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Also gives us an indication of this year numbers by confirming June 100% production with May and April 70% & 50% respectively. I calculate that equates to about £1.8m of earnings lost due to Covid19 from PGM's.
But, LC clarifies that the copper we have been processing is from our own tailings and not 3 rd party material. If he has hit the tonnage of copper previously alluded to (I have used 65% to be on the safe side) @ 35% margin that adds in roughly £1.6m.
Gives us a good indication of H2 earnings being significantly ahead of H1 eanings.

It would make sense for the front end processes of crushing and grinding to be common after that possibly separate circuits?? I don't know enough about flotation to understand if some of the tanks will be common or if they are completely different for each metal. Either way as MH states there will be some changeover and that will most likely take longer than we would expect.
Commercially it makes sense to continue with Copper & Cobalt although we will have to process the Zinc at some stage to meet our obligations to the Zambian Government, let's hope that the price has recovered by then - I still see this as 6-12 months away.

Probably right MH, very difficult to know though if an application represents a material change in a company and thus requires an RNS - who knows.
2 in a day for CB - big dilution at XTR for another venture into Copper in Australia. CB is my only really concern here at JLP and I really do hope that he is only one voice on the board. I just don't get why he couldn't give GLR and XTR 12 months to get their projects going, make some money and fund purchases from profits rather than more and more dilution - and I certainly don't buy the - "it has to be done now whilst the market is depressed scenario." And that is why I will say it again - I hope CB's influence is limited at JLP.

Hi MH, I wish I knew as well on the license. The placing is pretty much the same wording as the last 2 but adds in the copper project now which will take multiples of £900k to explore. I was under the impression that the license had been applied for many many months ago but that appears not to be the case. Some clarity on timescales would be useful so we can forecast JLP's income stream from Zinc. I feel though that the clarity can only come from LC since quite frankly what CB says and what actually happens are usually polar opposites.
And on that point despite what CB says I really cannot see us processing any meaningful quantities of Zinc for another 12 months and that relies upon the circuit being close to ready by year end. Some other posters have questioned where that leaves us with the Zambian Govt and the Kabwe tailings and whilst my gut feeling is that this in hand - naturally it is a risk until we get more clarity from LC.

Not sure JLP pay enough advertising to SP to get get tipped Sumo !!

Which CB company gets the Hot Stock Rockets tip this Friday ............... It's BZT (Bezant Resources).
GLR - tick, XTR - tick, BZT - tick. Which one will be next.............

I am cautious in my numbers Jammer, they always have the habit of surprising on the downside. Whilst production could be up I am working on a loss of sales due to the shutdowns but also a slower recovery of sales as the economy comes back on line - most noticeably in the automotive sector. I hope I am wrong, but the point was that even if PGM's are not where we would want them to be the final numbers will still be very good, with an improvement to come in the following 12 months.

Just a quiet period for JLP at the moment. From the last interims the EPS for 6 months was 0.35 (0.47 for the whole of the previous 12 months, lower without the exceptional items). I would expect the EPS to be similar or better in the following 6 months (PGM's slightly down but more than made up by copper revenue). So @ 0.7 for the year and with similar AIM companies trading on multiples of 6-8 that gives a short term SP target of 4.2 to 5.6p.
The 12 months after should be better. For me JLP has moved away from being the speculative boom and bust scenario of most AIM companies to now actually being an investment opportunity.

RM - Rolands' shareholding was before the share consolidation.

Seems to be heading in the right direction Gavster - Finally I should add. They key now is the JV or sale, it does not matter too much which way it goes as long as the value agreed for both is good for shareholders - and considering Roland is a very large shareholder one would hope it is. I am sure the recent underground drilling to firm up the data is key to the due diligence that is taking place.

Not for me Rosewall. It is not a tailings purchase by GLR but an exploration purchase over quite a large area so I don't see JLP's involvement in that. It's more likely that CB will drill it and then try to sell it rather than develop it - unless he can find a partner. Either way it is a long term project, I would be very surprised to see the commencement of a DD JORC campaign within the next 18 months, they will need to fully assess the data, undertake geophysics, geochemistry, sample drilling and then the full phase 1 drill program.
JLP may have a consultancy role to play in the geochemistry but I would be surprised if it was anything more than that in the short term.

Hi Edzi,
I would say that the RNS is pretty clear that the plant will be relocated and used elsewhere:

With this in mind the Company has agreed terms with DCM under which the fine chrome operation will be terminated affording the Company the opportunity to immediately commence with the relocation of the facility to Jubilee's other significantly larger operations. The relocation process is targeted to be completed towards the end of August 2020 and is expected to significantly enhance Jubilee's chrome operational outputs.

