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Good to see that both parties are still aligned in wanting the deal to complete, with no rifts apparent between either.

So it's down to the authorities to give the go ahead, having seen a protracted agreement between two parties drag on and in one of my other investments which eventually failed to materialise due to the government concerned dragging it's feet means you can't rely on anything until the official go ahead is given.

Hoping this deal does materialise with the meddlers being disappointed after doing all they could to scupper the deal.

Some interesting points of view today and excellent posts, I am sat browsing the paper and although comparing apples with oranges the financial side of things is not.

Easy jet lauded for reducing losses from £431m to £307m BT increasing net debt to about £15b from memory the other day cutting 10k jobs , Royal Mail £1b loss and the list could go on and on of companies saddled with huge debt.

These are all huge enterprises but one thing they all have in common is losing money.

We have here a superb company albeit with a rather low mcap with two products, when PGM prices were high chrome was low and now PGMs are not doing as well Chrome is high, and both are profitable, note the increase cash today, the two work well together providing financial stability in difficult times.

Ths has tweeted today about the looming Pt deficit so that is one of PGMs that I expect to reach new highs in the near future.

PGM Market Report reviews and forecasts demand and supply developments in the PGM markets, and is published annually in May. It gives an insight into each of the platinum, palladium, rhodium, ruthenium and iridium markets, and many include special feature articles.

The annual report is now available to download from Johnson Mattheys web site loaded with all the usual data, info and forecasts worth reading.

Good to see the timetable announced and not long to wait.

Another interview with Mark, a little more information regarding gold sales outside of Zim, Bilboes in this interview expected the oxides to produce about 50k ozs over its life, which it probably won't now due to lower than expected grades however he does reiterate the material has to be moved anyway to get to the sulphides and sulphides were the reason for buying Bilboes.

At Blanket details cost increases due increased electricity prices which they now have a new supplier and the rectification of winding failures and chute blockages.

https://youtube.com/watch?v=AFhwvtsKFuU&feature=share

Hi Sotolo,

Not so fast on the electrification front sales dived across the board when subsidies were cut in January in both Europe and China.

The IC article from March gives more details

https://www.investorschronicle.co.uk/news/2023/03/07/who-will-survive-the-ev-sales-crash/#:~:text=Global%20EV%20sales%20in%20January,government%20came%20to%20an%20end.

Thanks for that Freedom not sure why it posted as it did, your version is a hell of lot easier to read.

Interesting comment from MF Weekly with their view of the pgm market pt,rh and pd all being in deficit but prices dropping except for pt.

Regardless of their opinion if the metals are in deficit I would expect some stability rather than volatility.

Deficits for all three metals in 2023

Metals Focus expects platinum to record a far steeper deficit in

2023, which will be its deepest in our series. Palladium’s deficit is also

forecast to widen, while rhodium will end two years of surplus. For all

three metals, this reflects improving automotive demand, as supply

chain frictions ease. A lack of supply-side growth is another key

factor. Mine supply in both South Africa and Russia will face their own

respective challenges, while recycling will remain under pressure.

“In spite of these deficits, investors and market participants are acutely

aware of the longer term headwinds that automotive offtake is bound

to face as a result of electrification, especially for palladium and

rhodium” commented Wilma Swarts, Metals Focus’ Director of PGMs.

“Additionally, many OEMs are still overstocked or partially hedged.“

Demand gains and investor interest support platinum prices

Metals Focus expects the Fed to hold interest rates steady for the rest

of 2023. This, in turn, means that key driver of recent rallies in precious

metals prices during 2023-to-date are likely to dissipate in the months

to come. “We see strong price support stemming from platinum’s

deepening deficit and solid long-term fundamentals. However,

platinum’s closer link to gold will limit its upside, once that metal comes

under pressure as markets come to accept the lack of rate cuts“ noted

Wilma. “For these reasons, we forecast a 7% rise in the annual average

price to $1,030 for platinum.”

