Any holders out there - there's some buying going on.....

Harry look around,almost all aim stocks taking a beating,even those that post good news find holding onto gains difficult. Seen it before,1st to fall and last to catch up. Patience and belief in your investment will almost always pay handsomely.
aimho
cyril

Taken from the iii board,dymamo1

Unofficial minutes of meeting held at The Pelham Hotel, London Monday 30th November 2009 at 9.30am.

Quite a small gathering (there were only 16 chairs in the room).
Attendees from the Board: Colin Bird CEO, Andrew Sarosi Executive Director, Saffery Champness Chartered Accountants.
Apologies: Malcolm Burne

CB opened the meeting.
Resolutions 1 - 4 passed.
1. To re-elect Colin Bird as Director who is retiring by rotation.
2. To re-elect Malcolm Burne as a Director, who is retiring by rotation.
3. To receive and adopt the Director's Report and the financial statements for the year ended 30 June 2009.
4. To re-appoint Saffery Champness as Auditors and to authorise the directors to agree their remuneration.

CB confirmed that any information shared at this AGM could only be what was already in the public domain.

Eventful year, global basis, platinum industry, very difficult year. Major failure of the major platinum miners to deliver. They all share the same problems; electricity, labour, community issues (locals feel short-changed). Legacy of problems especially the SA platinum industry. Milestone for Company was the production of the ore-resource statement. CB got a hell of a beating about it being late etc. but people just don't appreciate what is going on behind the scenes and CB wanted to do it right. People wanted him to leave the Company. Co-operation with partners was seen as potential takeover. Robust statement was produced, management have delivered what was promised 4 years ago, promised 70m oz and delivered, said we would get 9m oz from first mine and delivered 25m oz. Some areas are very difficult to mine. Company is looking for early cash flow, mine is on a heritage site - so local discussions. One of the biggest problem for CB is managing shareholder expectations, keeps getting questions like when will Impala take you over? Not sensible to issue shares at cheap price 32p, so will try to avoid. East Plats / Ridge you could bolt on they could acquire you, you could acquire them. Board took the decision re BRR what is the point of having more of the same, you can't finance, you can't buy because there's no money. JLP looked at Braemore, 2 years ago attracted by 485k tonnes of nickel on the surface in WA, attracted by lack of risk, high standard. At the time re ConRoast CB could take it or leave it. Didn't understand it. Couldn't come to agreement with BRR deal was likely to be 50 / 50 plus there were 300m performance shares hanging over the top of them. Deal went away, kept a watchful eye. Industry changed over 2 years. Whole of the smelting industry in SA is designed to treat Merensky sulphide ore smelts at low temperatures. UG2 didn't want to melt, to make it melt required higher temperatures and the required furnaces couldn't cope, majors increased more cooling and adding water created a time-bomb. Contrast and Braemore use DC Arc furnace, perceived as guinea pig technology, but that's rubbish. With furnace at Mintek they haven't had to re-brick it for two and a half years and they have been producing platinum for four and a half years so it works. Furnace to treat 400k oz not much bigger than this room (it was a small room), looking at equiv 6 in line furnace for same job would cover over half a football pitch. ConRoast furnace uses 14% less energy, 25% less capital and produces one thirtieth of the amount of toxic gases - it really is the answer. The world bank recognised it, majors accepting that this is the answer. Problem is that the majors have spent so much money on technology that is no good and they don't like to admit that a little junior has got the answer. JLP put final payment on the table to secure the ConRoast licence until the year 2020. Asked why didn't they buy the licence forever, CB stated that if this JLP hasn't got it's business model up and running by 2020 we'd be history anyway. Board has secured basically exploration to metal, even
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And a comment from a very well respected holder.

dinamo -

Great stuff. Well done to have got all that down and be able to reproduce it!

Most reassuring from my point of view is the last question, which relates to Northam (the not-quite-a-major!).

"They are giving us UG2 and slags and we are returning more oz than they expected."

