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� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � attributable � � attributable � � � � � � � processed � � � ounces � � � � revenue 1 � � �revenue2 � � �earnings3 � � � earnings � � � � � � � � � � � � � � � � � � � / PGM oz � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � earnings � � � � earnings � � � � � � � �tonnes � � � �delivered � � � (GBP'000) � � �(ZAR'000) � � (GBP'000) � � �(ZAR'000) � � � � � � � � � � � � � � � � � � � �(USD)4 � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �(GBP'000) � � � �(ZAR'000) Total Q2 � � � � � � � � 80 828 � � � � � 808 � � � � � �459 � � � � � 7.604 � � � � �(110) � � � �(1.928) � � � � �(110) � � � � � (1.928) � � � � � 901 2017 Total Q3 � � � � � � �
News ArticleQuotes bank balance:�-930cAll markets are closed� JBL- Quarterly Operations Update (Source: Sens)URL Link [\Common\DDAP.SPRD.SENS.STORIES\SENS_20180417_S398358.pdf] Symbol [JBL] Quarterly Operations Update Jubilee Metals Group PLC (?Registration number: 4459850?) AIM share code: JLP AltX share code: JBL ISIN: GB0031852162 (?Jubilee? or ?the Company?) Quarterly Operations Update Tjate Project - issue of shares Jubilee is pleased to announce an operations update for its metals recovery division, Jubilee Processing Proprietary Limited (?JPL?) for Q1 2018. Highlights � - � Hernic sets new high for March 2018 producing 1 858 PGM ounces � - �Hernic PGM1 production for Q1 2018 up 30 % to 4 897 ounces � - � Hernic unit cost per PGM ounce produced USD 434 � - � Hernic operational earnings increased 18 % to GBP 1.14 million (ZAR 18.91 million) � - � Hernic project revenue up 30 % to GBP 2.65 million (ZAR 44.01 million) � - � JPL operations revenue up 18 % to GBP 3.90 million (ZAR 64.64 million) � - � JPL operations earnings up 4 % to GBP 1.26 million (ZAR 20.95 million) 1 = Platinum Group Metals (6E platinum, palladium, rhodium, iridium, osmium, and gold) Leon Coetzer, Chief Executive commented: ?I am very pleased with the continued operational improvements at our Hernic operations. March 2018 has set a new operational high producing 1 858 ounces while our unit cost to produce a PGM ounce was at a low USD 434. I expect Q2 2018 to deliver even better operational numbers as the Hernic operation continues to improve. Our DCM operation is going through a transitional phase as we gear up to execute the PGM project. We have temporarily suspended the processing of 3 rd party ore at DCM due to continued variation in feed quality causing operational difficulties negatively impacting our production of chrome from the on-site tailings and surface waste material. � � It is an exciting period for Jubilee as we expand our operational reach. Our projects team � � has a busy time ahead as we look to execute the PlatCro PGM project, DCM PGM project � � and the Kabwe project.? � � HERNIC OVERVIEW � � The Hernic operation continues to deliver improved results quarter on quarter. The unit � � cost per PGM ounce produced of USD 434 sets the standard for the industry and illustrates � � the robustness of the project. March 2018 delivered 1 858 PGM ounces which is the highest � � ounces delivered to the refinery in any month to date. � � The table below presents the comparative quarterly performance of the Hernic operation: � � � � � � � � � � � � � �
Conditions include that plant construction commence within 3 months of the reinstatement of the licence with commissioning commencing by 30 September 2018 and the first production due by 30 December 2018. Im happy with the timelines.....