Even with a deeper deficit in 2023, Metals Focus cautions that

palladium’s price weakness will persist. “Palladium’s weaker long-term

demand outlook, owing to substitution and electrification, will weigh on

investor confidence,“ Wilma commented. “We expect the average price

to drop by 28% to a five-year low of $1,520 in 2023.” “Like palladium,

rhodium supply-demand outlook concerns will impact its price.” Wilma

added, “In addition, high stocks held by automakers and selling by

glass manufacturers will undermine rhodium offtake. This leads us to

forecast an annual average of $9,000, down 42% year-on-year.”

As per the interview below the production oz's at Bilboes was below expected however in total the oxides there was only expected to produce 30k Oz over a three year period, it will now be aimed to be run at break even which allows the company to continue to employ 150 workers it has there for the more important sulphide project.

So we have the financial implications confirmed for the previously mentioned interruptions at Blanket, which as stated have been rectified putting production and costs back on track as far Blanket is concerned.

What's interesting is the guidance for consolidated aisc have been revised and now do not include Bilboes is stated as $935-$1035.

This leaves questions regarding costs for Bilboes which at present we will just have to wait and see.

Good that the solar plant is up running and contributing, and the gold price is still holding above $2000.

On recent basket prices a couple of weeks or so ago my working including cash and a p/e of around 4.5 came out at 85p, so I decided to sell my last holdings here. Great company watching if the sp falls significantly or PGMs move back up, the market is close to fair value on current PGM prices imo I could be wrong though, good luck to all invested.

Been a while since I was invested here way back when they were drilling the central shaft, lost my nerve when the currency had it's issues, however the company still managed to perform through all the trials and tribulations of Zim.

So with the expansion into other areas took advantage of the sp decline.

Good to see the recently announced share purchases by insiders although modest by their wealth status, Jse has had imo a bit of misfortune if and buts, if Maari had come off, if routine maintenance during the pandemic had been kept on schedule at Montara, repairs done in dry dock, it's all water under the bridge now.

The future looks promising with Montara getting back on track slowly, Stag getting it's infills, the North West Shelf with further acquired interest expected, Akatara first gas due H1 2024, then the assets in Vietnam and Thailand.

It shouldn't go unnoticed that our misfortunes occurred when we entering a period of high capex activity, which compounded the lost revenue.

Management here have an eye for good quality assets at good prices unlike one of my other holdings sqz, management's reputation here has taken a hit but I expect them to respond and in time the sp to bounce back as they expand production and generate increased revenue.

Good to get the bond settled and paid off, the reopening of the onp in April is good news hoping that it stays open giving us more options for oil sales.

Recent production above 20k boepd has been great, introduction of dividends and buybacks bodes well.

The company is in a great position with more wells to drill happy to hold, especially as all seems quiet on the protester front and Ptal doing its bit for the local population.

Decided to take profits and move to the sidelines, will watch with interest what happens here, the reason is increase in aisc without explanation. Thanks to ISA some excellent posts and good luck to all holders.

Having thought about the refinancing and the deferred debt payments the company probably new a significant increase in alsc was coming which would impact what the company wanted to do, which was either continue to pay the debt down at a rapid rate or continue to drill and explore their other areas and quantify reserves but couldn't do both, so they have chosen to continue to explore, which in turn grows the company.
The transfer to gas should have a meaningful impact as Nigeria have plenty of it at reasonable prices for in country use, interesting times.

Can't disagree with anything you have said ISA, what has come as a surprise to me is on the guidance for this year the increase in aisc without any explanations, I think the unexpected rise this year to just over $1k is fair enough.
Any thoughts?

With hindsight repairing the FPSO in situ has turned out to be wrong decision repairs taking much longer and more expensive due to lack of bed space on Montara which is being increased horse and bolted comes to mind, plus the stand by vessel costing $8m, positives are production expected to average 6k including planned maintenance without it would be 7.5k for the 9 months to December.
More wells requiring gas compression coming back online shortly within weeks.

Good to hear Montara will become less important as other projects come to fore with future acquisitions likely to be in the areas of current operations.
Telling is the other FPSO is being towed to shipyard for repairs, some rebuilding of trust required, but I feel they have learned an important lesson.

Fabulous update today everything seems to be working like a well oiled machine, cash balance eye watering, Manolo has the midas touch, excellent company growth in difficult circumstances with the political backdrop.
Onwards and upwards.