RE: Just read Oak Bloke missive on JLP- Q for Seisnav28 Jan 2024 18:21
Seis.... From the 2023 FY accounts, Page 25, and stripping out a very small contribution for Cobalt as a by-product, revenue per copper unit sold was $7,403 . But the revenue per copper unit in FY '22 was $9,210. If you look at the LME copper cash price chart ( https://www.lme.com/en/Metals/Non-ferrous/LME-Copper#Price+graphs ) for June 21-22, the price didn't drop below $8,700 / t and for much of it it was over $9,000, going over $10,500 twice in October and March. Immediately at the beginning of FY '23 the price broke down, hit $7,000 / t in July '22 and stayed below $7,500 for just about the whole of H1. Therefore I am inclined to think a copper unit IS a tonne of copper and we forget how volatile the price has been over the last couple of years.
I think where confusion lies is, from the Q1 op update, "The average copper revenue per tonne of US$6,588 (Q4 FY2023: US$6,860 per tonne) reflects the increase of copper sulphide concentrate sales from the Roan concentrator..." here the tonne is SOLD PRODUCT - it doesn't say revenue per copper unit. If I am right, plainly the copper price has recovered and stayed in a range of $8,200 - $8,500 which should bode well for our 600 tonnes of copper units production per month at Roan and the imminent ramp up tp 1,000+ tonnes /mth.