Still waiting for some news - get the feeling it might now come closer to the end of the month (by agreement).
Obviously with market deals/mergers most shareholders will be kept in the dark regarding the true strategic value of key assets.
Hopefully between the eagerness of Jubilee management to sign a deal, PLA management involvement in the negotiations (and their own superannuation shareholdings) and Macquarie Bank at the table then PLA shareholders wont get screwed!
I've been researching Jubilee over the weekend and the ConRoast process - from this I now get the feeling that the ConRoast process might assist greatly with the extraction of PGM's from the UG2 material from the Smokey Hills Mine - and could hold the key to the new operator (Jubilee) being able to re-start operations and actually run the mine profitably. Just a gut feel - but from my limited understanding of the mining process!
'Smokey Hills is situated in the Critical Zone of the Eastern Limb of the Bushveld Igneous Complex (BIC), Figure 1. The Critical Zone is divided into Upper and Lower Sub zones; with the Upper Critical Zone comprising mainly norite, gabbronorite, anorthosite, and pyroxenite lithgologies, hosting a series of Chromitite Reefs. In total there are three groups of chromitite reefs: the Upper Group (UG); the middle group (MG) and the Lower Group (LG). The UG chromitite reefs are the major source of PGM within the chromitite reefs of the BIC; while the LG and MG reefs are exploited for their Chromium content'.
'The Upper chromitite group (UG) consists of four cyclic units (UG1, UG2, UG3 and UG3A) with the chromitite layers generally forming the base of each cycle with overlying melanorite to leuconorite and "stringer" leader chromitite layers and anorthosite marker units. Within the Upper Group, the UG2 reef is the major economic PGM source.
Variation in both grade and reef thickness is mapped across the extent of the BIC, ranging from 3.5 g/t to 19.16 g/t in grade and from approximately 0.5m to 1.5m in thickness. Generally, grade and thickness have an inverse relationship, with grade decreasing where the reef thickness increases'.
'The total UG2 Mineral Resource estimated for the Smokey Hills Project is 5.5 Mt at a grade of 5.60 g/t 4E PGM or 5.5 Mt at a grade of 6.0 g/t 6E PGM'.
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