Member Info for Jonah58

Opperman: as far as I know the nickel tailings deal with BHP in Australia is still the subject of a bad tempered dispute, though BHP did cooperate with us an aerial survey of our project in Madagascar!. " In 2016, BHP issued a notice of termination of the Leinster tailings agreement with Braemore, but we have always maintained that there was no legal basis for this.

From time to time, there has been speculation on this board that we might 'bury the hatched' with BHP because (a) nickel is in increasing demand as an essential element for the green revolution and (b) there is increasing political pressure to ensure the security and environmental probity of tailings dams. I am, however, not aware of any factual information about this project, only that from a JLP prospective, it is not closed.

I agree with Jammer. No cobalt from Roan as far as we know. I suspect the cobalt circuit was already there. Remember, Sable was tweaked to handle ROM copper ore from DRC which is rich in cobalt.

I don't think much is going on, Craig. The volume recently has been a lot less than the frantic trading of the last few months. This share is still traded extensively. There will be those that bought in with a view to making a quick 10%.' Sell on news' etc. Others will have seen the price drift and decided to consolidate their profits. I am looking at the 12 month chart, not the 30 day one.

I agree, NorthernS, you have picked up on many of the points I noted too. This is an immensely informative Broker's Note and contains much clarification of things I understood poorly. It is also hugely conservative and short term, both of which are admitted on several occasions in what is quite a long 'read'. I think we can therefore interpret it as saying a short term (end of 2022) sp of 21p is the absolute minimum we can expect (barring unforeseen disasters) and can be predicted with a high degree of confidence. I am very happy with that. Sadly I had to sell half my holding recently (in a series of stop losses) as I needed the money urgently. I am resolved to hang on to the remainder for the next kick up.

Thanks for that HGeared; most interesting and ties in with what WHI said. I can't remember where I got the information about total PGM production contracting, but I think it must hae been 'reliable' at the time. Perhaps we have been able to tweak the Inyoni upgrade, or could it be something to do with the removal of fine chrome enriching the feed perhaps.

Just to add to the good points raised by HtC and Highly, there will obviously be a trade off. On the negative side, even when expanded, Inyoni will not be able to cope with the extra volume of feed that previously went to Eland, so the total ounces of PGMs produced will probably fall. On the positive side, the margins on what we do produce will increase as Northam will not be taking their cut. Also, if the rate of processing goes down, the longevity of the project will correspondingly increase, so, overall, our total earnings will increase.

Hi NShark. I got that impression too. It was the way it was worded. To save people referring back, here is what he said "Zambia has vast amounts of waste material produced by past mining and there is huge potential for new mining of copper in the country, providing Zambia with the opportunity to show growth consistent with other major producing nations. Jubilee intends to be part of that growth and as such we will continue to be proactive and offering assistance in realising that growth. " Seems as though we are pretty chummy with the ministry of mines. Mega deal brewing, IMHO.

Things don't seem to have changed much since I joined your party three months ago. It seemd a good investment then, and still does. Perhaps I am a bit naive to take NvS's comment at face value " Notwithstanding the ongoing exclusivity discussions with Anglo American, which have been very productive, we are simultaneously pursuing an aggressive and ambitious agenda ourselves. ". In any event, I added first thing this morning. Time will tell!

That's another query, Chart. The RNS mentions five deals, but I can only recall 4. I know there are quite a few dumps round Kitwe, so perhaps some small deal has been added on without riggering an RNS. In any event, I suspect the elusive fifth deal is part of Elephant 2.

I'm with you JLPos and LUFC. Poorly put together note re-hashing RNS with typos and this odd comment about taking PGM production back in-house from it's jpint partner with Windsor. I can see what they are getting at, but it is poorly worded. Our joint venture partner is Northam. By the way, has there been any official news about the joint venture with Northam? Is it being cut back gradually, or is it terminating? Is, when? Will the increased capacity at Inyoni cope with all the material previously sent to Eland, or just some of it. No help here from the note.

