambia the outmost layer of low grade copper oxide was abandoned as rock, uneconomic for processing, with a copper concentration of 1.5 = 2.5% . Now JLP drawing on its experience of recovering chrome (and PGMs) from waste mine material in S.A. has come up with a small concentrator, cabable of producing a copper oxide concentrate of + 5% copper oxide (proviso that starting concentration is at least 1.5% copper oxide ). Sable can process this coper oxide concentrate to copper cathode. This small concentrator costs about $3 m and one such enables Sable to produce 3000 tons copper per year. The first of these small concentrators is being installed in the front end of Roan, with a second one going in at project M (location a LC secret). I assume for logistical reasons project M is a JV close to Sable.
The above situations are in reality a point for LC such that the proof of the pudding is in the eating. For share holders recently with LC it is like the " Charge of the Light Brigade " membership.
I track PGMs continually at Kitco.com. My current take on PGMs is that there maybe more pain ahead , Palladium appears to be reversing back to its old levels about $600/oz, whilst Platinum appears to be slowly gaining and moving above $1000/oz. Traditionally Pt was always worth more than Pd , but the catyalytic converter manufacturers juggle ratios of Pt, Pd and Rh according to price, and they are the major consumers of PGMs.
BT go home and wash out your nappy as you were shown by your mother.
The UK pays Bailey's salary, yet he appears to think the UK is rubbish. If I went to work and voiced negative views (similar to Bailey's approach) about the company the Boss would show myself the door out.
One reason UK inflation remains so high is that Bailey was slow to raise interest rates. Bailey seems to believe the era of low interest rates can last forever. Whereas interest rates in the UK have always been around 5% ; and it is only since the financial crash of 2008 that the UK has been addicted to low interest rates.
The problem with ultra low interest rates is that they do not encourage savings , also remove an area of competion between Banks as to which will offer most beneficial savings rate. These ultra low rates result in less savings and hence less capital in country for investment. Thus growth falls in the UK , which appears to be a problem for Bailey. But Bailey fails to recognise that low interest rates just maybe have led to low investment and hence low growth in the UK , one of his major moans about the UK.