Well DCM has never really offered us a great deal and the much vaunted PGM's seems to be as many years away as usual - so for me it is a good deal. We may be able to get the most out of the fine chrome's on a much higher volume facility and even make some money on it !!
Looking at where we are are and the projects we have coming on line I will buy into LC's rhetoric that JLP are looking at much larger throughputs from new projects and DCM is really quite small in terms of where JLP are going.

What TC - do you mean that this is co-ordinated - how dare you!! How could Tom Winnifrith who runs Hot Stock Rockets, runs the interviews in Sharephrophets and has investments in both GLR and XTR have anything to gain from this.

Let's see how this all pans out - I am sure that CB & LC are continually talking to the Ministry.
That said there could be much truth in what you say. It could be the reason that GLR do not yet have a simple mining license granted for Star Zinc, perhaps the Ministry are holding back since they see that as stick to force CB's hand to push JLP to get moving.
Clarity would be good from LC.
Again though CB is no fool and I am sure that we would not have concluded a deal with the approval of the Zambian ministry that could leave either GLR or JLP in a commercially negative position. I think the Pb circuit was the first to be delayed.
Whilst having Sable removed from JLP would be an absolute PR disaster I would put the chances at under 1%. Who else would the Ministry then get in to clear up the mess of the Kabwe tailings?? If a company with the expertise of JLP cannot do it then I don't see any other company knocking down the doors of the Zambian Ministry for a deal.
P.s. those that are in the slightest bit interested - today's mega deal tip from Hot Stock Rockets is.......XTR - another CB company. Lot's of money rushing into that one now - when will people learn !!!!

Hi Nelson - I guess that is one good thing about having CB on board - he is the master of spin and could convince you that an apple is an orange - morning Colin.
We also have to remember that 2 years seem a long time to us but in mining / processing terms it is nothing really. Just think how long it took us to get some other projects up and running - if we had a pound for every time we were all way too optimistic on this board about when projects would produce revenue - me included in that.

Thanks TBTT,
Maybe it will get cleared up soon - mainly because the tailings are not as important as they used to be because we are processing copper and cobalt which are more profitable.
As with all assets Sable is no different - "sweat the asset" and we are doing that with the endless supply of copper in Zambia. Even Colin Bird has recently purchased several copper assets in Zambia for (IMO) on site tailings processing and then Sable refining.
I fully believe that Kabwe will get resolved in time, from a commercial and environmental perspective. Whilst the Zambian Govt may jump up and down about the environmental aspects of Kabwe I think we are all wise enough to know that they value money more, and if Cu is more profitable than Zn - then Cu it will be.

That's probably where they have come from then TBTT - thanks for the correction, your knowledge of the BMR transaction is always valued.
Have to admit I did not check the RNS and could not remember any at Kabwe but equally could not recall any being mentioned at Sable either.
So I guess we are still slightly in the dark - the only information that we have is that the Zinc circuit is getting built but has been delayed.
Excuse my ignorance between the legal entities of BMR, EML & EZL, but what in your view could the issue be - I presume BMR?? Also taking into account GLR's recent RNS with respect to BMR does that clarify anything? If it is BMR then is it not in their interest to resolve it since I seem to remember they get some sort of a payment when processing begins.
Again, if it is BMR I would expect them to come under serious pressure from the Zambian authorities to resolve it. There is always the flip side that JLP are happy for an issue because it gives them a reason to delay Zinc processing.
I hope that makes sense and any clarity you can add would be useful.

Hi TBTT - always difficult to know of course but I would have thought that it is merely down to prices. My only reasoning behind this is that JLP have started to build the Zinc circuit (slowly) so one would have thought that they are confident of resolving any legal / practical obstacles in play.
From what LC has stated then we are currently processing our own Copper tailings and 3rd part Cu ore. I have summised that the copper tailings are from Kabwe which adds further weight to no major obstacles to overcome.
I think it is purely a commercial play - not much money in Zinc at these prices so press on with Copper and Cobalt, build the Zinc plant slowly and then take a view when it is complete. Realistically with build and commissioning that buys us 6 months and most likely more.

Indeed Oiltap. A few of the posters here are invested in both companies, as am I. There is a general consensus that JLP will take Star Zinc Ore, if you read through my posts I think i proposed that one here well over 14 months ago which actually led me to increase my stake in both companies. We do tend to debate the when and how much with star Zinc because it is naturally relevant to us and for those in GLR it is very relevant. We also know from experience that even once the circuits are built they take many months to commission as the chemists "play" with the circuits. Those of us that have known CB's companies for a while, not just GLR & JLP but XTR & BZT certainly know to take everything Colin says with a very big pinch of salt and then to question it and debate it. He is an excellent deal maker, a good strategist (in my view putting forward a solid foothold in Zambia) but some of the things he says are dangerous and people lose money on those things.
Someday soon I hope to continue the debate about GLR on the GLR BB but that is not for now, my views and numbers are quite different to the general consensus on there at this moment.
Enjoy the ride, it will be a bumpy few months ahead wherever you invest.