Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Annual Report of Proven VCT (PVN) – Total return to shareholders was 10.3% last year, but the fund manager did even better. Of the overall profits of the company of £18.6 million, they received £7.7 million in management fees (i.e. they received 41% of the profits this year). That includes £5.6 million in performance fees.
https://twitter.com/lithiumionbull/status/1136232536542261249?s=21
Leon Coetzer, Jubilee Chief Executive Officer, says: "We continue to make excellent progress in implementing our strategy to build a world leading metals recovery business. Adding 30,000 ounces per annum of PGM production capacity to our existing 30,000 ounces is another huge milestone for Jubilee and should significantly impact our financial performance especially with PlatCro PGM producing in the low cost quartile. This is in addition to PlatCro Chrome operation, acquired in January 2019, which is already contributing to Company earnings ahead of projections.
"Alongside the positive increases in chrome and PGM processing, production at our DCM Fine Chrome project also continues to ramp up in-line with expectations. The successful commissioning of our ground-breaking fine chrome circuit is testament to the team's ability to design build and execute advanced mine waste treatment projects, to rapidly improve earnings and profitability.
"An important part of our on-going development strategy is to diversify earnings through adding additional projects, widening metal exposure and expanding our geographic footprint. I am therefore delighted with the official recommendation from the ZCCPC in support of our acquisition of the Kabwe zinc, lead and vanadium project in Zambia from Glencore. As a result, and to utilise time efficiently during this interim phase, we continue to finalise the process design which will allow us to hit the ground running on formal completion, targeting production in Q4 2019."
As previously announced, Bacanora Lithium plc (AIM: BCN), will be hosting a Shareholder conference call today. The call will be held at 11.00 BST in order to discuss the recently announced proposed cornerstone strategic investment by top tier global lithium producer Ganfeng Lithium Co., Ltd. at both the corporate and Sonora Lithium Project level.
To participate in this conference call, please dial 0808 109 0701, or +44 (0) 20 3003 2701 if you are calling from outside of the UK and quote the pin 0166458# when prompted to do so. Please note that all lines will be muted except for the host's line.
Additionally, to view the presentation which will be related to throughout the call, and for the opportunity to submit questions in the duration of the call, please use the link below and log in as a participant; the password is: Event1.
Link to Presentation Function: https://sbmf.webex.com/sbmf/onstage/g.php?MTID=ecc0bfbaa7934bc877786c4362d9df7cf
Anglo Asian Mining* (AAZ LN) 71.5p, Mkt Cap £82m – Airborne geophysics update
BUY – Target Price 96p
The team has received a draft interpretation of the maiden Gedabek airborne geophysical survey and is expecting to release a final report this month.
Conclusion: The first systematic exploration programme at Gedabek is in full swing with the latest geophysics survey to help the team identify future drill targets.
*SP Angel act as Nomad and broker to Anglo Asian Mining
DUYUNG ACQUISITION:
A MAJOR STEP FORWARD IN PORTFOLIO DEVELOPMENT
HIGH QUALITY ASSET, OVERLOOKED BY THE INDUSTRY
NEAR-TERM DRILLING EXCITEMENT: SUPER LOW RISK, BUT HIGH VALUE EXPLORATION POTENTIAL
ACCESS TO SINGAPORE GAS MARKET: HOA SIGNED
ACQUISITION FOR EXCEPTIONAL VALUE: $0.34/MMBTU ON 2C BASIS
https://www.coroenergyplc.com/media/2149/coroenergy-ip-duyungpsc-2019q1.pdf
Bacanora Lithium#: Back Sonora; Convinced by Site Visit Pilot Plant and Offtakes De-Risk Sonora
Bacanora Lithium (BCN LN)# has developed and proven through three years of pilot plant operations that it has a viable extraction process for its soft rock polylithionite project in Sonora, Mexico. BCN has consistently produced a 99.5% lithium carbonate and the strategic investment from Hanwa Co. and 10-year offtake for 100% of stage one output verifies this process and confirms that the pilot plant has significantly derisked the process design. This confidence is further underpinned by the commitment of strategic, specialist investors RK Mining and State General Reserve Fund of Oman.