http://www.miningnewszambia.com/kabwe-mine-dispute-delaying-reopening/
Dear All Having had numerous communications with Leon can I please confirm that whoever buys Hernic,it will have no impact at all on the deal with JBL in fact there is no shared remuneration with Hernic/ new owners for at least 4 years of operation and only after they have secured 30% retuen on investment. JBL are also very confident on Kabwe and Leon will be CEO of the new Kabwe Company. They are not worried about the licence as the most important thing for politicians is job creation. There is more if anyone is interested
Dear All Having had numerous communications with Leon can I please confirm that whoever buys Hernic,it will have no impact at all on the deal with JBL in fact there is no shared remuneration with Hernic/ new owners for at least 4 years of operation and only after they have secured 30% retuen on investment. JBL are also very confident on Kabwe and Leon will be CEO of the new Kabwe Company. They are not worried about the licence as the most important thing for politicians is job creation. There is more if anyone is interested
REQUEST: PVDS then enquired from creditors present at the meeting, if they still wanted a face to face ad hoc meeting. He requested that any representative who was against this motion should indicate his/her opposition by raising his/her hand. DECISION: No creditor representative raised a hand. The meeting then noted the motion as having been carried. 3.3. Mr Johan Swanepoel (the Joint Acting CEO (Operations) and Chief Operations Officer) was called to provide an overview on the production side of the business. Mr Swanepoel reported that: 3.3.1. There had been an incident in terms of which a small portion of the northern wall of the second compartment of the Tailings Storage Facility (TSF) failed. The spill was contained in the neighbouring property. Relevant authorities were notified. Clean up operations commenced immediately. The wall had been repaired. It was anticipated that the clean-up would be completed very soon. 3.3.2. During December 2017, the Company achieved an all-time production record i.e. on the good quality of chrome ore content. This good quality production was achieved under a safe environment. The last serious incident was recorded in October 2017. Employees and organised labour were providing their support to ensure a smooth business rescue process. 3.4. PvdS then called for questions from creditor representatives. No questions were posed to the BRPs. 4. CLOSURE 4.1. The chairman thanked all present for their attendance and participation. The meeting finished at 10h12 am.
Copied from Hernic Business Rescue minutes:MINUTES OF THE OF THE GENERAL BODY OF CREDITORS OF HERNIC FERROCHROME (PTY) LTD (IN BUSINESS RESCUE) ("HERNIC") HELD AT CASA GRANDE, 50 PENDORING ROAD, BRITS ON FRIDAY 19 JANUARY 2018 AT 10H00 AM SA TIME CHAIRPERSON: Mr Peter van den Steen (Joint Business Rescue Practitioner) 1. WELCOME The joint business rescue practitioners (BRPs), Mr Trevor Murgatroyd and Mr Peter van den Steen attended the meeting. Management of Hernic was also present. Mr Peter van den Steen (PdvS) chaired this meeting and welcomed all present. It was noted that the meeting was attended by approximately 75 representatives of creditors. 2. PURPOSE PvdS indicated that the purpose of the meeting was to provide an update to creditors and answer any questions from creditors. 3. STATUS UPDATE 3.1. PvdS reported that: 3.1.1. As previously reported, there were a number of parties who were interested in the Hernic business disposal. Through a competitive bid process managed by Questco Pty Limited (on behalf of the BRPs), the number of parties had been reduced to a few parties. These parties were then furnished with an Information Memorandum which enabled them to submit indicative bids. 3.1.2. The process was now at a due diligence phase. The intention is to receive final binding offers by 9 February 2018; and thereafter, enter into definitive agreement negotiations. Thus far, the transaction was progressing as planned. 3.1.3. The BRPs still intended to publish the business rescue plan during March 2018; and have the plan voted on by 30 March 2018. The BRPs were hopeful that there would be no unnecessary delays associated with the definitive agreement negotiations. However, if there were delays, the creditors had in any event agreed that the business rescue plan be approved by no later than 31 May 2018. 3.1.4. The business was still carrying on in the ordinary course with trade creditors being paid as and when the invoices fell due. The market remained volatile. The rand strengthened against the US dollar to levels of about 1US$ = R12.15. The ferrochrome prices softened somewhat at the beginning of this quarter. 3.2. PvdS then indicated that: 3.2.1. In terms of the Companies Act, the BRPs must distribute a written monthly report to shareholders, creditors, unions etc. This report would also be filed with the Companies and Intellectual Property Commission (CIPC). That report would be circulated via email and be published on the Hernic website (www.hernic.co.za). 3.2.2. The BRPs, were of the view that ad hoc creditors� meetings should no longer be held as they were a waste of time for the creditors� representatives (i.e. to drive for two hours and attend a 20-minute meeting). PvdS pointed out that any creditor would still be at liberty to request a creditors� committee meeting (to determine whether a meeting of the general body of creditors should be convened). REQUEST: