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Just realised that the landscape is now much greener following the rains, probably why the tracks now stand out much more than they would have previously! The greener vegetation really highlights the exact shape of the Banana Peel target and how it continues into our license area. Matches pretty well with the Cu-Ni anomaly too.

Could be wildebeest migration routes…. :-)

Datacheck, there are people on here who are probably much better qualified to answer that than me :-)

One of our recent RNS’s did state that we are looking at new ROM contracts for Sable, which would be acid leaching of the material. I’ve no idea what size of feed they require for that process though.

Link to podcast:
https://audioboom.com/posts/8242109-the-sunday-roast-zambia-special-glr-jlp-cgnr-afp-est-vast-prd

very interesting listen indeed.

Just looked at the latest satellite image at Botswana after not looking in quite a while.... very interesting developments there, some very clear tracks are present between the points I had identified as drill locations previously... they were not there before. The tracks also extend along the site of the 'Banana Peel' target which is adjacent to us and belongs to Khoemacau. Make of that what you will!

Shorteverything:

1. If you are going to deramp a share maybe try using a less obvious username? Who is going to trust someone with the name shorteverything?

2. I suspect English may not be your main language but still… even derampers would be embarrassed by your pathetic attempts to deceive people. If you payed more attention to people who have done some research you might actually make a good return here like I have!

Looking more closely at Galileo’s Luansobe open pit project, its actually located North of Mufulira, a long way from Kabwe. I don’t know if they would send material to Sable for processing but it would be ideally located for the planned Northern refinery and concentrator at Kitwe.

Then again the Xtract project is almost as far from Kabwe too and the RNS does state:
“ A 250t bulk sample has been delivered to the Kabwe Refinery for drying, crushing and sampling ahead of negotiations for the future processing of ore production”

Colin will only make out ok if Jubilee make out ok so I don’t follow your logic (as usual).

Thanks Pastyhead, I remember seeing the Galileo one, but hadn’t seen the one from Xtract. I. Guess its a win-win for Colin!

I’m hoping that the next update with put a little meat on the bones regarding this new method and what the potential is.

One thought that occurred to me is, how easy would it be to scale up the direct leaching at Sable? Do we have access to enough raw material locally to make it worthwhile. Imagine if we could scale up enough to use a large part of Sables refining capacity (14,000 tonnes /year). That could potentially free up part or all of Roan’s concentrate to feed into the new Northern refinery, dramatically reducing transport costs and providing a quicker route to high grade copper from the North. All just conjecture of course but in theory what would prevent this from happening? The fact that they are already looking at new ROM contracts for Sable suggests they want to scale up production there.

HD, how Jubilee is going to hit that 10,000 tonne target is a fair one and something I’ve wondered about too. As you say Leon stated in the last presentation that Roan expects to produce between 600-800 tonnes per month (or 7,200-9,600 tonnes / year). In a ‘normal’ year at full production they have also targeted 12,000 tonnes per year, which means they expect to achieve over 2,000 tonnes per year through 3rd party material, direct leached at Sable.

I think the last couple of updates have hinted at increased production at Sable through the new process of direct leaching mixed oxide and sulphide ores, here are a few extracts from those RNS’s:

“Sable has also successfully commissioned the direct leaching and refining of copper sulphide material in addition to the recovery and refining of its copper oxide concentrates. In doing so, it has successfully bypassed the traditional power intensive, smelting process used by the industry for the refining of copper sulphide materials, significantly expanding Sable's processing capability.”

“Sable has also successfully achieved the direct leaching of copper sulphide from mixed copper concentrates at operational scale. This leading refining approach offers further diversity to its operational capability to target mixed copper oxide and copper sulphide concentrates which Jubilee has identified as a significant growth opportunity.”
 
“As previously announced, the Company has been focused on a direct leaching approach which by-passes the need for traditional power intensive smelting of copper sulphide concentrates. These trials have been extremely effective and not only allow for significantly lower operating costs, but also for Sable to produce copper from mixed materials such as copper sulphide and copper oxide ores. Jubilee believes that this new approach to extraction offers significant growth opportunities in the country. As a result, the Company is examining new Run-Of-Mine material agreements with third party producers which offer the potential to further enhance growth for its operations at the Sable Refinery.”

"In Sable, we have now successfully implemented a new way of producing copper in Zambia, which bypasses the need to smelt the material, which is expensive and energy intensive. This new extraction approach allows for multiple ores to be produced at once, similar to what we have achieved at our Inyoni PGM plant in South Africa. This is a game changer for Jubilee and opens new opportunities beyond our existing operations in Zambia.”

Thanks Chester, good to know we are broadly similar.

Yes I noticed there was quite a substantial drop in cobalt, presumably weaker demand from China, although I haven’t looked into the reasons. I did update my spreadsheet with the current price for H1 2023 so my estimate of US$66m stands. In the longer term I can only see demand increasing.

The interesting thing that’s not yet taken into account is the effect of the new sulphide leaching process, both on costs and also on production targets. I’ll be interested to see if Leon reveals any more about that in the next update.

Basically the empty square (which did fall within the 33402-HQ-LML) has now been filled in blue, so it is as if it never existed. The current license and the applications now show no trace of it.

If you’re out you’re out…. Nobody cares.

Yes I know the license was removed already, but there was still a physical square area marking where the license was. That has now gone too. No big deal but it shows things still being worked on.

I might have missed it yesterday but just noticed that the license area that was around Fwiji (24958-HQ-SEL) has now completely gone from the Cadastre.

I’m hoping my 10% reduction for load shedding proves to be overly pessimistic, several companies based in S Africa have reported results recently, and the impact doesn’t seem to be that bad for any of them. Of course you can always ignore the numbers and go on ‘gut feeling’.

Here are my calculations for H2 2022: https://tinyurl.com/ycksmwj3

I have allowed 10% reduction in chrome / PGM production due to load shedding, I have not included any contribution for JV in PGM production (22,000 oz only)
I have not included any contribution from cobalt as I believe we only started to sell in January.
I have used the stated 3,000 Tonnes of copper.

My calculation shows potential earnings of approximately US37m for the period. That compares with a reported US$31.5m for the first half of 2022. Now this may not seem like a massive jump but when you consider that the earnings / ounce on PGMs went from US$1,800 / oz in H1 to US$1,000 / oz in H2, that’s a drop of nearly 45%, to still be increasing earnings despite that is very impressive.

My estimate for the send half of 2023 is in the order of US$66m using current metals prices.

So you are saying you ignore the facts and go on ‘gut feeling’.

Yes even the most pessimistic of ‘concerned investors’ would have to concede by now that the JV is an inevitability, just a matter of when not if.

What we are seeing in the cadastre could be lagging behind the actual situation, I very much doubt they have people inputting the very latest updates in real time, after all, there are many other licenses to deal with as well as the ongoing clean up of the cadastre. It would be a shame if they couldn’t get it finalised for Indaba but it’s not the end of the world either.