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Edzi, there is a little box in the top right corner to control the zoom percentage, it works fine for me when I zoom in using that.

As for the Thutse modules, I have no idea about the control systems for them but they certainly won't be as complex as at Roan. They have also done that setup multiple times already so hopefully they are on top of it. Time will tell.

I was just re-listening to the roast podcast from the end of March with Charles Archer and he asked about the additional chrome modules. Leon said then that the first one started construction in November and should take another 2.5 months or so to be constructed... so in theory it should already be in place. Even with a few delays it should be relatively soon. That will make a substantial difference to this years earnings.

https://www.thesundayroast.net/podcast/episode/51127872/s7-ep29-midweek-takeaway-with-leon-coetzer-ceo-of-jubilee-metals-and-charles-archer-long-term-ftseaim-investor-and-freelance-financial-analyst-aimjlp-jlp

Thanks Mikie, actually once the sheet is all set up it doesn't take that much effort to update it. I also think chrome could potentially be more in Q4 but also you have to factor in the cost of buying the ROM will be linked to the chrome concentrate price in some way so you can't expect it all to go to the bottom line in my opinion.

I don't remember exactly when the next chrome module was due to be ready but August rings a bell... anyone remember? Hopefully we get more detail on that in the next update, as well as news on Roan of course. Then it should be possible to work out a better estimate for chrome earnings this year.

Copper boom missed! You are having a laugh I presume? It's barely even got started yet.

I see the Donkey has already moved on to deramping FCM. What a sorry excuse for a human eh?

I wasn't going to bother posting my calculation for last years FY results but what the heck, it's something to talk about while we wait for the official numbers: https://rb.gy/tc96ui

Obviously the key driver of sentiment in the short term is going to be Zambia and what news we get from Roan, but for me the key earnings driver over the next 6 months at least will be chrome. The next two 'cabs off the rank' so to speak will be the two additional chrome processing modules for Thutse. If my estimates for chrome in H2 FY23 are close to reality then we can expect big things from chrome in FY24 (chrome price dependent of course). That is one of the key numbers I will be looking for in the next update.

Are you speaking for most investors now Sumo?

Raider, yes that certainly makes sense theoretically. The website indicates 2,000 tpa for Munkoyo, based on the numbers you have used. It's certainly good to see it laid out like that as it's then more understandable exactly how that tonnage is arrived at.

In reality though, they are not currently pre-concentrating the material, instead sending it direct to Sable for processing. The volume being trucked is 25,000 tpm (compared with the theoretical 20,000 tpm) and the estimated grade is 3-4% according to the RNS (24th June), so I would estimate currently they could produce something like 1,500 tpa of cathode (plus an unknown amount of sulphide concentrate).

Once the modular concentrator is in place then they should be able to produce approximately 4,000 tpa of cathode (based on 3% average ROM grade before concentration) plus sulphide concentrate. The RNS (18th April) states:

"Project Munkoyo is expected to commence with a 300 000 tonnes per annum mining operation that could potentially deliver an additional 4 500 tonnes per annum of contained copper to Sable for refining. "

Presumably this would include sulphide concentrate too.

Https://youtu.be/pWIJ8dsA7So

Jubilee from 1:10:28

Sorry that's a bit optimistic, my fault for trusting my brain instead of a calculator! Maybe 4000-5000 tonnes of copper.

Thanks for the endorsement Edzi but I've never had a reply to any of my questions anyway so it's probably irrelevant!

Shuvlin, one point we should note is if the average grade before concentration is 3-4% then it should be 3 times that after concentration so the copper produced by a 20,000 tpm module could in theory be 6,000 tonnes or more, so you can see how Sable could then quickly reach capacity.

Shuvlin, if you work it out for 240,000 tonnes in a year, upgraded from 1.5% to 5%, that means you would be concentrating the 240,000 tonnes down to (240,000 x 1.5) / 5 = 72,000 tonnes at 5%, which would equate to 3,600 tonnes of contained copper. The expected recovery is (according to the WH Ireland note) something like 65% which would be 2,340 tonnes. Not far off the 2,000 tonnes that is stated in the diagram, so the numbers seem to make sense. What is actually produced in the real world, we have to wait and see.

Summit with his usual well researched commentary as he does on every board he posts on. I’m surprised he didn’t throw in an emoji to pad it out a bit.

Bobbill, in order to start to filling capacity at Sable, they need the modular concentrators to be in place and we don’t know when that is likely to happen, I doubt it will be before the end of this year.

If you look at the diagram on the website, it shows Munkoyo producing 2,000 tonnes of copper annually, based on 20,000 tonnes / month processing module upgrading material from 1.5% to 5%. At the moment they are sending material to Sable (targeting 25,000 tonnes / month) without upgrading it. If you assume 3% average grade (they quote 3-4% in the RNS), that would be potentially 1,500 tonnes of copper annually. Project G is similar although targeting 20,000 tonnes / month of feed to Sable, which would be potentially 1,200 tonnes of copper annually. So a combined total of 2,700 tonnes of copper (potentially) annually. The game changer would be when that material gets upgraded first before going to Sable.

Dorfan, it's important to remember that they are quoting capacity and not immediate targets, I think that's where some peoples hopes are getting raised of this happening in the short term. The capacity of Sable has always been about 12,000 tonnes and the capacity of Roan was (in theory) 10,000 tonnes before any upgrades happened... but of course we have never come close to filling that capacity as of now.

Also remember that part of Roan's capacity (oxide concentrate) will go to feed Sable in the short term so you can't count that in the overall capacity or you will be counting it twice. In the longer term they have talked about separating the two operations completely, then you can add the two capacities together. In the last RNS they quoted a target for Roan of 8000-9000 tonnes, much less than the 13,000 tonnes stated previously. That is something I want to have clarified.

As for FY24 targets, we already know that copper has been revised down to 3250-4000 tonnes because of the delays with Roan. FY25 we are not going to come close to 25,000 tonnes of copper, again that is only a capacity. It will likely be nearer to 10,000-12,000 tonnes but we will have to wait to see the figures.

Weekly chrome concentrate update... slightly down this week, reported at US$315-320/ tonne.

I noticed this quote from Leon in a Facebook post from a local Roan Radio station, obviously taken from the recent interview at Munkoyo Mine:

"Our investment in Zambia has grown dramatically over two years from acquisition and re-commission of Sable Zinc in Kabwe. We are commissioning our new copper concentrate operations in Ndola and Munkoyo is one of those resources we are developing to feed into those processing footprints,” Mr Coetzer said."

So at least we know commissioning is underway.

That's not true Edzi, I have a completely open mind about the company and its shortcomings, of which there are several. What I get irritated about is disingenuous posters like TG5. Claiming that anyone who remains invested when he doesn't is emotionally attached is just nonsense.

I very rarely bother with this board anymore, it's usually either derampers like Takenorisk, WonkeyDonkey and whoever else is still knocking about (Peggy?) or people responding to them. Very little of any actual worth. I would imagine most people look on X now (or telegram) rather than here, so they are achieving very little apart from wasting their own time.

I was expecting the trolls to show up again as soon as the SP started to dip a bit.... they are nothing if not predictable! Sadly I'm not sufficiently interested in what they have to say to un-filter them 😁