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Slaters fund is a purely managed fund. Cash is allocated only if a compelling investment case is attained. Otherwise it would rebalance much more regularly!
Jonah, it is going to be very interesting to see how much copper was produced in the last quarter. If its similar to the first quarter, then there doesnt have to be significant increases in quarters 3 and 4 to meet guidance. I was assuming they will be processing as much of project M and any other opportune deals to fill the void, before the SPV gets underway as early as June. At which point all capacity will be will be used between M and the SPV with excess going to be refined at Mopani. After that, expansion will be required.
Https://www.lse.co.uk/news/JLP/in-the-know-jubilee-metals-set-to-cash-in-on-zambian-copper-venture-tyd5mcb64hndphv.html
Price cut by Berenberg, but extremely good rhetoric. Whilst waiting for copper news, i am very eager to see the new chrome numbers for the last quarter. Hopefully the full impact of the new plant will now be felt and upgraded PGM numbers to boot. These are very interesting times while the market is clearly bottoming.
Indeed HD, although Sable is still producing, an update on Roan is now required. I believe Leon said they have switched to a SA manufacturer to avoid future issues of this nature. Im not sure if they have re ordered the missing component in SA, but an update must be due. It will be very interesting to see how much copper they have produced last quarter? We know project M has been going direct to Sable. But my gut feeling says the share price will rerate as soon Roan and its new module are seen to be working. Lots of future growth can start to be factored in, let alone profits.
Seis, at those prices ( which doesnt seem pie in the sky) just 14k tonnes through Sable alone is a complete game changer! Forget all the concentrate through Roan and the joint partnership with IRC. Dont even mention SA chrome and PGMs, just Sable would be a billion pound company on its own! As the world electrifies, sentiment will send copper through the roof.
Vic, it is a huge concern now. I just hope the likes of Slater and Fidelity will not settle for 30-35p. The potential upside here is enormous and im just worried our partners from Abu Dhabi wont want to share for much longer.
As 2023 slowly peters out, the arrival of 2024 could just produce a performance from Jubilee, that sees a rebound in the share price beyond our comprehension. The picture has become very clear since Oct/ Nov time and my belief in Jubilee is stronger than ever. Not only is the Jubilee game plan on the cusp of greatness, it would appear the wider macro is coming good in tandem. Almost like the stars are aligning. If you believe in such mumbo jumbo! With interest rates set to fall worldwide, stimulating growth around the world, what better time for Jubilee to provide their own brand of green copper to what is becoming an increasingly copper hungry world. Who knows how high demand is going to push the copper price? But its looking very certain Jubilee and her loyal band of followers are going to benefit. Wishing everyone here and at Jubilee a very happy New Year. I have no doubt this is the year. The Zambian government and Abu Dhabi believes. This will be no miracle, just the realisation of years of hard work and achievement!
Thank you Seis and everyone else for all your valuable work throughout year. Wishing everyone a very merry Christmas and i do hope Bushey and Butters are not on the naughty list!
Gray, 3.5M tonnes example assumes a grade of 1%, which is the average Leon used in the interview. The resource is huge. Even at 0.5% its a huge figure!
One of the biggest benefits of the partnership with UAE is access to their processing capability 200k tonnes per year at Mopani. Ok, a toll processing fee will have to be paid, but it makes for a considerable outcome and makes the tie up super exciting and more importantly super profitable!
It does seem dreamy to me, very dreamy. 2,000 tonnes of copper per month from 4 modules. I keep pinching myself, to make sure im not dreaming! Backed by the UAE!! No one wake me up, im very happy in this dream!
Sumo, im just enjoying there is 4 on the way to start. I dont think the next 4 will be far behind!
Jonah, i completely agree. I would imagine there would be lots of incentives and bonuses to Jubilee based on timing performance and production with a minimum 30% floor. This would be a very complex arrangement. There is 3.5M tonnes of copper in the mix! It just sounds bigger every time i say it! If they only recover 75% at 50k tonnes per year, that would take over 50 years!
@ Jonah, i believe the Zambian government take advice from Jubilee. This has been obviously planned for a long time. Leon has stated on many occasions they have been advising the Zambian government and are clearly on the inside of this process.
@ Dorf, i agree with your sentiment. Initially i was fuming and very disappointed with the way this has been handled. Being asked to vote without an RNS. Then an RNS confirming no knowledge of a GM. Then a placing RNS with notice of a GM. In the grand scheme of whats happening a dilution of 6% is not the end of the world to achieve great things. But dont treat us like mugs! I will be attending the GM and voicing my disgust. I ca n live with the placing but the process has been shocking. The company owe shareholders an apology. I feel this is very important and explain what exactly this is going to enhance. How is Sable going to be improved? Will this increase capacity substantially? If it does then £10M is neither here nor there. They need to give us a proper explanation.
HD, it’s been an emotional couple of days. Pure euphoria at the new deal announced. Then the shock of an accidental (or intentional ) error. However the announcement of a deal that increases the bottom line by circa$30M probably rising to $60M without a hint of metal prices increasing and at absolutely no cost to Jubilee has to drag the share price up! This is just one deal! We suspect many more to come, with chrome and PGM’s expanding at the same time! Roan and the first module close to going live, this is so undervalued, the share price has to go up.
Leon must be fuming Frog, he has released positive after positive RNS and finally gets the share price moving........ then that. Looks like the share price is instantly moving up again. They were adamant no more dilution at the AGM.
Northern, somebody needs to be held accountable here as those emails have temporarily changed sentiment. Frog even sold because of it, along with many others. Still you may be able to buy them back cheaper now Frog!
It couldnt be clearer Bushey, all costs to be reimbursed. Why lie so much?
It is expected that the SPV will acquire the Waste Rock Project through funding provided by IRH and will reimburse Jubilee for all costs incurred directly related to the development of the Waste Rock Project as well as any funding provided towards the acquisition of the Waste Rock Project prior to the implementation of the SPV.
Additionally, IRH will supply the necessary funding to the SPV for the implementation of the Waste Rock Project, contingent upon the approval of the executive committee and the implementation schedule prepared by Jubilee. The funding provided by IRH to the SPV will take the form of a shareholder loan. Repayment by the SPV of the shareholder loan is contingent upon the SPV first achieving a threshold cumulative net earnings with the SPV's repayment of the shareholder loan limited to a maximum percentage of net earnings, ensuring that the majority of earnings are distributed to the equity holders of the SPV.
It was actually Slater who reported the banks were waiting on test results. Interest payments would have to come from current profits not future profits. With no interest payments all current profits can be invested into cash generating modules that Jubilee keep 100% of the profits!
Hell of a deal. With no interest payments, all profits can continue to be invested in more modules. Modules mean cash . Cash means more modules.