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The dinosaurs were casualties of the mass extinction at the end of the Cretaceous when an asteroid hit the gulf of Mexico and caused the equivalent of a nuclear winter. Continual fast charging of a Lithium battery will, like any other rechargeable battery, reduce its storage ability. Long distance travel by car relying only on batteries is for the birds and to reassure the public but is impractical. The world should be researching and establishing carbon capture and storage until other forms of energy can be relied upon and are not just a pipe dream to keep the greenies satisfied.
Thanks for all your contributions on what I have said yesterday. The picture for LCCM is even more positive if the payback time is less than 12 months, particularly now when we can take advantage of the high copper prices. We need $2.5M to restart the mine, so with this short payback time what on earth is the problem? It would be a loan for a year without any need for a JV partner who is likely to fleece us and the mine remains 100% ours. We have been told that there are no other issues with the mine other than finding the money to restart it. So lets get this mine going pronto with a loan of $2.5M or asking the shareholders to fund it. It seems a no brainer to me. Once the money is available and a start is made the share price will quickly respond.
LCCM is the lynch pin in this company. The only Copper Cement it has produced so far is from the tailings. So we know it can produce but If this mine is ever going to work it needs enough investment in order to sufficiently upgrade the process and equipment to commercially produce copper cement in quantities to make a profit. It does not need to be a large profit at this stage but enough to plough back into the mine to then bring it up to modern standards and then we can achieve what was envisaged when this mine was purchased when copper prices were low. The copper price is now high and we have to get this mine working now if it is ever going to work at all or just lie dormant like lots of other mines. It has been estimated that it needs about £2.5M to get this mine going. If we can be certain that the mine will then start to produce copper , then we existing shareholders, including the BoD, should find this money together or take out a loan. We should not try to find a JV who will demand unpalatable terms from us. It is our mine and it is up to us and the BoD to make it work from our own resources. We cannot allow this company to drift on as it is. The BoD have little incentive to move forwards as they are getting their salaries and bonuses whether or not anything happens. WE jointly have to get this mine working ASAP and it is up to us, not a JV partner, to get it going.
blacksheep. Your idea following on from DVH, of shareholders clubbing together to have a strong voice in the running of this company is very sensible in the circumstances we are in. I'll support this with my 6.7M shares if the idea takes off.
I would imagine that these sales fell through because the previous owners could not make the mine produce commercial copper concentrate. Until we do and this looks unlikely, the mine is a white elephant and no one in their right mind will help us out of the hole the BoD have dug for us.
All this is assuming that the chemical process of obtaining copper concentrate actually works in commercial quantities. No one has yet done this and previous owners gave up. If we can be sure of doing this when others have failed, then there is no need of a JV; we get a short term loan ourselves or even get the money from us long suffering shareholders, if the production problems have been solved. If there is no certainty of making this mine work then there is no point to getting a loan for the money to be frittered away again or for us to chip in and no JV would risk their money. The BoD have to demonstrate that the mine works or else anyone would be just throwing good money after bad.
If we could be absolutely sure that LCCM can and will produce copper concentrate in commercial quantities, without the difficulties experienced so far and which caused the previous owners to sell it off , then the BoD should ask the present shareholders to fund getting this mine going. I would be willing to consider contributing to this in added shares if that is all it takes. Without some sort of initiative like this I can see this lying dormant and our investment trapped and I would not like to see some other organisation take a slice of our company if there was another method of opening up this mine. BUT the process of extraction has to work or we are throwing good money after bad.
Hello DVH. I am now in the red here. I never thought we would ever reach these depths. Another worry, besides there being no news on the LCCM finance, the key to our stability and ability to exploit our assets, is that the world situation might cause the sales of our cobre magnetite to stall so that we will have no income. Perhaps the market is also worrying about this possibility and taking us further down.
65jh makes some important observations which are worth discussion to understand the present glut of oil in the world. The use of all fossil fuels is the number one problem for the survival of the planet. The use of oil and gas will never be eliminated altogether but never to threaten the world and ourselves with extinction. The use will have to be carbon neutral everywhere. So long as the amount of oil being produced exceeds the required use the price will collapse until a balance occurs. UJO's oil will likely stay in the ground until sometime in the future when it becomes economic to pump it out. So long as it is cheaper to import our oil needs than to develop our own resource UJO will lie dormant. This is what 65JH is trying to get across to us. I am sure that others will have counter arguments so lets hear them so that we can reach a sensible realistic conclusion about UJO's prospects.
Three postings in a week from me--highly unusual but we are at a crossroads with this company. It has to be proven that LCCM actually works and can produce the copper regularly and increasingly as had been predicted by the BOD starting last summer. Until this is done the bigger mining companies will not be interested in SML and no funding will come our way. Everything depends on getting Leigh Creek up and running. If LCCM can produce the goods with a mineable life of we know to be at least 15 years, then we would be ripe for a takeover at many multiples of the present share price. It is sheer frustration for us not to know what is going on to overcome the issues with the mine and I do wish the BOD would give us some news to justify their enormous salaries.
