I hope that Leon in particular uses this opportunity to insist that things have to and must change.
Colin during the webcast expressed frustration about people being obsessed with the past and he argued that company is about the future. If anything what this business has highlighted that the thought processes and culture that resulted in previous failures, projects not coming to fruition and millions written off are alive and well.
Maybe its time that Colin agreed to accept a reduced role, in his mid seventies he must look to slow down at some stage. New blood would be welcomed by the market and if we bring in someone with an excellent reputation perhaps the market would look at us more kindly and in particular drag our reputation back after this latest business.
They will find it difficult to deny now that change is needed. Question is what if anything will they do
Jubilee Metals Group PLC notes the announcement made today by BMR Group PLC ("BMR") providing an update on the appeal against the notice of cancellation, announced on 7 February 2018.
BMR also states that following meetings between the company and directors of the Zambian Mining Ministry and Mining Cadastre, preparation of the company's appeal against the notice of cancellation, is well advanced and the formal appeal is expected to be submitted by no later than 2 March 2018.
Leon Coetzer, Chief Executive commented:
"We are actively supporting BMR during this process.
We have engaged directly with the Zambian Department of Mines to demonstrate Jubilee's commitment to providing its technical, operational and financial strength to the Kabwe project. Our engagements were well received by the Zambian Department of Mines.
The Zambian Department of Mines' representatives acknowledged the combined strength of the BMR and Jubilee team and recognised the significant progress made by the team towards the execution of the Kabwe project. Our engagements with the Zambian Mining Ministry afforded Jubilee the opportunity to present the Company's extensive capability in the recovery of metals from waste as well as the associated environmental improvements the projects could offer.
Against the aforementioned it was agreed to have a follow-up discussion with the Department of Mines to further present the detail around our capabilities as well as to receive an update on the Kabwe Project.
These discussions will follow the submission of the appeal by BMR expected to be submitted no later than the 2 March 2018."
Here will sort itself out and nothing I can say is different to that already being said really HOWEVER listening to CB on VOX yesterday about another org he is in made me think go CB. Now do what you said about Xstrata here and be factually correct or at least underplay and overachieve.
I am not normally one for over regular updates but updates should be accurate and reflective and quick really. As mentioned previously you would get the MI for each month and then only the final month of the quarter would be required it wouldn't take ages to get this ready and be accurate as its probably being accrued on a daily basis anyway.
Hi Geng - your chart shows 4 previous times when the RSI was this low and all were followed by rises of 15%, 40%, 275% and 300%.
As you say the support holding will be a good indicator for buying - way oversold on stochastics (but it can always become more oversold).
ANY good news and the sp surely will start to rise but WTFDIK.
Enjoying the WRES experience - waiting for the bottom there on this pull back to get back up to full investment there - took a few profits and gambled on a short term profit at FRR - hopefully to return more cash to WRES than I took out. Hope the timing works out.
The one good thing of having a pathetically low sp is that there should be no more immediate placings!!! ie. too many shares required to raise capital OR, are LC and CB that naive - hopefully not a redundant question - sigh!!!
It's also pointless spending capital on 'outstanding' assets, if toooooo much time is taken to realise any return - very big sigh!!
and LC's pathetic reasoning in the 6 Feb Webcast as per why it's pointless releasing Monthly Ops Updates, ALSO APPLIES to the release of Quarterlies!!!!! - ie. a 45d delay in them obtaining the numbers (oz, as well as Revenue), applies to BOTH Monthly AND Quarterly updates - I'd much rather see Monthly updates for say Jan on 15 Mar; Feb on 15 Apr; as opposed to only receiving Q'ly updates for Q1 on 15 May; Q2 only on 15 Aug!!!!
Reading the RNS from 15 Jan 18.
'neither company may sell more than 25% of the Subscription Shares during the first six months and 50% of the Subscription Shares during a period of six months thereafter.'
From this I gather they could sell around 16m shares at this point in time, but we cannot trade BMR due to suspension. Are BMR the seller?
BMR now understands that it has the right of appeal against the Mining Cadastre Department of Zambia termination notice for 30 days from 6 February 2018. Jubilee will support BMR to favourably conclude this process.
From JLP RNS on 06/02/18.
We should get an update on or before the 28th Feb as that was the mentioned date for completion.
There is father TED episode where he takes a diverse crowd back to the Chapel House only to find it decked out with Nazi Regalia and Hitler memorabilia
First he says I can explain everything. After a brief pause he says- no actually I cant.
Thats a bit like the situation that Colin and Leon are in now
The silence is deafening
Lots of calls for LC to make some meaningful purchase of shares in JLP but his decision is 100% correct...he knows what he's doing. After all who would buy shares in a company knowing that they would fall by near enough 50% in a few months!!!
I seem to remember last year's postings on here advocating the possible end of Zuma and the future coming of Ramaphosa as a new age for this Company. Well it's happened! (but either way I lost patience and personally exited over a month ago and very much to the better before these current sp tumblings).
