Member Info for Sumoskier

Looking forward to tomorrow!

This now seems to have no bearing on reality, unless there is a placing going on in the background and the cat is out of the bag? With a 25% drop in the SP in just over a week you would have thought management might say something?

So thus now seems to be valuing the PGM business at something like 6x earnings (possibly less) and absolutely nothing for Copper. Couldn’t make it up(sadly)!

It would simply be good to know what their new PGM production target is? Previously they were heading for 50k+ for 2020, which they met!

Homey, and the same next point should be stated. There is no JV share in the new production therefore earnings will be higher?

Mikie, I believe they do have a competent FD? It is more about having an internal conversation on how results and strategy are presented, and with whom in the room?

Is this question on PGM production causing the SP slide? I thought production may be lower but there is no JV in place so earnings per PGM are better?

Dorfan, Well said!

Ultimately good value will win out!

I was fully expecting a 5% rise not fall! Wondering whether some of this is political due to elections in Zambia and issues in SA?

Well, all I can say is an unusual reaction to a great set of results!

I wonder whether we’ll get an updated note from WHI on valuation following the results?

Billyboy, Now I understand, although the investment on increased capacity for Chrome must also
Include additional PGM capacity? Some clarification would be great?if we were heading for, say 100k PGM a year it starts to provide something for people to hang their estimate on!

Dorian, thanks for the thoughts. Even using the poor second half ratio of PGM per Chrome this would indicate production could reach 150k ounces if we can process 3m tons in a year? Surely this needs clarifying?

I meant not well spent!

I thought PGM is a side benefit of Chrome production? As Leon has spent a large sum £35m? I would have thought, if this was to produce Chrome only, it might just be money well spent?

I’ve been puzzling why we ended up pretty much flat for the day after what was a very busy announcement? Having re-read the detail does anyone conclude it is quite difficult what the next target is for PGMs and is this part of the issue? Based on 750k tons of Chrome producing 50k PGM ounces then is a 3m ton capacity going to produce 200k PGM ounces? Seems far too high to me?

As far as I am concerned this is all about volume. Overall production of both PGMs and Copper are going to be much higher than the last year due to increased capacity. If prices rise then that is a bonus, rather than a need! Profits are rising either way!

Tumbleweed!

A positive statement from JLP on plans would do the world of good?