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Regarding Mukai "pending MLC decision", the Mining Licensing Comittee (MLC) generally sit about once a month, although this has varied quite a bit. The last set of results were published on 17th June so we might get another update before too long.

RNS 6th June:

"The JVA and the transfer of the Licences to Copernicus have received Ministerial consent, the Zambia Revenue Authority has issued the required tax clearance certificates and the transfer of the Licences is now being processed by the Mining Cadastre Office of the Ministry of Mines and Minerals Development."

The four Mwashia Resources licenses were all "pending renewal" status in the Cadastre which means they have started the renewal process. Mukai has since changed status again to "pending MLC decision" which I'm guessing has something to do with the transfer to Copernicus Minerals but not sure about that.

How long it will take is anyones guess. You would think with the required approvals already obtained it shouldn't take that long.

I tend to agree with you Jeremiah I'm certainly not putting much store in the vague tweets. If the drills do show the same kind of mineralisation seen just across the license border (and why shouldn't they?) then we should be getting news direct from the company before long.

I see the shareholder page has been updated with the recent buys. Only minor adjustments to the Institutional shareholdings.

They already gave a timeline for completion. If people choose to believe it or not, the fact is it's already been disclosed so why shouldn't they buy?

"It has taken a concerted effort by the team to reach this critical point in the commissioning of the Roan Upgrade. I look forward to the team completing an accelerated commissioning and ramp-up of operations during the coming month." That was in June.

The full year results are not due. An operational update is due. Closed periods do not apply.

You can read the share purchases any way you choose really. It's a not insubstantial amount of cash and they presumably expect to get it back at some stage!

Travelcards very first post here was about a High Court case against Arc which he could only have known about if he was in on it. The case was brought in an effort to extort money from the company.... it ultimately came to nothing. One of a string of attempts to put barriers in the way of the Anglo JV going through... it makes you wonder what all the fuss is about eh?

It's pretty clear there's a big seller dragging the price down so it's possible the previous owners of Project M and G are seeing dollar signs and cashing in at least some of their holding. The shares were due to be admitted to trading almost a month ago and so it might have been going on for a while.

Maybe Leon and Neal were buying to generate some enthusiasm and get these shares rinsed through a bit quicker. Another big sell late in the day today.

Good to see we are in the same ballpark Gray, I try to be a bit conservative these days rather than assuming the best case. Yes hopefully chrome will surprise to the upside. I'm also hoping they include more information in the update than last year, all we got was a production summary with no revenue / cost information, it would be disappointing if they did the same again this year.

I think that's right Northern, although if they are in possession of information not previously released which might significantly impact the SP then they are under an obligation to release it asap or if they can't, refrain from buying or selling.

As they have already given guidance for last year and also guidance for Roan commissioning and ramp up... there's no obvious reason why they can't buy at the moment imho.

Maybe they shouldn't have bought any at all HD... would that have made you happy?

It looks like Mukai, along with Jacks and Mushima North, need to go through the license renewal process and also the transfer of ownership to the new company, Copernicus Minerals, before we might see any announcement of a JV. It's a shame everything seems to take an age to process but that's the way of things in Africa unfortunately.

Https://www.miningweekly.com/article/production-now-under-way-at-fqms-enterpise-nickel-mine-in-zambia-2024-07-24

The last paragraph may be particularly relevant to Mukai:

"...in the longer term, FQM would expand its exploration programme in Zambia, with an initial focus on the areas around existing operations, followed by prospective new sites across the country’s mining regions."

Leon buying as well... they are definitely sending a signal!

They did say there would be no more updates until the first hole is completed, therefore I guess we can assume they are still drilling.

Thanks Northern, it makes sense that if results are in line with expectations then they are not in a closed period. So potentially we could still see results relatively soon.

I thought I'd seen August for the next chrome module somewhere but couldn't be bothered to trawl the RNS's yet again so good to have that confirmed. It also ties into the satellite images of the Thutse area where it looks like lots of ground work / construction work is going on.

You would certainly think so Mikie, I don’t think he would be buying if he knew there were undisclosed issues at Roan.

Certainly good to see the CFO put his hand in his pocket! Does that imply the results are not imminent though? Not sure of the limitations when it comes to PDMR buys.

Interesting video with analysis of market dynamics affecting the chrome market. Good to see Jubilee getting a mention too!

https://www.miningweekly.com/article/china-south-africa-still-driving-chrome-supply-globally-2024-07-22

I see in my post with the calculations for last year I was confusing my years, I obviously meant FY24 not FY23 and FY25 not FY24 !