Jubilee has announced that Phase 1 of its Roan copper project in Zambia is complete and that Roan has delivered its first shipment of copper-bearing concentrate to the Sable Refinery for processing. Jubilee will deliver 240t of copper concentrate per month in this first phase, rising to 400t/month in Phase 2 expected in Q3 2021. At the same time, Jubilee has signed a contract with a third-party to also supply copper units which are expected to add a further 150t/month by the end of June. We i
Companies: Jubilee Metals Group PLC
Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa and has recommissioned the copper (and cobalt circuits) at the ‘Sable' refinery in Kabwe, Zambia. Later it will construct a zinc-lead (vanadium) recovery plant at Kabwe in Zambia to process decade old tailings as part of a site clean-up. The company has a growth pipeline identified from new Raw Material projects in Zambia to supply copper units to the Sable Refinery. Jubilee also owns the Tjate PGM project i
Intraday yesterday we published an updated note for Jubilee metals. Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa and also has recommissioned the copper (and cobalt circuits) at the ‘Sable' refinery in Kabwe, Zambia. Later it will construct a zinc-lead (vanadium) recovery plant at Kabwe in Zambia to process decade old tailings as part of a site clean-up. The company has a growth pipeline identified for new Raw Material projects (projects Roan and Elepha
Jubilee Metals today provides its interims for the period ending December 2020. We've already had the operational update (14.01.2021) and this adds further details to what was an extraordinary period of growth in production and earnings. Growth has been staggering and with improved Platinum Group Metal (PGM) prices from the start of the year, allied with taking PGM production back in-house at its expanded Inyoni PGM recovery circuit in mid-year, our expectations for the second half of this fin
Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performa
Jubilee today releases its audited annual accounts for the year ending June 30 2020. As expected, the results show the real progress made through the year. Production up, revenues up (132% to £54.8), Operating profit up (226% to £15.9m and EPS up (96% to 0.94/sh). We have seen solid progress on the expansion in the chrome and PGM projects in South Africa and consolidation of ownership of the projects against a background of Covid – which Jubilee successfully navigated. The year also saw robu
Jubilee today announces that it has tied up access to a further 115Mt of copper (cobalt) tailings (grading 0.3% copper and 0.05% Co) within 50km of its “Project Elephant” (with 150Mt of tailings). Today's news fits right into Jubilee's strategy in Zambia of securing sufficient feed for its Sable copper refinery at Kabwe and this should enable a near doubling of capacity at this existing plant to 25kt/yr of copper cathode over the short-term.
Beowulf Mining* (BEM LN) – IP survey highlights anomalies for drill testing | Jubilee Metals Group (JLP LN) – Jubilee raises rights to copper tailings in Zambia | Panther Metals (PALM LN) – Reconnaissance exploration at Dotted Lake, Ontario | Rockfire Resources (ROCK LN) – Additional drilling results from Plateau project in northern Queensland | Tri-Star Resources* (TSTR LN) – Results for 2019 | URU Metals* (URU LN) – Notice extended for convertible loan note
Companies: BEM JLP PALM ROCK URU
JLP has released an operational update for Q3-2020. The results demonstrate an unequivocal return to full operational status following Covid-19 disruption. Not only that, but the Q3 results have set another high bar with record production and financial performance. Despite Covid related uncertainty, JLP’s PGM and chrome strategy is starting to bear fruit. This is on the back of the expansion of feed supply via the acquisition of PGM and chrome rights coupled with operational efficiencies. In Zam
Ariana Resources* (AAU LN) – 2020 guidance maintained as plant expansion considered at Kiziltepe | Bluebird Merchant Ventures (BMV LN) – Independent expert appointed for valuation to consolidate South Korean gold mines | Botswana Diamonds (BOD LN) – Geophysics to refine November drilling targets at Marsfontein and Thorny River | Jubilee Metals Group (JLP LN) – Q3 production sees operating earnings rise to £15m | Orosur Mining* (OMI LN) – Funds received for exploration at Anzá project | Panthera
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Jubilee today announces its quarter to September operational results which were a record – in terms of both production and financial performance. In all, 15koz of Platinum Group Metals were produced along with 136,1kt of chrome concentrate. Record high production led both to high attributable revenues of $23.1m and high attributable earnings of $15.2m for the quarter; we expect this performance to continue.
Adriatic Metals* (ADT1) – Adriatic Metals increase loan to Tethyan Resources | Arc Minerals* (ARCM LN) – Don Bailey resigns from board as Anglo American steps in with exclusivity agreement | Jubilee Metals (JBL LN) – Jubilee appointed to recommission and operate chrome plant at Inyoni in South Africa | Petropavlovsk (POG LN) – Board update | Rio Tinto (RIO LN) – Rio Tinto executives lose bonuses over destruction of ancient caves in Australia| Shanta Gold (SHG LN) – Interims highlight strong FCF
Companies: ADT ARCM JLP POG RIO SHG SML SRES TYM
Jubilee announces today it has both acquired a new chrome processing facility in South Africa (Windsor 8) from a private group in South Africa and arranged an offtake agreement that fully fills its existing Windsor Chrome circuits for the next three years. Jubilee will operate Windsor 8 and make circuit changes to maximise recoveries – Jubilee commits to spending £0.44m to upgrade the plant but is entitled to this (plus interest) back before sharing earnings form the JV on a 70:30 basis with it
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Companies: Sylvania Platinum Ltd.