Northam will need a new smelter for Booysendal and according to Leon Esterhuizen at RBC are looking at a DC arc furnace, which leads one to the obvious conclusion. Braemore have been talking to Northam for many moons - hence last year's offtake agreement which appears to now be in full swing. It could well be Northam that triggers the acceptance of Conroast on the Bushveld - they cannot bring Booysendal in without building another smelter, and as CB has said numerous times, who would want to build another 6-in-line, ever?

All very encouraging, and I have to say there is something about Bird's reassuring Northern vernacular that does contrast with the clipped and correct South African tones we BRR folk are used to from David Russell and Le
cyril

Business Financial Newswire
Strategic partners Jubilee Platinum and Sylvania Resources have announced successful smelting trials of Sylvania's low-grade platinum.

Previously uneconomic low-grade PGM concentrates were successfully treated through Jubilee's ConRoast DC smelting process.

Further trials of low-grade concentrates from Sylvania's dump operations and its recently acquired Platreef surface resources are planned in the near future.

Jubilee CEO Colin Bird said, 'This further affirms the application of the ConRoast process to a wide range of concentrates within the platinum industry.

'Once proven on a larger scale, this should accelerate the transformation of Sylvania into a mid-tier platinum producer.'

http://www.investegate.co.uk/Article.aspx?id=201002040700046379G
cyril

RNS cautionary dealing announcement.

Takeover bid or joining forces with Sylvania ?.

02.03.2010
"Cautionary Announcement
"Jubilee shareholders are advised that the company has entered into negotiations, which if successfully concluded, may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a further announcement is made".

Very interesting wording, giving nothing away. The market seems to think the news is good, but not sure if that is correct.
"may have a material effect on the price of the company's securities" worries me a little.

Reverse takeover of Sylvania with new shares issued with massive shareholder dilution : along those lines....I hope not!.

rf you may well be right, two dead dogs eating each other!

Still nudging up, but no more news yet!

Business Financial Newswire
"South African mining company, Jubilee Platinum has issued a profits warning saying that its loss per share for the six months to 31 December 2009 will be 70% to 73% lower than the previously reported corresponding period.

The interim results will be published on 30 March 2010. "

Is JLP being run by a "dead parrot" who should be given the "bird"?

What do they mean ?, that the loss will be less or that the loss will be more ?...I read that as : the loss will be less than expected...not a profit warning but better than expected...not clear at all.

I'm with you rf. I don't think that is a profit warning at all otherwise it would say its losses will be higher than expected.

Interesting that the sp hasn't crashed already.

Business Financial Newswire
Jubilee Platinum posts a pre-tax loss of 293,000 for the six months to the end of December - down from 428,000 last time.

But operating losses increased to 1.7m - up from 774,000 last time.

Chairman Michael Burne said the highlight of the period was the acquisition of Braemore Resources which owns the exclusive rights to the Mintek patented ConRoast Process for the smelting of high chrome bearing platinum group metal concentrates.

Jubilee has the exclusive rights to ConRoast until 2020.

Braemore also has certain exploitation rights to BHP Billiton-owned nickel tailings in Western Australia.

He added: "With the acquisition of Braemore and further definition of the Tjate mineral resource, the company now has a broad base and critical mass from which to develop and further enhance shareholder value in a period of strong platinum price predictions."

Cautionary Announcement

"Jubilee shareholders are referred to the cautionary announcement published on 2 March 2010 and are advised that the negotiations referred to therein are ongoing, which, if successfully concluded, may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company's securities until a further announcement is made."

Yes quite bizarre. We're back in that territory again.

As the company uses the word 'successfully concluded' I guess this is something positive for the sp if agreement with whoever is reached.

The market seems unconvinced though.

Hasn't stopped Directors getting shares - Options are they? =this week see RNS.
Also the sp is about 25% down since the deal/acquisition of Braemore.
First to suffer, last to know.....Huh!

EDIT-(Jn10)-Placing raises 8m at 33p/sh. Maybe this price was the reason for earlier falls...