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Just curious why you are still hanging about when you have already sold up? Maybe you like the sparkling discourse.

Why are you still hanging around, thats the question? Nothing better to do?

You have no way of knowing that. It might be that they are looking to drop the case against him in return for the reciprocal.

They updated it just a couple of weeks ago.

I wouldn't put too much faith in that list of investors Shuvlin, Fidelity sold up ages ago (it does show them currently holding zero shares). Quite often these lists are well out of date.

"The Company is advancing a dual-track approach, assessing potential strategic transactions alongside a standalone development pathway."

To me that reads like they are potentially looking to sell off or JV part of the licenses whilst in parallel developing part themselves. Possibly looking at the Cheyeza East oxide project as a cash generator? Just speculation.

The "new" project near Konkola didn't sound like it was going anywhere due to due diligence uncovering legal issues, the last thing they need is another project with legal issues!

I do hope they are not looking to concede anything further to MM, he's already proved on many occasions that he can't be trusted.

Well those complaining about further issue of shares need worry no more.

Sorry that should have been quarterly production of 400-500 tonnes of oxides (at Roan) not monthly.... wishful thinking I guess!

There should be at least 800 tonnes of copper oxide in fines waiting for the dewatering circuit to be completed as well as current monthly oxide production of 400-500 tonnes so things are not quite that bad Bob!

I would expect that the sulphuric acid they were buying in country from Mopani and the Chinese is a by product of the smelting process which we can't produce at Sable. It's possible they could manufacture it from sulphur bought in from abroad (I don't know if that is the case) but a good percentage of sulphur is sourced from the Middle East.

Well hopefully today's events should ease concerns about availability of sulphuric acid assuming the deal doesn't collapse in a heap.

Maybe it will go on the balance sheet when they have finished paying it off and when they have an official resource estimate. You would have to ask the company about that.

Selling 4% of the LWP for US$6.75m gives an implied value to Jubilee of US$170m if they did nothing with the dump but sell it on. When that deal was done the copper price was about US$9,500 which means the implied value right now is over US$200m. That's just what it's worth to Jubilee, not its actual value. In order to unlock more value they need to upgrade it onsite. They can either do a basic upgrade which is just a mechanical sorting process or a more extensive (and expensive) chemical leaching process which would upgrade the concentrate much more (25-30% cu according to Leon).

This is the same situation with the large piles of low grade waste at Molefe. They have already talked about a two stage upgrade process, the first stage which should begin construction in the next few months, is the mechanical upgrade which should concentrate the low grade up to something like the high grade material and allow more to be shipped to Sable in the short term. The second part of the upgrade would apply a leaching process to the upgraded material and take it further to a high grade (25-30%) concentrate which can then be precipitated out as a solid and then trucked to Sable. Obviously the trucking costs would then be significantly reduced.

The situation at Roan is frustrating for everyone but even if they are not hitting the kind of numbers we were lead to expect, it should still be profitable at current copper prices. I think that where we have been misled a bit is that the original 10,000 tonne target was likely to be mainly in sulphide concentrate which sells for a lower price. Now they are producing mainly oxide concentrate which will go to make cathode, selling at full LME rate.

Edzi just a few posts ago was saying he was thinking of buying back in and yet all he has done is slag off the company since then.... disingenuous much?

Was that promised for this financial year Boring? I don't think so. You really are a chancer.

We still haven't heard if FQM are planning to drill at Mukai this year, they need to do that to keep the JV active. My feeling is that Mukai could potentially be an 'Enterprise' like Nickel / Copper deposit rather than a Sentinel like copper deposit but either one would be good! The geology at Mukai is analogous to Enterprise and initial drill results showed both Cu and Ni at low levels.

Mupala is another potential surprise for this drill season. They already identified a copper in soil anomaly in a very key area, just a few km from where Anglo American drilled 40m @ 0.6% copper and along the same basin edge. They really need to find a way to get on with these other licenses because of the 'use it or loose it' system in Zambia, every time the license needs to be renewed you forfeit half of it. It would be a shame to have to give up acreage that you haven't explored yet.

Interesting to see SP Angel has given Tertiary a target price of 0.26p. The first time we've had any broker rating at all in quite a while!

I'm still hoping for JV news on one or more of the other projects in the near future... we shall see.

How exactly would that work? They are looking at partnerships with established operators who have processing capacity already. As far as I know, Colin Bird doesn't own any processing plants and doesn't have the necessary capital to fund the roll out of modules.

I noticed in the H1 results RNS that there was this comment on the LWP:

"The Company has progressed partnership discussions with two preferred counterparties, both established operators in Zambia, in respect of a potential joint venture to advance the Large Waste Project towards copper cathode production. These partnerships are expected to support the efficient development and monetisation of the project. "

To me that reads as they expect to progress both of these partnerships in tandem. Leon has said in the past that the project is so large in could support multiple operations so maybe this is the case.

JL I noticed you posted some numbers on the Galileo board... your estimates for Galileo's margin seemed way too optimistic to me. You do realise that Galileo are only earning in to a share of the RoM sales to Jubilee rather than the copper cathode / sulphide concentrate sales right?

Maybe you should do some calculations of your own Kalan instead of relying on whatever it is that SirBoring was trying to say. My calculations suggest that at current copper price, once Roan dewatering is running and pushing more concentrate to Sable the expected revenue would be somewhere around US$60m / annum. If you assume costs come down to US$7,000 / tonne once production increases (I would hope that is very achievable) then gross profit would be something like US$24m / annum. That's before we start to see any significant increase in production from Molefe.