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I’m really beginning to doubt they are sells. That volume of shares in just a few trades is the equivalent of our total volume for the last few months. Surely that’d have normally caused the SP to collapse, but it rose today nstead. And remember last week we had a couple of days of big rises for no apparent reason, could be a bigger story unfolding here.

Well 44m shares is about 3.3% of the total shares. No one else holds a single stake that big, so that trade must either be BMR shares, or the other alternative is that it's actually a buy? If it's a buy, then perhaps the others were as well?

Either way, you'd think a holdings notification should be on its way.

A late trade has just appear of 44m shares for near enough £1m. What do we suppose that's about?

That on its own is almost BMRs entire holding, so all the big trades reported today can't be BMR selling.

Good luck with the trading Kalan. If you've got a plan then it's always best to stick to it, panic buying and selling is an easy way to lose money! But hopefully over the next year whether you buy at 2.3 or 2.6 now will be pretty immaterial, it's all lining up nicely for sustained earnings growth for at least a year or two as our projects come on stream and ramp up production. Sooner or later that's going to start having a positive effect on both the Mcap and SP.

Sumo, they are going into todays volume total. The really big sell, 9.7m, is a delayed trade from first thing yesterday so its not reported in todays volume. May explain the big SP drop yesterday.

No, seems a little strange. Maybe MMs want stock in preparation for upcoming news?

Yes indeed, Vanadium will be significant. According to this article, prices are up 550% since 2016 and only 80,000 tonnes of Vanadium were produced last year.

http://www.mining.com/vanadium-price-leaps-near-record-high/

BMR estimated they could produce about 45,000 tonnes of V from the tailings dumps after factoring in a recovery rate of about 65%. There's potential here to be a pretty big producer of V on the world market, especially if LC can improve on that recovery rate.

Interesting bit of news in there that’s been the subject of lots of speculation. LC says palladium accounts for about 40% of pgms we’re producing.

Isn't Special Resolution 9 passed at the AGM to allow up to 14.95% of the shares to be bought back?

34Deg, that'd seem the most likely scenario based on how LC has referred to it. Also, with the purchase of the platcro plant yesterday, we might be stretching ourselves a bit to much to purchase another plant outright so soon.

Another Northam style deal could be a possibility as well, where instead of us paying for access and paying for plant refurbishment, we agree a profit share arrangement on what goes through the refinery.

LC stated yesterday that the fine chrome circuit at DCM is now running, with chrome production expected to start in the next few days. So that should give us a full 6 months of earnings from it for this financial year. It seems likely that we have turned the corner to be at least breaking even at a company level, so any increased earnings from projects now is surplus cash.

Yes I agree, not entirely clear on just what the deal involves. I think the rights we previously bought covered the PGMs in the surface stockpile, and chrome had to be removed first before we could move the tailings to northam. So not much has changed there for the PGMs, but we now own all the stockpile including chrome. Then there's the chrome processing plant, which seems pretty clear, we now own it. That may help with the PGMs as we'll be able to fine tune it according to the best method taking into account PGMs tailings have to be moved. In addition we can upgrade the plant to maximise chrome recovery. It also seems pretty clear that the stockpile the plant is processing is increasing. 500,000 tons in 2011, 1.25m in 2017, and 1.8m now. What's not clear is where is the material feeding the stockpile coming from, will that material keep coming, and on what terms. Looking at our 2011 deal that fell through, chemstof, who own platcro, also have a mine. So unless that mine is closing, then there's the source of future material, maybe under a toll processing agreement.

It would appear that we've had our eye on platcro for quite some time. Platcro Minerals is owned by Chemstof according to the DMR, and way back in April 2011 we had an announcement that we were in negotiations to buy 51% of Chemstof and 59% of Platcro. The 2011 deal included an operating chrome ore beneficiation plant, prospecting, mining rights to near surface platinum containing chromitite reef and the rights to the 500,000 tons surface stockpile.

Then in July 2011 the deal was cancelled with the following statement "The binding MOU was allowed to expire by the Company principally as the result of the Company being unable to satisfy itself on the security of the mineral rights."

So now we have a deal that includes full ownership of the plant and what's on the surface, and removing the previous question marks on mineral rights.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=JLP&ArticleCode=kv30jsk1&ArticleHeadline=Voluntary_update_on_the_Binding_MOU_on_Acquisition

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=JLP&ArticleCode=x0hru1yx&ArticleHeadline=Withdrawal_of_Cautionary_Announcement

BB, that does look to be a major advantage with this deal. Unlike our previous deals where we have to wait for decisions to be made, a plan to be developed and then construction of plant, we'll be generating earnings immediately as its a going concern. The current £4.3m earnings will pay for the cost of the purchase within two years, and those earnings are about the same as Hernic achieved last year.

So we've pretty much doubled our earnings from last year with this deal, and we've got increased earnings from Hernic and DCM coming through, in addition to the Platcro PGMs starting in Feb, and then Kabwe next year as well. 2019 could be a good year.

It looks like that the market is 1st seeing the 2.5p share price involved, and therefore sees no upside from where we are; and 2nd, buying a profitable operation that generates £4.3m earnings for £8.3m sounds too good to be true so there must be catch.

With regards to the 2.5p SP, this deal wouldn't have been pieced together overnight, so when the 2.5p was agreed it probably represented a pretty good premium to the SP at that time. As for a catch, I don't know, it looks like a good deal for us. Typically with JLP news though there are some questions, such as where does the material being processed come from? Will the supply continue when we take over ownership? What are the terms on which we will process the material, i.e. do we buy it or will we be toll processing?

Yes that's it! Maybe through with the future supply of PGM material safeguarded with our own operation it will become more economical in the long term to build a PGM plant at Platcro rather than trucking the material to Northam/Eland. For now though, we have access to a large capacity PGM plant, so no need for that kind of expenditure in the short term.

And LC does say in the Directors Talk interview this morning that the fine chrome process improvements from DCM will be applied to Platcro. He states this "releases tremendous upside on earnings"

Not necessarily, there's no mention of a placing so it looks more likely the shares are going directly to the seller of Platcro, rather than the shares being sold to investors with the cash raised going to the seller.

The northam plant we're using for Platcro tailings is at Eland, which is an operation they bought from Glencore. We're currently moving the PGM tailings post chrome removal from Platcro to the Eland plant.

The rational given to us when that deal was announced was that it was cheaper for us to use the existing Northam/Eland plant than build a new plant for PGM recovery at Platcro.

Shut down until next summer? Does summer start in February when we'll be drilling at winx? Lol.

Worth listening to, a few other hints news to come shortly. DCM fine chrome circuit is now running, and expect to start producing chrome through it in the next couple of days, with process to be stabilised in December. Will also be updating shareholders soon on plans to 'gain access' to a zinc refinery at Kabwe. Not clear whether this means buying it or if it'll be a deal to lease it.