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Thanks for the link Mammon, interesting to get an idea of how the Jetti process works although I have to admit the technical details were a bit too much for my ‘A-level’ chemistry!

There is mention in the WH Ireland research note about the copper / cobalt rich smelter s la g s at Mufulira tied up in a silica glass, maybe that’s what you were thinking of:

https://jubileemetalsgroup.com/wp-content/uploads/2021/12/FN-JLP-091221-reissue.pdf (Page 6)

Yes it wouldn’t surprise me if this process is something Jubilee is already looking at or actively working on. As you say it would be interesting to hear his thoughts on that.

DrMike, yes I did wonder about the ‘catalytic’ element of the process. Reading more on the Jetti website they are targeting chalcopyrite which can be difficult to process due to a passive surface layer which prevents effective leaching. Breaking down that surface layer allows huge volumes of low grade material to now be processed cost effectively. Rio Tinto are developing a similar technology.

I think there’s little doubt that competition is going to increase dramatically as mining grades fall and reprocessing breakthroughs like this make it more economically attractive. That’s why its key to secure high quality tailings now before someone else does!

I noticed that JLP got a mention on this weeks Sunday Roast podcast. They were discussing Galileo Resources Luansobe Project which is 15km NW of the Mufulira mine. There was some brief talk that they might JV with Jubilee to process RoM. No idea if that was pure speculation or if they had been talking to CB about it. Sounds like the kind of thing Colin would try and do.

https://www.miningweekly.com/article/coppers-biggest-mystery-is-finally-cracking-2022-11-28

Interesting article, Jetti Resources has developed a new method to chemically unlock previously unprocessable sulphides and allow them to be leached. Is it possible that this is the same kind of process that Jubilee has just announced? Jetti is attracting lots of interest off the back of this process.

I see that XTR is tanking, I wonder if people are jumping ship to here? Unless its someone in the know :-)

Grades pretty much what Ella expected… hardly surprising is it when you already know what they are :-)

It’s my understanding that previously the oxides and sulphides would be separated out using floatation, with the oxides going on to the leaching process and sulphides going to a smelter. It’s not clear if they still need to do this separation process first before leaching oxides and sulphides separately or if they are able to leach the mixed material. Either way they will be able to capture more value from the sulphides by processing it in-house rather than sending it to a smelter to be processed.

Arc have admitted that drilling so far has been guided by surface anomalies in the soil sampling geochemistry data, picking the ‘low-hanging fruit’. That has been successful in locating high grade oxides at Fwiji and Cheyeza East with indications of deeper sulphides. Drilling based on surface anomalies will only get you so far though, that’s why we need a major like Anglo American, who will be able to draw on experienced geologists to interpret all of the data that we have, plus their own historical data, to pick the best drilling targets.

AA are only interested in tier 1 potential, so its obvious that they see that in our licenses or they wouldn’t have committed to such a deal in the first place.

https://twitter.com/NavSeis/status/1595062178281054208?s=20&t=8p3FDF3LSAATYFf2ut4zVw

This shows geochemistry data from soil sampling, overlayed on the original EM survey. Highlighted in red are two available licenses which show anomalies connected to our licenses,

You might be right Mikie, I was assuming 45% margin on the sales price but as always with Jubilee RNS’s, there are as many questions as answers! Still it’s early days and they are only just going into commercial production, I’m sure we will learn more as things progress. It’s looking like US$100m is more than achievable for this financial year though. That’s very good news.

Great news that the 1,200 tonnes / year is CONTAINED cobalt and not the cobalt carbonate (hydroxide?) final product that was stated in the recent presentation. It looks like the WH Ireland assumption of 20% was pretty close, it actually works out as 22.7% contained cobalt. Assuming they were also right with 80% of cobalt price being paid for the contained cobalt I would calculate earnings from cobalt for H1 2023 of:

(50+50+75+100+100+100) x (51955 x 0.8 x .45) = US$8.9m

That’s ramping up to 100 tonnes / month by April.

Production costs must be pretty high to only get a 45% margin, I estimate around US$22,700 per tonne of contained cobalt or US$5,100 per tonne of cobalt carbonate.

Also good news about the direct leaching of copper sulphides being implemented at Sable, I thought that was only planned for the northern refinery. Hopefully that will allow them to maximise capacity at Sable.

I was just checking back to see what the costs were to deliver the Southern Copper operation.
Total Costs of US$48,000,000 including:
To buy Sable US$12,000,000
To build Roan US$20,800,000
The remaining US$15,200,000 must have been Sable refurbishment.

It will be interesting to see what the Northern refinery purchase costs are and how the partnership with the existing owner (Mopani?) will be structured.

You might be right Northern, I hadn’t spotted that split on the production. Clearly if they can achieve 7,000 tonnes in H2 they must be targeting 14,000 tonnes / year eventually. That’s good news, assuming it’s achievable.

As I understand it:
Sable nameplate capacity is 14,000 tonnes / year.
Roan nameplate capacity is 10,000 tonnes / year (actually they quote 800 tonnes/month = 9,600 tonnes / year).
The target for a full calendar year is 12,000 tonnes so presumably the shortfall from Roan will come from the 3rd party material. I guess there must be a reason why they are not utilising the full Sable capacity but I’ve no idea what it is. It would be nice to know.

Chipunastone Investments (23751-HQ-LML) are a subsidiary of a Chinese company and it looks like they haven’t filed a tax return since 2018… oh dear. That license contains roughly 5-6km of Roan group outcrop, which continues from our licenses… potentially quite interesting for someone. It’s no Arc Minerals of course ;-)

I see another license area adjoining the Afrimin Resources license to the west has now been made a bidding area. I’m imagining the CEO’s of all the big mining houses jostling for position outside the Cadastre offices this morning ;-)

Equinox Minerals, who previously held the licenses which encompassed our current licenses, and jointly explored them with Anglo American in the 90’s/00’s, went on to discover and mine the Lumwana deposit. In 2011 in a ‘Voisey Bay’ type bidding war, Barrick Gold bought Equinox for US$7.3 billion (they later had to write down US$4.1 billion of that).

Anglo American had previously terminated the JV and left it to Equinox to explore, although they kept a ‘claw-back’ clause which allowed them to buy back in to 70% should a significant find (3 million tonnes Cu) be discovered. I guess they never did activate that clause! I guess they won’t be making that mistake again!

Well spotted Nat, I should have looked a bit harder! Oh well, at least we now know who it is, not that it makes much difference.

I checked back to see if anything significant happened on the date that those 6.12p warrant shares were issued and found this:
https://www.lse.co.uk/rns/JLP/jubilee-acquires-significant-equity-position-bmr-zede10jtbt237l7.html

Cheers Colin!