Like many of you I have been invested here for 4 years and still waiting for a similar surge in the share price as has happened to EUA. What is the considered opinion of everyone that LCCM will ever produce copper concentrate as promised? If we cannot get LCCM up and running then there is little chance that Redmore will ever be developed as a world class Tin/Tungsten mine, at least not by SML. We have had no news of any progress for weeks. Are we tilting at windmills with this share? What are the chances of the setbacks being resolved and the share price returning to a steady upwards trend? I don't mind waiting around if there really is light at the end of this very long tunnel.
This is the news I have been waiting for and has hugely de-risked my investment of 6.6M shares in here. Had another small top up this morning but since I got in at an average of around 0.4p I am very fortunately well into profit. God knows what the future potential is here but after years of dabbling and making many mistakes and losing money, this little beauty will secure my old age and prove to be worth all the effort, research and belief in its future. Well done to all here and especially to our BoD.
There are 10 members of the planning committee, in proportion, six Conservatives and four Labour. It is a Conservative administration who are responsible for the finances of the Council. They have to be fiscally responsible. The six Conservatives should follow the recommendation of the planning case officer, particularly now after the application has been thoroughly scrutinised before it was sent in. Any refusal this time would most certainly cost the Council a lot of money in costs awarded against the Council at appeal, probably many tens of thousands, because their decision would be seen as being perverse and without any planning foundation. The chairman and/or Senior Planning Officer advising the meeting on 28th November will very seriously state the consequences of a refusal this time, which should make this at least a six to four vote in favour.
We are not out of the woods yet with this share. There is a lot of potential but the exaggerated enthusiasm written by some of us needs to be held back in check for a while yet. Since we are going to rely on LCCM so much going forward next year, I would like to hear just what progress is being made and how the BoD intend to mine for the copper after others gave up. This is a cause for some concern and we need to know more. It looks like Redmoor will come up with the goods but the income from LCCM will be needed to build a mine in Cornwall, which is why LCCM is crucial for SML as HC and MW are very much off the scene.
Provided the new application has addressed all the issues that the planning inspector highlighted, the committee would be very silly to refuse it again. Another appeal would then no doubt be allowed by a second inspector and costs would be awarded to the applicant. These costs would be substantial as the committees decision would be seen as being perverse.
I do agree with renewable. It is time to cut our losses on Hanns Camp for the time being at least. Amongst this depressing news there was no mention of any Cobalt, which had us all excited last year, so it seems that discovery has also come to nothing. Let's now concentrate on Leigh Creek and overcome the issues there to get it producing next year and in Cornwall. Concentrating on known areas where SML can eventually make money is what we should be doing instead of chasing rainbows. Once we have a strong company with money flowing in, then we can perhaps revisit the Care tenements or buy up another company with proven prospects.
OK Immediate panic is over and JP is to be congratulated in tying up the Cobre deal and steadying the ship but Leigh Creek particularly remains a worry. This is supposed to deliver $1.2M sales per month from the middle of 2019. It has a difficult history attached to it and the silence about progress is a concern. JP says that he will update us before 19th and I for one will breathe a sigh of relief if the update shows that all is well and that there will be no slippage in their plans and that we will therefore not be vulnerable to another Cobre problem. If Hanns Camp also can prove to have profitable resources of either or both Cobalt and Nickel, then we will certainly achieve the 5p for short/medium term aim for the share price. Good Luck to us all including the BoD.
I never thought we would be relying on Redmoor at this stage. Hanns Camp looks like it is a waste of time and money to pursue with the Cobre income. Mount Weld is an unknown and LC looks like it is not going to be an easy money maker, that is if we do ever get some positive RNS connected to it. Is it any wonder the share price is plummeting? The BoD now seem to be concentrating on Redmoor which tells us a lot about the other sites. If we do surprisingly get some good news from these sites then the shares will recover but don�t hold your breath. Redmoor might be the saviour of this company but it will be 5 years in the making. Anything else will be just good luck for everyone here. What we need is for the BoD to come clean and tell us what is going on. If not we will see sub 1P soon.
Its the Hanns Camp situation which worries me; the reason why most of us invested here over a year ago. Although we have Nickel and Cobalt, the latter over a strike of 2 Km, we have no idea how much is there and whether it is worth mining. The BoD have been very quiet about this area for months with the Geologist apparently going off to investigate another area further away. Are we to write off Hanns Camp? We know that Redmore is going to take shed loads of money to become productive and Hanns Camp was to help provide much of this investment, so it is no wonder that SML are saying that this year's drilling in Cornwall is subject to funding.