Member Info for Jonah58

Should be a TR1 if that's Vikrant out. Could move smartly tomorrow.

Thanks, Jammer. That makes sense, though I seem to remember LC saying that capex in the next year would prevent the payment of a dividend. 2022 maybe.

LUFC, will we have distributable reserves after paying for three copper processing plants? Do how have a handle on how this huge capex is being financed, that is, the balance between project finance and cash? LC has stated there will be no equity finance ( though this can never be ruled out with this company and could be used, as per terms agreed at AGM, if another huge opportunity crops up).

Adam. The designation ‘buy’ or ‘sell’ is generated automatically according to the mid point between bid and offer prices. If the deal is transacted exactly half way between the two then it returns ‘unknown’.
This procedure renders the whole process virtually impossible to unravel and open to deliberate manipulation. An artificially elevated bid or offer (which is never realised in practice) will skew the mid point so that buys can appear as sells and vice versa. There should be a better way of reporting transactions but that is resisted by vested interests.

An abacus that looks like it's been rogered by an omnibus?

Quiet here today. The thread about Star Tanganika seems to have been expunged. Minimal retreat in SP mirrors similar small drop in basket price of PGM. News soon.

I bought my second tranche at 17p, but I get your drift, Telly.

hi Gotreal. The last mention was in the july 2017 update:

General

A thorough due diligence of the Australian-based copper project identified certain risks that the Company did not consider in the best interest of shareholders. The project remains of interest if approached with a different financial structure. Jubilee continues to discuss further with the key shareholders of the project the best way to interrelate on the project to the benefit of both parties.

I agree, it was a small project. My only reason for mentioning it is that it demonstrates Leon is not averse to getting involved with other jurisdictions provided the project suits us.

I beg to differ, Gotreal

https://jubileemetalsgroup.com/investors/rns/jubilee-executes-surface-tailings-transaction-in-australia/

https://www.mining-technology.com/news/newsjubilee-platinum-sign-deal-to-develop-leigh-copper-mine-in-south-australia-5759497

https://www.miningweekly.com/article/jubilee-sees-opportunity-at-south-australia-copper-mine-2017-03-09/rep_id:3650

Some of us have long memories!

Shiner I agree there has been no specific discussion of further jurisdictions though Leon is clearly not averse to considering them. As evidence, we did go some way down a copper JV in Australia a few years ago. I’m not sure why we backed out but suspect the model for the deal did not comply with ‘the Jubilee way’.

Mikie. I for one like your infectious enthusiasm, but maybe it’s a tad early on this occasion as the warrant shares won’t be admitted to trading for another five days. But I do agree that if they cause any drop in sp it is likely to be bought into given the current positive sentiment.

Shiner, I believe there is a modest increase in throughput at Inyoni planned, but the emphasis in SA is to extend the lifetime of our projects. The tailings at Inyoni on their own won't last long, but the addition of more ROM chrome material will generate more 'waste' from which to extract the PGMs. This exercise appears to have been spectactucarly successful.

Good point, Jammer. Leon is on record as saying there are 2 billion tonnes of copper tailings in Zambia. We have deals giving us an interest in 300 million of them (15%). I am sure he wants to get his hands on more before somebdy else does. I am not sure we need to buy another refinery - hugely expensive. But an offtake arrangement/ joint venture which enables a partner to bring a mothballed refinery back into operation would be another matter!

For what it's worth, I am not in favour of moving into other jurisdictions just now. We have a lot on our plate and optimising returns from Zambia and SA should be our priority. There was a move to get involved with a copper play in Australia a couple of years ago, but the terms were not favourable and we backed out.

Even allowing for political instability, I would prefer any new deals to be struck in Sub-Saharan Africa where Leon has such a strong reputation. Zimbabwe, Namibia and even DRC would be interesting. The latter is currently very risky, but things could change. If we do get involved with places furthe afield such as Chile, I would prefer it to be on a consultancy basis, exporting our IP but not building and running plants of our own. Not yet, at least!

Gshiv, we'll certainly be earning a lot of money from copper in H2 2021 and in 2022, but remember, all our copper plays are joint ventures, so the earnings attributable to JLP will be less than the figures you quote. On the other side, I have been reading quite sober estimates that the price of copper is likely to exceed those which you have used in your post.

Hi Dogberyy. You are right and we are already doing it. We are taking quite a bit of run of mine chrome ore and, basically, toll processing it. There has been much talk of taking ROM zinc ore off Star Zinc and CB is sniffing around all sorts of copper projects. Our particular skill, however, is the analysis of tailings dumps and finding bespoke methods of extracting the minerals economically and in a way that is friendly to the environment. This is where we are one step ahead of the game.

A million shares bought at 12.25p. Someone dipping their toe in.

12p paid Ever, and people have had five days to think about it. Pretty good volume for a small cap too.

Thanks Coldfeet. Your article links to this one which is also informative.
https://www.worldbank.org/en/news/feature/2020/12/17/living-with-lead-in-zambia-creating-hope-for-the-children-of-kabwe
This is such an important part of our operation. In a sense it defines 'The Jubilee Way'.

Mikie, I share your enthusiasm about a further tailings deal but expect the lack of RNS is simply because they are not ready to announce it yet. Details to sort out etc.
I hope we are not getting involved directly with another refinery, but Leon has made it clear we are looking for an offtake agreement for our concentrate, so maybe there is some news on that pending too.

I am not bothered by the slight retrace in Sp. If I had been offered 11p by Christmas three months ago I would have been overjoyed. Things dont go up in straight lines, there is irrational Covid misery and a whiff of pessimism worldwide. It won't last long. The important thing is the good volume, chunky buys and sells and lots of activity and interest with Vikrant selling and Slater buying. We are currently trading on a PE ratio of slightly less than 4 which cannot possibly last long.

I'm switching off now and wish all the excellent and constructive posters on this board a very happy Christmas.

J58.