Member Info for moneyhawk

I don’t think they’ve ever told us what are the terms on the tjate licence. But there has been a few mentions that they’re taking the necessary steps to comply with the requirements. However, BMR shareholders were probably told much the same thing.

Duster, I hope you’re wrong! But this whole thing has been so bizarre you might be right!

Possibly, but not wishing to sound negative, I'm not expecting much to happen with the SP until March/April now. There's too much uncertainty surrounding all our projects at the moment, especially with the silence on Kabwe. Almost two weeks now and not a word on the status of the licence, which in my view suggests it's will have to go through a formal appeal process and there won't be a quick fix by having a meeting or two. And then there's further complications with BMR, and their payments due for their other project which is secured against assets at kabwe. Hernic looks like its going to be profitable with a very competitive cost per oz price, but until the next quarterly update shows a big improvement in production for a full quarter that's uncertain. But we don't know what will be the outcome of the business rescue at hernic, which could impact on the long term future of our project. Added to that, we don't know exactly when DCM platinum will start, and Platcro looks like it will be developed after that - a risk that the distraction caused by kabwe could delay progress on these. When these issues are addressed I'd expect too see more interest, but much of it is outside of JLPs control at the moment. Two key dates coming up to keep an eye on - 28th Feb for BMRs payment for star zinc, and 30th march for the Hernic BR plan to be published (although provision for this to be extended to end of May)

It'd be nice to be kept a bit more informed on what's happening and twitter/facebook etc profiles could help with this. But ultimately they couldn't tell us anything important via these methods unless officially released via an RNS as well. Also I'm a bit apprehensive about using PR companies. I'm using one to manage my business social media at the moment to free up some time. Most of the time its OK, but fairly frequently they will put something on that isn't completely correct. Not a big issue for me, I'm not running a PLC, and I can either change it or get them to change it before anyone really notices. If a PLC started putting out incorrect information with people constantly watching, it could be a much bigger problem..

Fair comments on the reason for the trades. Overly eager to see some signs of decent buying levels.

Late reporting of 6.6M shares bought in 2 trades this morning for over �100k each. Unusual to see trades this large in JLP, maybe some news leaking or someone's taking a big gamble. A good sign for next week perhaps?

Thanks for posting the article, good spot. Very frustrating, much of this speculation could have been avoided if they'd just told us at the start what reasons have been given in the letters. Presumably reasons would be given, not just a letter saying "licence revoked". I'm pretty sure though that CB will be trying to save the deal/project though, as it also impacts on his wider plans with glr also involved The question is at what cost and to whom, whether its JLP or BMR that takes a hit, or both, remains to be seen. I'm hoping that JLP do not give up easily on this, not just because of the overall profit potential, but because of the size and longevity of this project. A plant the size of Hernic would take 10+ years to process all the tailings at surface here. Add in additional material as well from other mines, then we could be looking at a 20+ year project life. Its these kinds of projects and long term revenue sources that will really drive up the SP and market cap here in my view.

If it is the case, then possible that BMR ended up holding the licence because they didn't apply originally. I stand to be corrected, but I think what has happened here is that BMR bought up the various parts of the kabwe mine, and transferred any licences from the previous owners. Perhaps there's also been a legislation change. Will have a further look when I've time, although hopefully we'll have an update by then.

I'm not so sure that the Large scale licence (which isn't under threat as far as we know) can't cover the tailings. Thinking about it, if an operator had a large scale licence, would they be prevented from processing their own tailings? I would say that's absurd, but if that is the case then this whole thing really is a complete farce. So I've had a look through the Mines & Minerals Development Act 2015. Some key points I've picked out: 1. The difference between large scale and small scale licences is only related to the size of the site (sct 2). 2. Sct 35 lists obligations of the holder, which include taking all measures on or under the surface to mine the mineral to which the licence relates. 3. Sct 72 gives reasons for revocation, which include failing carry out mining operations in accordance with the approved plan, or ceased to be eligible for a licence under the Act. 4. A problem maybe that under sct 29(3) Small-scale mining shall only be undertaken by a citizen owned, citizen-influenced or citizen-empowered company. I'm not sure that BMR (or the subsidiary) would actually qualify to hold a small scale licence, which may be why the small scale licence is revoked, and not the large scale licence. Anyway, just my thoughts on it. Link to the act here: http://www.parliament.gov.zm/sites/default/files/documents/acts/The%20Mines%20and%20Minerals%20Act%2C%202015.pdf

