Member Info for Jonah58

Hi Sumo. They said fine chrome is being commissioned at the moment and engineers will be working there over Christmas. (in fairness, I think LC said commissioning will start in two weeks in the Direc*ctor's talk interview. Not complete).They have a number of visits from industry playeres lined up for January. There was a mildly worrying moment when one of them said '... if it works as planned...' but hastened to add '... which we think it will...' !

I'll have to listen to that bit again. It was a bit fuzzy. Debt was mentioned, but also they were talking about funding the latter stages of the project from income derived from the earlier stages. I didn't hear the word 'Riverfort', but at least there was no mention of equity funding.

Hi McMac. Sorry to repeat some of your stuff. I was typing when your post popped up so I didn't see it. I agree with your final sentiment. 2% down represents the 'sell on news' sentiment. Not bad considering yesterday's rise.

I was a bit disappointed they let CB in on the act. He waffles too much. What did I dredge out of the webcast?
1. Looks like they are going for the existing refinery at Kabwe (decision by end of year. Would advance project by 4 months). The model seems to be to start producing revenue from zinc concentrate. Use this to fund the next stages to zinc metal, then lead and vanadium concentrate and, finally, vanadium pentoxide. So, hopefully, not a placing.

2. Zambian government appears to be on-board. That was a worry.

3. No interest in taking over BMR.

4. Preliminary dewatering and concentration facility for Platchro completed. Tests on delivered material already in progress. Transport costs etc covered by cash. Project on track.

5. Hernic at nameplate production despite suboptimal feed rate. When this is achieved, Hernic will over-deliver and unit costs will be even lower. Confident of achieving this.

6. No debt issues at Hernic. We receive all income for 'forseeable future'.

7. Fine chrome plant being commissioned at ASA. Huge interest from the industry. Techinque trensferable to other fines, not only chrome. Concentration of PGM in waste now equivalent to reef ore. No decision about best way of monetising this, though waiting on govt approval for dedicated plant. Not planning to restart 3rd party ore until fine chrome fully up to spedd and will depend on market forces as well (price of chrome).

8. In talks with three major miners re treatment solutions for their vast waste dumps.

9. Accepted that PR was not their strong suit!

10. Not much about Tjate. And very little on copper and cobalt though LC stressed our increasing chumminess with Zambian authorities and the opportunities that presented. No mention of South America (though my sound was not working well and I might have missed something).

Sad to see the negative comments here. I know they don't project well, but the message was up beat.

Thanks for your response, TC. Yes, uncertainty has always been the problem here. Sometimes it hides under the guise of industrial secrecy, but not always and there is a lack of trust. The history of JLP is to blame, but very gradually this is being turned around. Delivery on Hernic was a huge plus. Here's hoping Riverfort play ball, we must have paid enough for the facility. I'm holding.
atb

TC. can you explain why you are predicting a placement. We have 50M project finance available and I reckon Kabwe counts as a project. What am I missing?

Thanks, ATG. A bit depressing really, but I have read other more bullish predictions. Odd that there is no mention of fuel cells. I know they are researching alternatives to platinum for HFCs, but it is still currently being used. I guess the major producers will be more upset than we are about continued low prices for platinum. They may even be considering monetising their waste dumps until the price picks up. Ever the optimist.

My interest here is via Polo who have a 20% interest in GCM and whose share price has not budged an inch today. Any theories from you GCM experts why this should be so?

Yes, Folder. I agree. GCM now 2nd on the leader board and up 30%. Of course there's some enthusiastic pumping going on over there, but with extensive holding in GCM you might expect some movevment here. Though I might buy a few more, actually!

GCM RNS

" The MOU sets out a projected timeframe of concluding a Joint Development Agreement with the parties by 31 December 2018, and subsequently submitting a formal proposal to the Government of Bangladesh by 28 February 2019."

"Mr. Pan Dengyu, Vice President of PowerChina Eurasia and the authorized person for this Project, stated:

"PowerChina is excited to be partnering with GCM to deliver an integrated mine and power plant generation for the people of Bangladesh. We look forward to working with Datuk Michael Tang PJN and his team to deliver a world class proposal acceptable to the Government of Bangladesh."