Can they sell them whilst they are suspended. I imagine so, unless there is any lock-in period that prevents this.
I can see BMR going into administration if they lose the license and we will have to whistle for our £300k and maybe the JLP shares if they've been sold to cover admin costs.
I think you're bang on there Mutley on every point.
We have a history of lurching from one poorly executed project to the next - anyone remember Braemore - that's the £8m that we impaired in last year's accounts - not far off 20% of our current market cap.
And from the carefully worded RNS about that nickel project - from Nov 2016 :
"This nickel tailings project does not form part of Jubilee's earnings nor has any influence on the execution of Jubilee's platinum and chrome projects."
So that's ok then - we didn't earn anything from it and we're probably writing off £8m that we wasted on it.
I suspect that the Technical due diligence done by Leon and his technical support team was probably excellent. However I suspect that non-technical due diligence for non-technical risks eg licence problems, social issues, financial and managerial competence of BMR partners was probably next to non-existent. The fact they appear to have been blindsided by the licence news suggests that I am correct.
Question is are they going to recognise this and do something about it? I have been concerned for some time about Colins time and availability particularly in light of the demands of his other directorships is he in a position to deliver what is required in terms of his role?
They need to come clean about how and why this happened and what they are going to do so that similar mistakes are not repeated. Otherwise future projects will be very risky due to gash non-technical due diligence.
I also worry about Leon getting pi88sed off and leaving. If Leon was to leave you can wave goodbye to the rest of your investment imo.
I'll tell you what would help the share price Arry - if they put a note out saying CB has resigned to go and play with his other companies and they've got someone in who has a track record of making profits.
To take the CPI literally then yes the median is Zambia but if you look at it statistically using a normal distribution model you'll find a sizeable proportion of corrupt countries bunched at one end (including Zambia) failing to get anywhere near those at the other end.
To herald Zambia in the same breath as Indonesia and Columbia in the index would cause me great concern!
Why would you expect us to go that low?
Forget Kabwe issue.
Seems a strange support level you picked.
Almost three years ago, I think you are joking.
Can you give us some insight to your prediction OSB?
If we can get the Kabwe license reinstated, BMR should sell the rest of Kabwe to JLP. I've worked with Alex when he was a corporate financier. He's a nice guy but when it comes to processing tailings he couldn't find a marble in a bucket of sand.
Yes, they really need it. It potentially provides access to tailings and future funding which would improve margins, boost the pipeline, and provide a shop window. BMR were never on the hook for the environmental issues at Kabwe anyway. That was part of the deal when they bought it.
This is why JLP want Kabwe. Clean it up and get access to more tailings for free. Get funding from governments and other agencies to build plant. They see Kabwe as a shop window for what they can do to clean up Africa.
Hi Dan - thanks for the tip.
Just got back off holiday - sold half of my WRES for 25% profit (already sold the lot at 34% profit this calendar year and bought back in (so 66% altogether - a bit like JLP - not - now sold half and waiting to put it back in WRES again as not sure where it's going short term- however ....)
VRS looks ripe for an upturn so want to get back in there, WRES will be a bargain if it pulls back again and RBD has made a move as you predicted - missed the start but may catch a ride tomorrow with part of my WRES money - decisions eh - ruled out JLP as I simply have too many but would buy more now otherwise.
SAVP worth watching - still sorting out the reverse takeover shenanigins but production looks promising and there are three drills to come quite soon, each with a 75% chance of success - will let you know if it starts to move.
' Our view: Our understanding is that following this unexpected news, Jubilee's management has had positive communications with the Zambian mining ministry. The ministry is now aware of Jubilee's commitment to Kabwe as well as Jubilee's metallurgical expertise and strong funding position. The funding capability of Jubilee (cash generation from South Africa and $50m facility) is probably the most important. Jubilee has now committed to developing Kabwe and although there is no guarantee, we believe this problem will be resolved. It is difficult for us to make a recommendation. However, following discussions with Jubilee's CEO this morning, who said the Zambian ministry is engaging positively and we are confident, we are encouraged and look forward to the next update. A meeting with the ministry is now scheduled for next week in Zambia.'
This meeting is about to happen and news due shortly...
"Leon is a terrible CEO and has presided over years of mismanagement."
Nobody can argue with the list of disappointments and misfortunes you list. Shareholder returns have been dismal. I just don't agree with your conclusion about Leon's abilities as a CEO.
My conclusion is that Leon is a brilliant engineer who has taken Jubilee from the brink of bankruptcy to the threshold of viability doing something that has previously been deemed to be uneconomic in a tricky business environment through a period of depressed platinum prices with hardly any capital in a new sector that might not be capital intensive by mining standards but is expensive for AIM shareholders to finance. There are lots of risks but I bought back another 500k at 2.95p today.
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