Hargreaves’ FY21 results confirm a period of material profit growth and cash generation. It has been a transformational period, in which all direct coal related activities ceased, HRMS profits surged and net debt was eliminated. As expected, the first 12p additional dividend has been proposed (total FY21 DPS 19.2p) and we expect this to recur for a further three years, at least. As we wrote in our recent detailed note, Hargreaves has been wholly repositioned and now has genuine momentum. The sha
Companies: Hargreaves Services plc
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU) C: Target of A$0.040 per share: High impact newsflow in 2H21 - 2H21 will be very important for the company with significant upcoming newsflow. In our view, the most meaningful eventis the drilling of the Anshoff well in Austria. We were previously anticipating that the company would need a farm-in partner to fund the well. However, in the context of the current high oil price, >A$4 mm in cash at the end of June and
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Yet again, Rio managed to maintain its dividend extravagance. Although, besides mighty iron ore, the exceptional H1 results were partly also driven by aluminium and copper – where normalcy is gathering momentum. With key divisions moving in the right direction, and balance sheet flexibility being put to good use, i.e. rewarding shareholders and pursuing growth – this time via a greenfield lithium investment, Rio remains a promising large-cap mining play. Further re-rating may materialise if gove
Companies: Rio Tinto plc
i3 Energy announced that it has completed tie-in operations for its two recently drilled Marten Hills wells into the Clearwater Formation (each consisting of 8 horizontal laterals). The 01-12-075-26W4 and 02-12-075-26W4 wells penetrated 13,057m and 12,644m, respectively, of reservoir – both at maximum vertical depths of circa 630m. The wells are now on production and flowing back drilling fluid. This clean-up process is expected to take approximately three to four weeks. The company indicated th
Companies: i3 Energy Plc
Wressel proppant squeeze completed
Companies: Union Jack Oil Plc
While the start of the buy-back programme was announced (but not its amount), the positive surprise comes from the dividend. While the dividend is still down by 50% vs pre-COVID-19, management made a good decision, as this level is sustainable and will get rewarded.
Companies: Royal Dutch Shell Plc Class A
Tawke update
Companies: Genel Energy PLC
United Oil & Gas has provided a H1/21 operational and trading update ahead of a shareholder call at 12pm today. United continues to go from strength to strength with the Company announcing three positive well results at Abu Sennan in H1/21 – providing a material uplift to the Company's low-cost production base, whilst also demonstrating the material remaining potential within the Abu Sennan licence. United's H1/21 net working interest production averaged 2,730boepd, c14% above the Company's 2,40
Companies: United Oil & Gas Plc
Chaarat announced a strong 1H21 as Kapan produced 25,896 gold equivalent ounces - 13,466 oz gold, 272,635oz silver, 852t of copper and 3,170t of zinc. This resulted in mine level EBITDA of US$13.5m and Kapan’s debt has been reduced to US$24m (Jun). Management has reiterated FY21 guidance of 57koz AuEq. The main YoY changes were an increase in third-party ore processed - 70kt versus 10kt, and a gold equivalent grade improvement of 12%. Consistent supplies of third-party ore are to be expected go
Companies: Chaarat Gold Holdings Ltd.
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining. Ariana Resources (AAU LN) – Kiziltepe production guidance maintained Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21 Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
The group’s AGM statement highlights a strong rebound in activity during Q1, with improved market demand, helped by new customer and project wins. Indeed, it reports revenues up >50% year on year. Progress continues with Atlas, with Spain and Holland now live. The previously flagged supply chain constraints and price pressures continue but are being mitigated by price rises. No change to forecast expectations are signalled. The shares have moderately underperformed in the quarter and offer good
Companies: Trifast plc
South Harz Potash is expected to start drilling its first of two planned confirmation holes at Ohmgebirge in Q4/CY21. The Company has submitted supplementary detailed information to regional mining authorities to support the final step in the permitting process. As a result of the delays experienced in procuring landowner and tenant approved drill sites and the competition for drill rig availability, South Harz Potash now expects drilling of the second confirmatory twin hole in Q1/CY22. The tw
Companies: South Harz Potash Ltd
Salt Lake Potash has experienced more issues at Lake Way, with less than expected plant feed salt within harvest ponds. This has led to a decision to suspend the initial plant feed programme following processing of the first 90-110kt of harvest salts, to enable more salts to precipitate before commencing continuous harvesting activities. As a result, FY22 forecast SOP production has reduced from 165-185kt to 85-105kt. It's not all smooth sailing in the plant either. Whilst it has been handed ov
Companies: Salt Lake Potash Limited
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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