Member Info for Jonah58

I suspect you are right, Seis. It certainly looks as though this is being bank financed rather than through equity. You mentioned two new concentrators. I was under the impression that, with the improved front end at Roan, we will now need only one further concentrator (for the tailings we have in the bag so far!).

Thanks gotreal. As I said, I have had other things on my mind and am not up to date. ERG have Chinese partners, so maybe they are just undertaking to get the ball rolling again. I think they went into care and maintenance due to economic reasons, when additional taxes were imposed on the import of feed materials from the DRC, where ERG have a significant presence (including a tailings reclamation project). The Chambishi refinery is particularly set up for cobalt, though its copper is very high quality too and trades on LME. If feed material availability is an ongoing problem then there must be opportunities for a JV with Jubilee. Just thinking aloud really.

Alangins, once Jubilee get the Northern copper/cobalt strategy up and running we will need to process the concentrate to produce pure metal. The options are to leach and electrowin and/or smelt. Either we just sell on our concentrate (not part of the master plan IMO), build a new refinery like Sable (hugely expensive), or re-furbish an existing plant. Chambishi was on care and maintenance, and hence a potential target.

I am not too sure what to make of this notice. I must have taken my eye off the ball, as I was under the impression that Chambishi was still under the wing of ERG and its future was still the subject of an unresolved unpaid tax issue, though the Zambian minister of mines has hinted that the resolution is nearly sorted.

I don’t think anyone on this board is suggesting we are interested directly in the sale of Mopani. That is a mine whilst we are an opportunistic scavenger - symbiote at best. Our interest is indirect. We are already heavily invested in the waste dumps round Kitwe and the Mufulira dumps look very tasty. Fascinating times just round the corner!

Nice find Seis. I do wonder if he is being a bit hyper-enthusiastic. There is an earlier comment about ARCM which seems to be hugely price sensitive but is not associated with any RNS from Arc so far. Anyway, as a politician he surely knows that he will have to account for what he says so, like you, I am anticipating news from Chambishi soon, be it positive or otherwise.

2.05p to 21.9p is not too shabby either. It depends on what time frames you choose for your 'testament'.

Mickie, Broker note simply reiterated RNS content in a generally upbeat way. Seis has commented on their optimistic estimate of chrome price. Nothing else.

Thanks Seis. As you say, it is clear that the expanded Roan concentrator with its 60% ROM 2% Cu feed is going to produce more than Sable can cope with and we won’t be refurbishing a refinery any time soon.

Despite frustration with the hold ups to progress in the north, there is an upside as we now approach a period of significant income/revenue (yes, both!) generation. Leon is still talking about 25K tonnes of Cu by 2025, but the current delay gives time to refill the coffers and get the pilot study sorted.

As I see it, the downside to the current model is the transport of concentrate from Roan to Sable. It’s quite a long way and in the rainy season road conditions deteriorate.

Hi Butter. Leon didn't buy when the Sp was under 3p, and Colin bought precious few. Quite a few people did buy then, however, and they are still smiling!

It's important to try and stick to facts:

"You have Siesnev who thinks thinks JLP are a chrome producer rather than a toll processor and doesn't know the difference between earnings and revenue."

The facts are that we are both a toll processor and chrome producer. We were once exclusively a toll processor. The Windsor deal enabled a greater exposure to chrome prices for a small amount of our output. The latest deal greatly increases our chrome production. OK, we don't mine the ore, bu what we produce is a chrome concentrate whose value to us depends on market price - this is not the fixed price 'toll processor' model. By the look of it, within 12 months this production will be doubling too. Whatever form of words you choose to use, we are becoming a major player in the chrome market.

Replace the asterisks with - www.r e s e ar ch-tr ee.com - (without the spaces!)

thanks, prof.

i note new whi communication. just re-iterates the rns.

https://*********************/companies/uk/industrial-metals-nonferrous/jubilee-metals-group-plc/research/whireland/jubilee-metals-jlp-project-updates-for-south-africa-and-zambia/41_2023082103184349827/70af74ed-8e36-4b21-9b31-6808a2254792

Yes Dorf. It looks a bargain at this price.

