The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Having reviewed the Premier Miton funds which have a holding in Jubilee Metals I decided to switch about 10% of my pension funds into Premier Miton UK Smaller Companies Fund. I bought these on the 11/01/2021 for 356.48 pence per unit and as of last night were 401.65 pence per unit an uplift of 12.67% in six weeks and is my best performing pension fund this year.
This is just an observation and is not investment advice. This fund is high risk with 63.3% of the funds invested in FTSE AIM.
Also of interest is that Jubilee Metals are the number one holding in this fund and their holding per their factsheet shows the holding in November at 4.6% increasing to 5.6% in December and reducing to 3.8% in January, which suggests some profit taking or realignment of risk?
Reviewing Morning star ownership details of Jubilee Metals l see that Miton have two funds Owning 4.2% of Jubilee around 85M shares.I don’t remember seeing the Mircocup fund the other day but I maybe wrong. Interestly both funds have Jubilee as there top holding with over 5% of the funds
I i’ve had this.
I posted this on the morning of the 6 Months trading update so may have been overlooked
I have carried out some more research for institutional investors specifically Premier Miton fund. What surprised me was their holding of 4.6% as of November 2020 is their number one holding by a considerable distance. They are showing that their investment has increased to 5.56% as of December 2020 and shows how confident they must be in this share.
Morning Star are showing Miton as owning 49 million shares and 2.33% of JLP
Not sure how up-to-date this figure is but suspect may not include latest buying of Jubilee shares which may have pushed us over 3%.
I have carried out some more research for institutional investors specifically Premier Miton fund. What surprised me was their holding of 4.6% as of November 2020 is their number one holding by a considerable distance. They are showing that their investment has increased to 5.56% as of December 2020 and shows how confident they must be in this share.
I have a drawdown pension scheme with old mutual and I am responsible for making my own investment decisions and I have recently Swapped my funds around and I now have 10% of my pension invested in this fund.This maybe rash but demonstrates my confidence in this share.
This is not investment advice and DYOR
I found this useful in understanding the company’s business going forward,their targets for production and timescales for bringing the projects online. Reveals chrome profits will be substantially higher than last year with profits achieved north of $20per ton. Also anticipate further deal to be announced before 31st December on further copper tailings taken our resources north of 300 million tons. I can only see this adding more imperdous to the SP next week.
NorthernShark thank you for your summary of yesterday’s without which I feel most useful. In it he might reference to VAT Nick
NorthernShark, Thank you very much for your summary of yesterday‘s webcast, which I found most useful. We need to look for
NorthernShark, thank you for your summary of yesterday’s wife no
NorthernShark, thank you for your excellent summary of yesterday’s webcast which I found most useful. In it you make reference to the possible resurrection of BHP nickel project. I am a relatively new shareholder Jubilee and I have not come across any reference to the BHP deal in myresearch. Please could you Give a little more detail/history of the deal and the potential benefits to Jubilee in the future.
the following observation for the BB to mull over and calculate a new NPV
From an article I read the PGM 4E basket mix from Bushveld ore is
UG2 Merensky Platreef
Platinum 53% 62% 43%
Palladium 36% 29% 48%
Rhodium 10% 4% 3%
Gold 1% 5% 6%
Apparently ours is UG2 ore type
Jubilee targeting 270,000 ounces per annum
oz
Platinum 53% 143,100
Palladium 36% 97,200
Rhodium 10% 27,000
Gold 1% 2,700
270,000
2012 average prices and revenue
$ per OZ $ Total
Platinum 1,550 221,805,000
Palladium 640 62,208,000
Rhodium 1,280 34,560,000
Gold 1,660 4,482,000
323,055,000
2020 average prices and revenue
$ per OZ $ Total
Platinum 990 141,669,000
Palladium 2,180 211,896,000
Rhodium 7,800 210,600,000
Gold 1,550 4,185,000
568,350,000
Uplift in revenue 245,295,000 75.93%
Tjate NPV value 2012 $1.1 billion
Tjate NPV value 2020 ?
Iam still trying to get to grips with this share so please be gentle if i have ****ed the maths or logic up!
didn't like being copied and paste from Excel
should read revenue as follows
Q42019 Q12020 Q22020 TONS $ PER TON REVENUE $
Copper 250 750 1200 2200 5,900 12,980,000
Zinc 0 0 1000 1000 2,350 2,350,000
Vanadium 0 0 0 0 25,000 0
Lead
Thank you TT&BB2 for your recent postings on this subject
The information we have on Kabwe is somewhat sketchy but I estimate the 2019/20 revenue to be
Product Q4 2019 Q1 2020 Q2 2020 Tons $ per ton Revenue $
Copper 250 750 1200 2200 5,900 12,980,000 Zinc 0 0 1000 1000 2,350 2,350,000
Vanadium 0 0 0 0 25,000 -
Lead 0 0 0 0 2,000 -
15,330,000
first copper produced Q4 2019, targeting 250 tons per month Q1 2020, ramping up to 400 tons per month in Q2 2020
first zinc in Q2 2020 targeting 8000 tons per annum
First vanadium in Q3 2020
First lead in Q4 2020
Jubilee stated the plant would run at an initial rate of 20 tons per hour before ramping up to 40 tons per hour
BMR stated the plant would run at 5 tons per hour (24/7) and produce 15000 tons of zinc and 2300 tons of lead per annum
BMR production rates are somewhat higher than those of Jubilee which suggests to me that Jubilee have been
conservative with their figures which Leon has hinted on recent interviews
As to project profits, I haven't got a scooby-doo what costs Jubilee will allocate
BMR gave a guidance OPEX cost $120/tonne of tailings treated which I calculate would have given the following results
Sales $
Zinc 15000*2350 35,250,000
Lead 2300*2000 4,600,000
39,850,000
OPEX 5*24*365*120 5,256,000
Gross profit 86.8% 34,594,000
Difficult to compare BMR process which was zinc and lead extraction with Jubilee process which is copper and zinc extraction but I would be disappointed if Jubilee cannot achieve a 50% margin