Fundamentals, however, remain at the forefront of our investment case and based on a WACC of 8.2% we derive an attributable NPV of US$935m for the two-phase project capable of producing 17.9ktpa and 36ktpa Li2CO3 respectively requiring upfront capex of US$420m. Cash costs of US$4,350/t (before by product credits) place the project attractively within the global cost curve implying strong margins. The initial 20-year mine life uses just 7% of the Sonora resource, on our estimates, and remains open to expansion. Consequently, we believe that one of the most attractive aspects of the project for offtakers (and why it will be successful) is the ability to replicate the modular design and scale production in line with rising global demand.
Lithium Fundamentals Continue to Strengthen
The lithium market is expected to grow 25% YoY in 2018 to 260kt LCE as demand for lithium ion batteries continues to grow. The demand outlook remains strong and consensus demand for 2025 is now at 1mntpa LCE. Benchmark Mineral Intelligence now estimate 1,148GWh of battery manufacturing capacity by 2025. Supply growth is, however, struggling to keep up. SQM (SQM US) will now produce 45kt LCE in 2018, -7% YoY, having initially guided to reaching a run rate of 70ktpa by year-end. Prices have therefore remained supported above US$16,000/t through 2018 for battery-grade lithium carbonate, while the medium term outlook has been strengthened by the rejection of Albemarle (ALB US) and SQM’s plans to raise output at the Salar de Atacama. End users are therefore compelled to seek supply outside of Chile to meet their needs.
Recommendation and Target Price
The shares are down 76% YTD as weak lithium sentiment has driven lithium equities lower globally while BCN performance was compounded by the pulled financing. However, following our site visit we are convinced of the viability of the Sonora project and that BCN has the expertise to deliver the attractive returns and the high quality LCE production promised.
We initiate coverage with a Buy recommendation and target price of 115p/sh.
#ARS With reference to a recent article published in serambinews.com prior to release of BKM & Beutong update today, Asiamet can report that the Beutong IUP is in good standing & in compliance with the rules and regulations of the Ministry of Energy and Mineral Resources
https://twitter.com/asiamet_res_ars/status/1052889329222209536?s=21
Jubilee Metals Group PLC
Jubilee gains full control of the Kabwe Project
Project Highlights
· Jubilee gains full control of the Kabwe Project increasing its interest to 87,5%
· Option to acquire 100% of the Kabwe Project while BMR retains a maximum of 12,5% of generated earnings
· Jubilee retains its 29,01% shareholding in BMR and therefore a total effective beneficial interest of approximate 91,5% in the Kabwe Project
Leon Coetzer, Chief Executive Officer, says: "
I am delighted by the execution of the updated shareholders' and operating agreements with BMR. The agreements ensure that Jubilee takes full control of the funding requirements and execution of the Kabwe Project.
We have been able to ensure that the success of the Kabwe Project remains independent of the financial position of BMR with the option to acquire 100% of the Kabwe Project.
The expertise of our technical and project execution teams have led to the development of an enhanced process flowsheet for the recovery of both zinc and lead. As previously discussed, the enhanced flowsheet allows us to implement the zinc recovery circuit independently of the lead recovery circuit which provides our technical team with the opportunity to continue refining the lead circuit design without delaying the construction of the zinc circuit.
I am confident that the team will conclude the enhanced circuit design and project financial parameters by the end of Q3 2018. "
For the year ended 31 December 2017, Omega sold 749,000 tons of coal, generating revenues of $34m. Omega employs approximately 70 employees with strong mining experience, competencies and customer insights.
