Member Info for moneyhawk

An update looks to have been made to JLPs webpage for kabwe, suggests that its all signed off and going ahead as planned. Just need the official confirmation now: http://www.jubileemetalsgroup.com/kabwe_detail.htm

Other developments on the JLP website: Platcro project page has appeared - confirms an additional 12,000 tonnes per month. Tjate has disappeared from the photo gallery - being put on a back burner, or some developments to be expected soon?

JLPs website has been update with the Kabwe project changed. Previous page has now been replaced with a much shorter page, seems to have been written as though its all signed off and going ahead, states "jubilee formed a joint venture company" not that it will: "Targeting the recovery of lead, zinc and vanadium from surface assets at Kabwe located in Zambia 6.4 million tonnes (3.2 millionJORC compliant) surface material containing an estimated 356 843 tonnes of zinc and 351 386 tonnes of lead Jubilee formed joint venture company with BMR Group PLC to execute the project Jubilee holds 29% of BMR Group PLC Jubilee will farm into 40% position with preferential loan repayment - GBP3.1 million Jubilee appointed as operator of project Due to commence construction of recovery plant in May 2018 over a 5 month period Profit offers strong earnings potential targeting the production of lead, zinc and vanadium" http://www.jubileemetalsgroup.com/kabwe_detail.htm

It could be as simple as it’s a bank holiday in South Africa today, and they’re choosing to release news when both markets are open tomorrow. Going ahead as planned still the most likely and least problematic route in my view. The second most likely I can see is a renegotiation of the % share of Kabwe Operations. That couldn’t be done before the binding agreement expired, and Jlp would probably justify it on the basis of changing circumstances with the licence conditions and much more pressure on Jlp to complete on time.

Vigenere, the recent Jlp presentation said construction to start in May. So that’s anytime from tomorrow to 30days time. If JLP are true to form with their comms and being frugal with RNSs, then not really expecting many regular updates on it. Perhaps we’ll be told construction has started sometime after the event, and when commissioning has started.

Bring, according to Wikipedia; A troll is a person who sows discord on the Internet by starting quarrels or upsetting people, by posting inflammatory,[1] extraneous, or off-topic messages in an online community (such as a newsgroup, forum, chat room, or blog) with the intent of provoking readers into an emotional response[2] or of otherwise disrupting normal, on-topic discussion,[3] often for the troll's amusement. There are some less flattering definitions out there for trolls!

That all sounds like the most probable, quickest and least troublesome outcome. I’d guess a 7am RNS tomorrow then if that’s the case. I also noticed a new paddy/thicko fit account earlier this morning on the jlp board, but the posts seem to have disappeared. Always good to read different opinions, but some just take it too far!

Bring, until we know otherwise, anythings possible! But I don't see why BMR would intentionally want to prevent JLP taking part in the placing. My gut feeling is that if JLP were to take part, it would only be to maintain the % share. I don't see its in our interests at the moment to go for a takeover, whatever funds we have aviable would be better spent getting the next project sorted for after kabwe, rather than spending more on BMR when we've already got a good deal on Kabwe. But having had a lot of egg on their face once with the licence problems, I don't believe that CB/LC would be making all the noise they have been making without knowing its definitely going ahead.

Are we in a chicken and egg scenario here? BMRs investors for the placing won't commit until the JV is signed off, while JLP won't sign off on the JV until BMR have funds in place to keep going until kabwe starts producing? Maybe nothing complicated at all, and the documents are with the solicitors who are just taking their time since they're still within the deadline. Whatever happens today, I don't believe the absence of an RNS will mean the deal is off. The deadline is self imposed, it can be changed with both parties agreeing just as it has been changed twice before. Another possibility involves the terms of the agreement, which were binding subject to being signed off by the deadline. If either party wanted to change those terms, they'd need to let the deadline lapse, and then put forward the new terms they want.

Let's hope so, or at least an update to say why not, otherwise there could be all sorts of panic being posted up here.

Duster, yes the FuelCell developments look interesting. The article doesn’t mention how much platinum is being used in the FCs, but starting to see more progress in heavy machinery as well as cars. The problem is though that with a rising demand for platinum in FCs, we’re going to see continued falls in demand for cat converters. Will they balance each other out? Also worth looking into battery developments, and vanadium batteries in particular for large scale storage. Could make Kabwe much more lucrative. And on batteries, graphene batteries also looking strong for the future. Possible that lithium is now near peak demand, and lithium batteries are going to be on a downwards trend from here on.

