Member Info for Jonah58

I like your figures, Kal, but as you say there's a lot of guesswork. We don't know the split with Northam over the PlatChro material (though we are reassured it is favourable), and at some stage we are going to have to split Hernic earnings with Mitsubishi/Samancor. Again, the details are unknown. Longevity of both projects will become another issue. Investors are cautious these days and I'm sure it's negative sentiment about these and other issues which is counteracting the lure of higher earnings in their minds. Clarity has never been JLP's strongest point.

not to mention Rhodium!

https://www.businesslive.co.za/bd/markets/2019-01-02-rhodium-is-the-jses-best-performer-for-a-second-consecutive-year/

Yes I know, hence the subdued nature of my post. A lot of unashamed ramping going on over on GCM. But, progress is progress.

GCM RNS is being received with enthusiasm over there. Just a JVA, but it's some sort of progress. Think I buy a few more here today as Polo, as usual, is lagging behind.

That is an excellent point, MH, which I had overlooked. I suppose, even if we don't profit from the sale of the 'fine chrome', it's removal further concentrates the pgms in the remaining material, thus reducing our processing costs even more. But your point may play out - an interesting dynamic. I am not sure that Mitsubishi (or the new buyers, is it Samancor?) will want to finance the fine chrome circuit in the current climate though.

Well Stretchum, you could well be right; but no one's actually pumping; we're all so jaded with this share. Just a few half hearted 'wows'. Come on pumpers, you can do better than that!

Yes, Vog, there was some talk about decisions re Sable by the end of December, I seem to remember.. I suppose Kabwe has little to do with an update on Q4 2018, but hopefully it will be the subject of its own RNS fairly soon.

I am particularly pleased to see that the fine chrome circuit is producing to specification. Very few outfits, as far as I am aware, are concentrating fine chrome; at least not on an industrial scale. OK, the amount of material at DCM is not huge, but those visitors from the majors will surely now be interested in this and JLP have made it clear that we will be adding fine chrome units to our other operations.
All of this is very good news, particularly in a business where each project has a limited life-span.
gla

Good figures, Kalan. We are talking about tailings, of course, and when I have posted I have used this article

https://www.saimm.co.za/Journal/v087n09p265.pdf

I think that the tables in the article come near to the sort of meterial we are dealing with.

gla.

Thanks Cam. I appreciate your points. My issue, however, is the odd way our share sp gets quoted at the top of this page. With most other shares, the quoted sp is more or less half way between the bid and the ask. With Polo, we often find the quoted sp as being the same as the bid, in which case it looks horribly low, or the same as the ask, giving rise to unwarranted optimism! These anomalies are exaggerated by the large spread.

I understand why this share is unloved. I don't understand the line (currently in unjustified blue) at the top of this page. Is it just the mms trying to make a market?

Yes Folder, GCM up again and some first rate ramping going on over there too. I note that we appear to have a good rise here but, just like some of the drops, it looks spurious taking the quoted sp and spread into account. Why does this happen with Polo? Anyone know?

Well spotted. I wish they would get someone competent to proof read these things before they put them up, but that does not detract from the interesting reading.

Just 1/2 million today.

Your choice. There have been plenty of P & Ds over there. Polo usually lags well behind GCM so if something genuine pops up you should still have time to get in here.

Agreed. I've just been offered 2.52. The 'ask' is artificially high, skewing most trades as sells. The mid point is currently 2.48.

Good one MH. I have been digging around and was on the point of posting similar! No need now. I agree with the implications of your post.

I guess your production figures are about right. Pt down 15% from last year and Pd up 18% so the basket price wont be down too much, if at all. Could look quite tasty.

I agree TbT, news on Sable due soon. I think we will also hear quite soon about the fine chrome plant at ASA. Let's hope it's good.

I wouldn't read too much into this, Folder. The close of play price quoted is the bottom of the 16% spread. This seems to happen quite frequently with Polo giving rise to the fallacious appearance of price volatility. Someone clevere than me can no doubt explain why Polo is set aside for this anomaly.

GCM up a bit on news that we are still in negotiations with Power China, but are unlikely to reach an agreed way forward by the previous deadline of Dec 31st. I wish companies would not give deadlines if there is a significant chance they wont be met.

Good point, TbT though your figures don't work out perfectly as there is quite a bit of Ruthenium in the tailings. But Ru too has risen 40% over the last year. Putting all these figures in gives a drop in our basket price of about 6%, but the fluctuations week by week make this little more than a rough figure. I think we both agree on the main message which is that we are suffereing from the fall in PoP much less than people might think, if at all.

Here's the reference again.

https://www.saimm.co.za/Journal/v087n09p265.pdf