Member Info for Fishysaurus

I agree ATYM costs are likely to be higher I think the significant thing for me, is that they are getting about 0.4 - 0.5% copper grade in the rock they are extracting. I cant imagine (though dont know) what the cost per tonne impact would be of using 2% or more material.

Atalaya Mining in Q2 have a cash cost of $6150 per tonne and produce 14-15K tonne per Quarter. P/e is about 30 for info

I can't understand exactly WHY we are not able to produce more copper. I also hold ATYM which is a Spanish copper miner ( great recent SP rise based on Cu prices) they currently are mining copper bearing rock at under 0.5% grades, yet are managing to produce large amounts of copper profitably even with European electricty prices.

If we have rock with 2% plus Cu, i see no reason (technical or otherwise) why we cannot be highly successful when we start using this source.

Where did you get that from please?

The reported copper market tightness is driving the prices of miners higher , my others copper miners such as ATYM are climbing nicely. Just the right time for some good JLP copper news!

I take your sweet f,a, like this each week thanks

WHAT just happened?

Just tried my daily test sell and buy, 100k shares, to dell 3.15p but cant buy that amount at the moment.

To try and get back onto discussions about JBL and not about individual posts or posters!

I must admit to being pleased and a little surprised about the FD posting on here, though quite good that they are looking at shareholders musings.

Apart from hard proof of significant output of Copper Units in ZA, on I would be most encouraged if any / all members of the Board decided to put their own money into JBL. I am not talking about a few £k but significant sums. I realise they have low or no cost options but that is not what I call skin in the game.

Thoughts?

Having recently invested (mainly for the income) I am just wondering if the NAV and SP is going to decline at such a rate to effectively nullify the dividend?

Try looking at ATYM, though it is european not african

Until the circular came out, I was against the deal. The circular makes it clear for me that realistically we have little option left due to us not controlling the RM in SA. I am probably therefore a reluctant yes voter.

However, I have significant issues about JLP management. Basically we have invested significant amounts of money into SA, into what is in effect a burning platform. A simple risk analysis shows that the SA investment without any LONG TERM guaranteed supply was not just high risk but borderline negligent without making the position clear to shareholders.

The deal is, under the circumstances, probably the better than we could have found ourselves, but if effect we are being held to ransom by the mine owners.

If the PGM deal was being renegotiated, then I am sure any normal Management team would inform us. On that basis it probably is not. However it is now many weeks since the deal was announced, yet no details (which they must have to be able to make the deal). It makes this look at best amateurish.... others have speculated at something far more sinister.

As for Copper, again the lack of any news updates on production, leaching etc etc etc - all suggest that news when it comes will be poor and Leon is putting off any announcement because he cant face upto owning the issues.

I would love all of the above to be wrong and Leon to pull a horde of Rabbits out of his hat - but that never been the Jubilee Way. I said it yesterday, and say it again I suspect our only chance of any return will be, 1 to ditch the sale of PGM, 2 Get Rid of Leon 3 Get competent new management in

Maybe 2 and 3 is what is happening in the background with major shareholders - who knows?

Tip from ST in the Investors Chronicle - 75p target which he states as being conservative

WE can all (and have) debated the merits of the SA deal - the majority consensus is that it made no sense prior to the RM price rises and even less sense now. Even ex Chair appears to have the same view. If there is a hidden reason such as contracts or running costs that we are not aware of, then this means that Leon has not informed us of key facts about out company. The only other explanation that some people are making is that it is a deal that somehow suits Leon personally,

With regard to Copper, I find it hard to believe that there is good information being held back, after all Leon must be aware of the mood, and it would only be natural if he had the good news to release it. The lack of any such information (for me) does not bode well.

I am now of the thought that if major shareholders like Slater want to get a return on their (and our!) investments that Leon being replaced is the only answer, very few appear able to trust what he says and certainly what he forecasts.

I cant believe they have not made a move to get Leon out

After all this is what a SA competitor is currently doing from scratch ie SLP

A competent management team would do, but we have....

It wont be an upside, the cash flow from PGM would be the basis of financing other copper purchases.

If it is a downside, that is in Leons control and he hasn't told us about then for me it is curtains for him.

If it is a downside say coming from the mine owners, then this should have been mentioned at the time the deal was announced, ie in view of future costs the management believes that an offer of "x" etc

As ever it is the lack of communication and the withholding of facts that we see yet again.

Mt big issue, they have a "deal" agreed two months ago. To agree a deal you have to have all the facts and figures from both parties, you also have to have some form of draft legal check on the terms (well you do if you are competent)

To propose to sell the currently biggest part of the business over Two months ago and then not only dont publish the circular - but even explain why the delay (renegotiation etc) this is either contempt for the shareholders, incompetence.

The lack of any Comms for me is highly infuriating and concerning.

They either have to:

Massage the figures and the message,

Renegotiate

Cancel

or look stupid and potentially a little dodgy