Bring, ordinarily I'd agree JLP are now in too deep to walk away from Kabwe. But the licence problem was all very unexpected and unusual, so could have changed JLPs outlook on being involved with a JV, which is why I don't see it as an absolute certainty. Maybe I'd put it as 99% likely to go through, but still a small chance it won't happen if there's any more problems lurking in the background that we don't know about yet. However, all the signs from JLP are that we're going ahead and work is being planned/underway to develop the project. So even if the JV isn't formalised by the Monday deadline, that doesn't necessarily mean its off. As I highlighted yesterday, its only a self imposed deadline, if both parties agree it could always be changed again. However, it'd make it much easier all round if they just got on with it!

I wouldn't say the kabwe deal is an absolute certainty, still a chance it won't go through, and will remain that way until its signed off. In terms of the deal, its just been a problem so far. But once its all sorted, then we've got 40% of a project that Beaufort assessed to have an NPV of $500m (before they shut down). So that's $200m for lending a small amount of finance and expertise, which gets paid back first. I'm finding it hard to see the downsides in the kabwe deal even with the problems its thrown up in the short term. We've then got 29% of BMR, which we paid some cash and shares for. BMR was always going to need to fund raise before kabwe started producing profits, so it shouldn't be much of a surprise they are trying to do a placing. They have no other source of income. DCM was a disappointment, and should have been communicated better. But its not a permanent problem and has now been explained. We're also told now to expect DCM production to remain flat for the next 2 quarters while the PGM circuit is built. However, DCM was never going to be a major cash cow to transform the company. It started as a smaller project than it now is, and has been evolving since the start. At Hermic they have about 5.5 years worth of tailings if they were processing at full capacity of the plant. They're not running at full capacity, and are also running run of mine material. So we're looking at earnings for 10+ years there. Platcro also includes future tailings at 12,000 tonnes per month extra, so thats about 3 years worth at 60,000 tonnes per month being processed, and then a smaller scale project after that. All in all, its looking good for the next few years here, always a risk of dilution, but that risk is outweighed by the positives in my view.

Good post bring, all the nonsense is getting a bit tiresome, but should think most can work out why all the bmr posters have been on the Jlp board. Hopefully news soon will give something more constructive to discuss! For JLP the only bad outcome I can see is if the whole deal collapses, and even then it’s more of a set back than a disaster. All other possible outcomes look good, but by far the easiest and least risk is for everything to proceed as per the agreement already announced. I think it’s a good deal for both sides. We have to do the work and fund the plant, but that gets paid back, after which we’ve a 40% stake that in effect we’ve only paid £300k for.

Interesting news on fuel cells today: http://m.miningweekly.com/article/fuel-cell-frenzy-as-cars-plants-deploy-platinum-to-protect-environment-2018-04-26

The timing of his departure just adds more mystery into it. Could be genuine, and he'd planned to retire that day for ages, but why do it just as BMR look to be on the verge of making progress after many years of failures? All a bit odd, perhaps he took the blame for losing BMRs post along the ACI thing.

Yes I think they both have at some point. Why do you ask?

Fair enough, maybe is just that at least one party is in no rush when they don’t have to pick up a pen until Monday, and knowing that it’s going to happen.

Just speculation, but the absence of news with no explanation leads to questions about what’s going on. So I’m wondering just what the deadline means and what happens if nothing happens by that deadline? It’s a self imposed deadline, has been extended before and could be again. Alternatively there are also rumours/speculation around that the deal could be changed from that previously agreed. Now look back to the day before BMR found their licence revocation letter, and we were announcing the JV is going ahead, with this line in it “This agreement is subject only to final documentation against previously agreed binding commercial and material terms”. The date for that part to happen was end of feb, and then got extended a few times. So that line implies that nothing of any importance can be changed by either party from what’s already agreed, all that’s required is final documention to be signed off. But what happens if it’s not signed off by the deadline, and the deadline isn’t extended again? In that scenario then perhaps the deal can be changed. A risky game if that’s whats going on. But why else would it be taking so long when on the 6th of feb all that was required was final documentation to be signed off?

Saw that a few weeks ago, there’s a few basic details on it and looks like it’s been updated recently. But difficult to tell whether they are just going through the motions to comply with the licence or if there’s something a bit more substantial going on.