Not looking good for platinum in this article, but palladium on the other hand is looking quite promising http://www.miningweekly.com/article/platinum-market-set-for-another-surplus-in-2018-johnson-matthey-2018-02-14 Surplus of platinum in 2017 and expected to continue this year, but a deficit in palladium is also expected to continue. I don't think we've ever been told the breakdown of the PGMs we're producing, so difficult to judge if this is negative or positive for JLP. But either why, looking like a wise move to get into other metals rather than waiting for the platinum price to rise.

paddwah, I think Tjate is a long long way off. Pretty much confirmed in the latest webcast that tjate isn't a viable option for JLP at current market cap. CB mentioned cost to develop is many hundreds of millions, and JLP will need a much larger partner. The current platinum mine environment means that no ones interested at present. But a very valid question for the future of our licence at Tjate. With Ramaphosa likely to be the next president and with a background in mining, will he be wanting to apply similar pressure as we're seeing on Zambian licence holders to help their economy? That said, I don't think its something we need to be overly concerned about. Tjate doesn't look to have any impact on JLPs market cap, and JLP are building a viable and profitable business without it.

It’s my understanding that processing the tailings piles count as a mining operation under the Zambian laws, so a mining licence is required for our project. What I don’t understand is why just one licence is revoked (the small scale licence), and what the 2nd licence covers (large scale licence for the whole site). From what I’ve been able to find out so far the difference between the two is related to the size of the site the licence covers.

Most likely a sell, but difficult to be certain. The trade price was 0.0725 and the bid/ask 4 minutes later on the next trade was 0.065/0.075. If its a large sell would explain why the bid/ask prices droped significantly around that time, and why the SP stayed down with so many buys that day.

Some interesting articles around on Vanadium, here's one: http://www.vanadiumprice.com/u-s-energy-storage-surges-2017-worlds-largest-battery-built-vanadium/ Could Kabwe's 45,000 tonnes of Vanadium be the real commodity hedge JLP have referred to and why they've been rushing the BMR deal? If the future is hydrogen fuel cells, they need platinum, and we have lots of it at tjate. But if the future is battery storage it looks like Vanadium could be the metal to be in (rather than the current fashion of lithium).

looks like there won't be an update today. Box do seem to release most update RNSs at 7am. They're surely going to have to give an update at some point though. If they've been doing what they've indicated and have been receiving the kind of revenue they've hinted at, that's got to be price sensitive information they need to tell the market about. Likewise, if they've not been doing what they've told the market, that's got to be price sensitive as well.

Difficult to know just what’s going on in Zambia and mining licences. Just hope this Kabwe issue gets sorted out soon so it doesn’t distract from the progress being made on other projects if/when good news is released. Should be a lot of news flow coming up with the Hernic business rescue, dcm platinum and next quarterly production update.

lol, yes I'm dubious about a lot of what's been in the RNS's. But not a long way to fall from these levels if its all nonsense, and any truth in them should see a far bigger upside. A few glimmers of hope, KPMG being appointed auditors last year, and changes to the directors across the various group companies (notably Phil Jackson slowly disappearing from all of them). Oh wait a minute, weren't KPMG auditors at Carillion?

That’s assuming of course that BMR haven’t already spent the 500k, and weren’t relying on the next JLP payment of £1m in the JV agreement in order to pay for the remainder of star zinc.

Supposedly box had started dealing with some high value transfers as part of the new service, including 1 involving a 9 figure sum. Speculation is that as a minimum that’s 100m, and if their fee is 0.5%, that’s 500k to box. But hasn’t been any updates on this since.

duster, difficult to know at this stage what JLP did and didn't know. All we can go on at the moment is what both companies have said in RNS's. JLP said the BMRs announcement was "totally unexpected", and that JLP "was not made aware" of the issue. BMR have not rebutted JLPs statement, so as it stands that's the story both sides are sticking with. However, JLP have not said that they didn't know about the issue, only that they were not made aware of it. Could it be a badly worded RNS, or a very carefully worded RNS? Another problem has been bugging me though - there's a deadline approaching of the 28th Feb. On this date BMR have to pay $170k as the final instalment for their Star Zinc project. (see BMR RNS on 5th Sep). They put up all removable assets at Kabwe as security, plus $570k worth of BMR shares at a 25% discount to market price. If BMR default on this payment, it could mean the end of the project plus our newly acquired shareholding in BMR is substantially watered down. Now the question is whether tailings are 'removable assets' under that agreement and whether BMR can make this payment with Kabwe now at a standstill and shares suspended, or whether JLP will have to cover it if this can't all be sorted out in time. We'd have to assume JLP will be seeking something in return.