Your decision, Sumo. Your point is very well made!

I'm holding. News due any time now on ASA fine chrome plant commissioning.

But my main reason for holding is that I am bullish on the price of platinum. $10 rise equates to 1/4 million dollar increase in annual income from Hernic alone, and an unquantifiable rise from Platchro, which starts soon now. So I won't be selling unless I see another opportunity which is manifestly better.

Good luck, whatever you decide.

The phenomenon is well known in clinical trials. Once in a trial, a patient gets super-close supervision. Even if on placebo, this is helpful. In particular, you would not believe how many people fail to take their normal medication correctly. Once in the trial their normal standard of care improves, making it harder to show an additional improvement due to the trial drug.

The discussion on Friday evening re Price and Volume Queries (speeding tickets) was interesting. I cannot find any regulations or guidance as to when a regulatory authority should issue a query on the basis of unusual volume or price change. Perhaps they just play it by ear. What is clear is that any such query demands an immediate response, so my guess is that none has been issued with regard the recent hike in sp. In other words, I do not predict an RNS tomorrow. (followers of my posting history will now be expecting exactly the opposite!)

Thanks mcmac. Nice one.

In line with Jubilee's strategy to rapidly grow its surface metal recovery project pipe line, Jubilee has executed framework agreements and non-disclosure agreements with large global mining companies to define the metals recovery opportunities and prepare an asset waste portfolio for these companies.

Two quotes from todays Galileo RNS. The first just about sums up my understanding of the situation!

Galileo is pleased to announce an Exploration Target (conceptual in nature and not a Resource - see note (a) below for explanation) derived from an intermediate stage conceptual grade-tonnage block model estimate ('the Model")

The positive results of the Exploration Target allow the Company to advance with AMS and others, as soon as practicable, a work program to include a pit design/mine plan and Mineral Resource Estimate MRE) with the objective of meeting the requirements for an application for a mining licence for Star Zinc and to supply run-of-mine material for the Kabwe project under the Term Sheet agreement to acquire Star Zinc

Mr Bird says: "This is a major advantage for the project, pursuant to the Term Sheet agreement to acquire Star Zinc, in that a dedicated process plant would not be necessary. Negotiations continue with Kabwe for an offtake agreement for Star zinc ore."

Make of it what you will.

Hi T2B. Can you elaborate on these trials for a rather non-savvy investor? Thanks.

(previous post continued) so this may be of more interest to a buyer.
I also agree that there is littlle point in investing the large capex for a dedicated PGM circuit at DCM unless there is a way of keeping it going once the (relatively small) tailings dump is exhausted. I suspect this is behind the apparent lack of urgency behind pestering the govt for the necessary approvals. That, and the predicted rise in basket price for PGM coming from virtually every analyst. (we will recover from Dieselgate soon enough. The latest diesels are eco friendly, and I will certainly be buying one, as I can't yet afford a fuel cell vehicle!)

Finally, I agree that we are thinking big. We want to be the 'go to' player for processing chrome tailings in the eastern limb. That way, if or when we build our PGM processor it will enjoy a much prolonged effective life.

Jammer, I have no facts but you raise a very good point. As you say, it was clearly not obvious whether to build our own processor at DCM or flog the concentrate to another PGM producer. My hunch is that sale of concentrate was the preferred option, but no buyer could be found. Fine chrome particles, which get washed along with normal gravity spiral separators and don't precipitate, can account for as much as 50% of the chrome intailings so if (big if) our new process works the final slurry should contain significantly more PGM by weight.

Hi Edzi. yes, you are correct, sort of! It certainly sounded like that in the interview. In the published Q&A the following day the two extra projects were 'on the cards'. Here is the transcript.

"The industry as a whole are very inefficient at recovering fine chrome, if you look at the losses in fine chrome, up to 60/70% of those losses are due to what we call fine chrome, it’s like a powdery fine chrome. Our R&D team that work really hard in the background in the past 2 years have solved that problem and we’re launching that solution into the industry with our first plant being built and commissioned by November which is a fine chrome recovery plant at our Dilokong mine. We have and expect two more on the cards to follow that installation to demonstrate to the industry how you solve this problem, it of course opens up a whole new potential earnings and revenue stream for our company."