Good progress with the new chrome deals, though we don’t know exactly how the profits will be split, especially with regard to the PGMs. I’d have liked a comment at least re the eastern limb facility.

The new ROM ore deal for Roan seems quite a big development. Presumably we are talking about artisan mining here. 6 years of 2% ore looks very tasty. Obviously the devil will be in the details. Over to you, Ricus.

Is this the first we have heard about a half-way house pilot plant for the northern stray? I suppose it makes sense and is something constructive to do while the protracted negotiations grind to a conclusion!

No, Frog. As far as I can tell there was just a parting of the ways.

I’ve checked out Grimbeek’s Twitter (X) account. He describes himself as a traveler and futurist. His last post was some time ago and, I have to say, a tad enigmatic. I’ve cut and pasted it below for your edification.

Bydgfdgggdgxjcxcxzgxdhxnx(8.. zdryzzdfxvvjhgfsthxz!!?!’jkcfghvxfgffgffzssdfcxgjbvvhhjhhggfgygfgfdfzxzffxdtddfffxddfxzdfxzddstrainlady hgfghfhfdgghjgttujfrtfdssfzaweddrfdfcfxzsddzxrtzxgcxxxxzxvzzxyxdcxxfttfxfgfhjgfhccfgcxxccxcdffgffxxfrtdsdfgfhjjhijhc

Ricus Grimbeek sounds as though he should be on the executive at Hogwarts. He’s an intriguing appointment though. His tenure at Trevali ended a bit messily and no reason was given for his early exit from Vale, but his CV is extensive including senior appointments with BHP. His LinkedIn profile stresses his innovative thinking and interest in community entrepreneurship. Clearly this is the reason he has joined the board to help make sense of the artisanal mining situation in Zambia. I believe the messages his appointment sends are extremely interesting.

Those of us with long memories will remember very similar discussions, as this thread explores, when the Sp was just shy of 3p. I bought a shedload then and based on fundamentals despite the warnings of a slightly acerbic poster called Kitchens. Many others did the same and have done very well. I cannot see the institutions selling out to a take-over unless the offer is extremely generous. Like last time, I see history repeating itself here and there will be sa significant recovery in Sp in the next six to nine months.

Thanks Dorf and Seis. Two helpful and insightful posts. With regard to Seis' chart, the correlations are very obvious and cannot be denied. It is worth pointing out that even with the currently depressed PGM basket price we are still operating profitably in that arena. Indee, with our production costs in the lowest quartile for PGMs the basket price will have to drop below the level where most other producers operate at a profit before we start to suffer. I can't see this happeneing so I'm sanguine about the current fluctuations in SP.

What I would like to hear is news of the eastern limb development, which by my reconning should be making progress. More PGMs, lower transport costs and more chrome should increase the gap between the two lines on Seis' graph!

Like the rest of the market, I suspect, I am not attributing a load of value to copper until we have more information on production and time schedules from Roan and updates on the Norther strategy.

Yes it was PowerAlt and Bushy is wrong. PowerAlt was a successful electricity generation business and there was talk of buying more generators and enlarging it. The electricity was used in the ferrochrome smelters at Middelburgh. and sold spare electricity back to the SA grid. It was packaged in the deal with Middelburgh as Frog says to fund our development at what is now Inyoni, as this was seen as being more profitable than ferrochrome in the long run (which it clearly is).

Guidance is just that, not a promise. We are 77 tonnes short in a year of major disruption. It's nothing. There seems some emphasis in the Zambia section that we will be producing three different products and that we will be diversifying our copper feed. Looks like there are more deals in the pipeline. Presumably one of these 'products' is a concentrate to be sold directly into the market.

I find it strange that people are drawing conclusions from Sp movement on the basis of 33 trades, all of which are for small numbers of shares. Sp movements on low volumes reflect maket makers trying to stimulate some activity - nothing more.

Nothing much is happening here pending news.