Jubilee Metals Group PLC (LON:JLP) Chief Executive Officer Leon Coetzer caught up with ************* for an exclusive interview to discuss the processing agreement with Northam Platinum Q1: We�ve just seen an agreement with Northam announced this morning, can you explain for us how this benefits Jubilee Metals? A1: It�s a particularly significant agreement for Jubilee which we negotiated quite hard to enter into. Of course, the most significant component of the agreement is the fact that our platinum-rich material can now be processed through an existing plant at Northam Platinum, which of course is one of the world�s five biggest platinum producers. What is does mean is that Jubilee can access this plant which will be refurbished and recapitalised by Northam, so Jubilee does not have the capital exposure to recapitalise and get the plant ready for the platinum recovery process. Also, it significantly shortens the timeline for us to build, construct and commission our own platinum recovery plant for the PlatCro material. If we had to opt to build our own plant, just the regulatory licensing to be able to commence construction plus the construction period would mean that we would push the physical operational side of the PlatCro project out to very late 2019 if we were lucky. Now, with this agreement, we are able to commence production really as early as February 2019, of course we�ll be pushing to bring that forward and we will start transporting this platinum-rich material across to Northam from June to make sure we build up a significant stockpile of platinum-rich material. I suppose in summary, the beauty of this agreement is we gain access to a platinum recovery plant that�s been refurbished, recapitalised to the latest technologies without any capital exposure to Jubilee. We are able to partner with a well-established, very large platinum producer and of course, that opens up any future doors for Jubilee to work far closer with Northam on various other opportunities so very excited about the agreement. Q2: You also refer to growing your strategic relationship with Northam, could you expand on that for us please? A2: As with most things, Northam and us, or especially Northam, have looked at Jubilee and our capabilities on our processing skill which we�ve established and demonstrated at our Hernic operations at Dilokong. We�ve been consulting to Northam for a couple of years, people might recall that we were quite involved with ConRoast and the smelting process at Northam Platinum. The two executive teams have recognised one another skill and really have invited the two companies to work more closely to look at what other opportunities are, both within Northam and their waste as well as what other waste opportunities, or surface materials from mine waste, can Jubilee access and possibly partner with Northam to have that process. So, really, it�s a relationsh
Woodford IM stake in RM2 jumps to 68% exceeding takeover requirement threshold Woodford has doubled his stake in smart pallet developer RM2 International to 67.8% of the company, calling into question his next move, as at over 30%, City rules state he must launch a takeover bid. Previously took a company private after exceeding takeover threshold - Investment Week hhttps://www.investmentweek.co.uk/investment-week/news/3030325/woodford-investment-management-stake-rm2
17 April 2018 BMR Group PLC ("BMR" or "Company") Directorate BMR announces that Jeremy Hawke yesterday resigned as a Director of the Company with immediate effect. BMR intends to appoint a new executive director with experience of the African natural resources sector as soon as practicable. Commenting today, Mr Alex Borrelli, CEO, said: "We thank Jeremy for his contribution to BMR and wish him well."
Daily Telegraph 06/05/2017 Early smart meters can’t cope with switch in supplier By Katie Morley MILLIONS of smart meters installed under the Government’s flagship scheme may need to be replaced due to an IT blunder. For the first time, major energy suppliers have admitted that some of the 8 million “first-generation” smart meters fitted in households are incompatible with a new national communications network, which links their systems to the devices. The Government last night denied that the meters would need to be replaced. But consumer experts described the smart meter roll-out as a “cock up” while sources at major energy firms admitted the cost was “spiralling” despite customers receiving “sub-par experiences”. If new meters are necessary, it could add £100 to every UK household’s energy bill, although sources said this was unlikely. Meters not connected to the system “go dumb” when consumers switch energy suppliers to get a better deal, meaning they are no better than traditional meters with customers giving readings. Under the Government’s £11 billion smart meter programme every household in the UK will have been offered a device by 2020. Energy suppliers which do not comply face heavy fines. Until now the Government had presumed that the problem of first-generation meters failing would be fixed as they could easily be connected to the system through simple computer programming. But now it has emerged that many are incapable of being adapted to the central system, meaning they will have to be replaced. Many meters may require expensive visits by engineers to be brought on to the system. The scheme’s operator is mulling various IT solutions. But a programming overhaul would come at a cost of £500 million, according to a consultation paper seen by The Daily Telegraph. A year’s delay in introducing the network, run by the Data Communications Company (DCC), over “technical issues” also means millions more old-style smart meters than planned have been installed, further raising costs. Martin Lewis, founder of MoneySavingExpert.com, said: “The rollout of smart meters has been a cock up and a catastrophe. Energy firms are now using it as a soft form of trapping people into poor deals as they can’t switch providers without their meters going dumb.” A DCC spokesman said it was “consulting on enabling the first wave of smart meters to access the benefits of the new national network”. A Department for Business, Energy and Industrial Strategy spokesman said the early meters “will not need to be replaced. The [DCC] will enrol these meters into their system, so that they can work in smart mode when consumers switch suppliers.” Additional reporting by Jillian Ambrose