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https://www.proactiveinvestors.com.au/companies/amp/news/217764?__twitter_impression=true

Me too. There is a bunch of things I would like them to comment on.

PS I would say it is not very much. If you followed things closely you will know that no one is on a salary. It is all done on a contractor basis now. Previously, they had huge outgoings on a bunch of people who were doing SFA.

No idea and if I did I couldn't say.

As BPINE indicates the work may be done but they need to flow the wells and see if there are any issues.

The company has been accused of being ramptastic in the past for giving flow rates based on what the wells did initially. As Paolo and CW said at the AGM, going forward they want to under promise and over deliver. No point in coming out with a statement ten minutes after the wells are online about how fantastic the results are because they are not representative. If they want to flow them for a week or so before updating us what is the big deal?

It might be nice for them to say that the work has been done on the first three wells but if they don't come out with some production figures, the doomsters and de-rampers will then say it must be a complete balls up.

Lets face it the BOD is in a no-win situation: if they come out with an immediate statement, the complaint will be it is mis-leading and if they wait the complaint will be that they don't know what they are doing.

Thom Board is an oil & gas guy who knows what he is doing. The BOD being guided by him is a good thing. We don't want non-O&G guys making operational calls about the best way forward. Once these wells are worked over we want them producing 24/7 for months without issues not producing for few days and then having to remediate them because corners were cut first time around.

I still think break even is about 60 bopd. Once they get ZR back and the first three wells done at Austin, I am pretty sure we will be past break even.

I will be very interested to see if they will say anything about CPRs for ZR and Austin.

DYOR

Starting to move up. Maybe the mood has changed.

If you ask him he might confirm to you that he takes no salary from Steelmin.

At $60.50

Good for PQE and MYN

No. House rules is that you can't quote people in private conversations. Admin deletes the post if it is brought to their attention and might put the person on the naughty step.

He was defensive.

The good bit in this RNS is that he confirms that they intend to dispose of everything else and concentrate on the DRC. Part of the problem here is that there are bits and pieces all over the place and potential investor find it hard to get a grip on what is happening. From managements' perspective it must be distracting trying to keep a track of everything.

DYOR

Maybe. I have told him to his face it was a stupid investment and a mistake. House rules mean I can't tell you his response.

So it seems that quality control and meeting the spec required by this premium buyer has been the driving force rather than go for volume.

Mixed but not bad. As long as they get to that 1,000/1,300 bopd in due course.

So accounts released towards the end of May. That is when the RRR JMS shares are out of escrow.

So JMS was holding out the possibility it will not be a straight sale, maybe it might be a farm in with JMS staying in but someone else funding the development.

DYOR

It should have finished its placing now. I expect we should get an update today or tomorrow. In the meantime

https://twitter.com/MarkGutman9/status/1110628636191834112

https://www.jupitermines.com/cproot/886/16/20190328%20CEO%20Q4%20FY2019%20Quarterly%20Call%20-%20Audio%20Recording.wav

PPS if JMS does get an acceptable offer it will distribute the full proceeds to shareholders including RRR.

https://psychcentral.com/blog/fighting-cognitive-dissonance-the-lies-we-tell-ourselves/

Facts

1. MMS has assets very similar to JMS's Mt Ida and Mt Mason practically next door.
2. The costs of exploitation will be very similar
3. MMS is proceeding with monetising its assets; it has a JORC, it has an off take agreement and is now funding a banking feasibility study
4. JMS spent AUD$40mil on its banking feasibility study
5. JMS has appointed Hartleys to find a purchaser for the iron assets
6. They will either procure a suitable offer or not: we will see in due course
7. Both MMS and JMS think the time is right to monetise iron ore assets in the Yilgarn WA but the trolls know better.

For those of us suffering from deep grief lasting several years, cognitive dissonance is a defence mechanism. Could it be true that RRR is about to come good? Obviously, if it were true we would suffer and therefore we have to hold to any explanation that will hide the truth, however outlandish or far-fetched.

Business Insider 01/02/2019 Australian iron ore prices are exploding ..... https://www.businessinsider.com.au/iron-ore-price-china-steel-demand-brazil-mine-2019-2

Obviously, this sort of information can't be true because the person suffering the grief would be wrong. Sorry mate but it is true. The metals and mining market is cyclical. Just invested at the top of the last cycle and wasted your money, all of it. We are now in the early stages of a new metals super-cycle: there was a short term pull back at the end of last year because of the US-China trade dispute. It looks like some sort of accomodation will be reached shortly and then the super cycle roars again. This is why companies are looking at copper, nickel, vanadium and iron ore assets.

JMS will get offers for its iron ore assets the only question is, will the offer be good enough or not? I reckon that they might sell for AUD$100mil. Less than that they might decide to wait. Only my view and I could well be wrong, who knows? However, I was right last year when I said this was on the cards and I am right in what I have been saying about MMS and JMS looking to do a deal with a third party. We might know more in a couple of months.

DYOR

PS cheer up, there might be more good news to deny shortly.

https://www.jupitermines.com/cproot/884/3/20190328%20Jupiter%20Mines%20Quarterly%20Report%20-%2028%20February%202019.pdf

Quarterly report. All going very well at the moment, manganese price remains firm.

"As announced on 25 March 2019, Jupiter has commenced a strategic review in order to realise value from its iron ore projects, in light of the current iron ore market conditions"

"Jupiter delivers $147 million in dividends for FY2019, yielding 21.4%."

Unless the price of managnese drops significantly the dividend looks pretty secure.

DYOR

https://twitter.com/pauljohnson9691/status/1111187758234648577?s=19

Interesting

https://www.mckinsey.com/industries/oil-and-gas/our-insights/an-analytical-approach-to-maximizing-reservoir-production

https://www.bloomberg.com/news/articles/2019-03-27/billionaire-forrest-warns-global-iron-ore-market-faces-deficit