Good point Libero about ESG credentials. I welcome the comment that we are redesigning our website to emphasise just that point. I would have welcomed a comment about lead but am otherwise very happy with the RNS.

Not sure about that JLPos and Dorf. Yes, the new chrome facility is being built next door, but we are also upgrading our PGM facility to manage a greater throughput, and I'm not sure whether that will cause any disruption.

Thanks for the posts Warren and Dorfan. I find it difficult to get a handle on just how exposed we are to the chrome price. We have so many operations! Excluding DCM, there is Inyoni tailings and ROM. We bought the chrome rights to the historic tailings from NewCo so there is exposure there, but we will be accessing less of the tailings when the adjacent chrome processing plant comes into operation (?April). I think the new plant adjacent to Inyoni is going to run on a toll processing basis, so no exposure there. The wriggle room seems to be at Windsor and, more specifically, Windsor 8. Some of the tailings there we own, so we benefit from the full increase in the chrome price. The rest is third party ROM where the arrangement is as follows (cut and paste from RNS)

Jubilee has locked in the forward sale price of the produced chrome concentrate at its Windsor operation to hedge the Company against a volatile chrome price driven mainly by uncertainty in the current supply and demand fundamentals of the metal. The fixed forward sale price secures a firm earnings margin for Windsor while allowing Windsor 8 to take advantage of any short-term price fluctuations. The earnings margin of Windsor is strongly influenced by the efficiencies achieved by Windsor and excludes the added benefit of the recovered PGM ounces from the discard. Windsor is budgeted to operate at a chrome alone margin ranging between a minimum of 14% to a maximum of 25% per tonne of chrome concentrate with the additional PGM margin secured for Jubilee’s PGM operations.

Just how a, say 25%, increase in the price of chrome concentrate is refected in this arrangement is beyond my enfeebled brain. Can anyone help? Windsor has the capacity to produce about 40,000 to 45,000 tonnes of chrome concentrate per month, if that helps.

16.375 (note my Avatar).

Hi Shiner. I take your point that you don't need to look at ARCM as JLP provides all the copper upside you need, but it's nice to have a foot in both camps!

Mikie and JLPos - thanks for your kind messages. Situation now (more or less) under control!. Leon, I owe you one. i consider myself very fortunate and still have plenty of skin in the game.

Feed the birds, Mikie. though Hesgin might prefer tuppence in the bank.

I had to sell a few on Friday - unforeseen family crisis. Money has to be made to work rather than aimlessly accumulated but it made me sad because I know they will be worth a lot more in 6 months, but needs must. Not all sellars are cynical traders. I have plenty left and look forward to riding the wave.

I notice Galileo are selling Star Zinc to a local mining outfit for $750,000. I suspect there may have been problems with the license, given that the site is so close to Lusaka. In any event, they will get a rather miserly royalty.

It seems they will now focus on Botswana copper and zinc at Kashytu [sic]. I presume Sable is the refinery mentioned in the RNS: " The Ka****u zinc project in Zambia has similar characteristics to the Star Zinc project but is considered to be larger and the Company plan an exploration program for 2021 with the primary objective of developing a resource for the supply to a nearby refinery and / or the raw ore export market."

but currently it is doing neither

The problem Hesg is that the mms are working with a miserably small abacus. Compare that with a recent snapshot from Dante’s family album depicting an obscenely large abacus held aloft by a herd of gargantuan elephants stampeding round the red volcano as it spews a magma of dollars into the eighth circle all witnessed by a troupe of dispirited Redit following investment wannabes looking back in envy.

On a more prosaic note, we all know that artificial elevation of the offer will raise the mid price to make buys seem like sell. The designation is at best an educated guess, only reliable when the spread is tight. But the uncrossing trade at yesterday’s closing auction did signify a genuine drop into the close. The good news is those trades have gone and today’s opening auction has reset the price upwards.