Bluejay Mining Share Discussion Threads

[shutittrev] 01/10/2020 08:31

Much obliged.

[ukgeorge] 30/9/2020 18:52

Nice day :) despite the rain

[perfect choice] 30/9/2020 16:17

On second thoughts maybe not unless you are of similar age!!

[erric] 30/9/2020 16:03

I want some of what he’s on.

[kemismelt] 30/9/2020 14:58

MAJOR ILMENITE MARKET PARTICIPANT (MIMP) :

1. Let us look at the fine print in the draft agreement with MIMP. It can be openly discussed on this BB to get valueable inputs as it can have longterm impact. Such agreements with related deposits in this industry often land up for adjudication in courts.
2. Any overiding commission >3% ad.vol. on f.o.b. Moriusauq price cannot be sustained.
3. Any deposit should be large enough, commensurate with its tenure.

[perfect choice] 30/9/2020 13:07

The snippet about RTIT is interesting, implies world demand so high they simply don't have a time slot to allocate one of their smelters to work through the Dundas feedstock which has gone through JAYs pilot plant in Quebec. The fact we are not hearing anything RTIT side doesn't mean the intention is not there still.

[shutittrev] 30/9/2020 12:47

SP Angel note.

Bluejay Mining* (JAY LN) 8.4p, Mkt cap £82m – Interims highlight ilmenite offtake agreements, licensing progress and low operating costs

Bluejay Mining interim figures show how the company has suspended expenditure and cut costs to account for less field work through the 2020 summer season in Greenland.
Mining license: documentation for the mining license is now in its final phase with a decision from the government of Greenland expected soon.
The project shows minimal environmental and social disruption due to its location and very simple processing and logistics.
Offtake agreements: Bluejay has an MOU covering with a multinational trading firm expanded to 250-300ktpa from 200,000tpa previously. The current mine plan is for 390-490,000tpa of ilmenite concentrate.

Demand for further offtake is likely to be driven by the current tight market for ilmenite concentrates, production issues at other feedstock producers and ongoing demand for ilmenite bearing pigments and chemicals.
Management and staff drew reduced salaries through the lockdown though much work continued from various locations.
Funds were spent on organising significant field work for this year, some of which has been delayed into 2021 in relation to drilling and the mobilisation of field equipment.
Cash: looks healthy at £7.0m plus £720,000 of receivables due and £914,870 of VAT receivable from HMRC.
Bluejay installed further accommodation at Dundas and acquired an office in Ilulissat for logistics for Dundas and to help exploration at Disko
Bluejay report a Pre-tax loss of £1,16m for the first half
Expenditure of £3.3m with just £0.23m spent in the second quarter as costs were cut back
Funds were mainly spent on renting the pilot plant to feed material for the RTIT ‘Rio Tinto Iron and Titanium’ smelter test which is to be run next year. We understand from independent sources that RTIT are running flat out to meet demand, hence the delay in processing the Dundas ilmenite feedstock.
Extensive exploration and drilling is planned for Disko-Nuussuaq Ni-Cu-Co-PGE-Au to target multiple nickel and copper geochemical anomalies and at Kangerluarsuk zinc-lead-silver project

Ilmenite prices rose a further 4.3% in September to 230-250/t in China according to FastmarketsMB.
The move reflects the impact of ongoing demand on an already tight market for ilmenite and rutile feedstock supply.
The price rise comes at a good time for Bluejay Mining which is looking forward to receiving approval to mine from the Greenland government sometime soon.
The company continues negotiating for further offtake supply contracts having previously announced that it is closing in on securing an offtake contract for some 70% of its planned mine output with a major ilmenite market participant.

*SP Angel act Nomad and broker to Bluejay. The analyst has previously visited the Dundas ilmenite project in Greenland and has bought stock in the company.

[perfect choice] 30/9/2020 10:04

Think announcements will come across the last 3 months of the year DrM as they stated "during the remainder of the year" but yes, expecting some detail to appear in October. The Dundas exploitation licence looks as certain as you can get now so its just a case of when every piece of documentation is completed to the agreement with the authorities and stakeholders. The announcement could come at any time really.

That will give the catalyst for JAY to formalise these offtake discussions into agreements and get the project financing set-up which is likely to be near end of the year or early next year. Until the exploitation licence is official nothing else can really progress and JAY have done as much as they can for now. The capex & open cost optimisation is one thing they can publish under their control so expecting that some time in October, economics looks good I understand but specific details are always under NDA under planned commercial agreements. All coming together nicely right now and in line with what was discussed yesterday, relating to the SIA and local economic impact for local populations where unemployment is high, Dundas is seen as a key generator of opportunity by the authorities so there is a political factor to consider here. Optimising the benefits to the local region is key here and anybody who thinks they can try and change that will be blocked, in fact I would not be surprised if it isn't a key condition of the exploitation licence such that any attempt to change would invalidate the licence.

[drmaccers] 30/9/2020 07:42

As expected. Oct is newsflow month....

[graham10k] 30/9/2020 07:34

Half year report is out. So so

[drmaccers] 30/9/2020 07:05

I know you have dementia and are talking nonsense

[kemismelt] 30/9/2020 02:53

DrMacces@8334:

I thought you, as an experienced punter in the ring, knew that my clients holding adequate shares is enough to empower me to engineer a hostile takeover of their joint stock company IF NEEDED.

[drmaccers] 29/9/2020 21:17

We? How many shares do you have?

[kemismelt] 29/9/2020 17:47

monts12@8331:

We have enough geologists. What we need is trained managers!

[monts12] 29/9/2020 14:47

Well I could've got another degree myself (geology?) by now....

[perfect choice] 29/9/2020 11:36

Apprentice programme already running and locals on it are already well through their year 2 training, starting year 3 this year.

[luffness] 29/9/2020 11:30

LOL - I dont think JAY are planning on importing ore for the locals to work on....

[kemismelt] 29/9/2020 11:24

On your guard with the local labour stuff! When British Leyland came to India (Chennai) in the late 1950s they brought semi-assembled chassis and put them on the assembly line with the local gangs made to work with leading hands from England. I am not ashamed to say that we learnt many tricks from these repatriates that our engineering colleges did not impart. DT must have 3 year apprentice programe if it has not developed one already to encourge locals to grow with the company.

[citytilidie] 29/9/2020 10:57

Could this finally be the start of a breakthrough.?

[perfect choice] 29/9/2020 10:18

Exactly snowyflake, they stated "the project provides new and promising opportunities for development in the Qaanaaq area". This is where the politics comes to play and they want to optimise employment prospects at Dundas for the nearest local community. So they want to maximise the allocation of the 175 jobs in Dundas operation to the local population. So yes SIA is the most important aspect for granting the exploitation licence.

[snowyflake] 29/9/2020 09:29

BBB - many thanks. As ever our sleuth.

PC - My understanding has been for a long time that the SIA was as important if not more important than the EIA.

[perfect choice] 29/9/2020 09:01

Yes and I doubt the market is even aware a statement was made in parliament, so RNS yes.

It was stated "The Naalakkersuisut expects to grant them an exploitation permit before the end of the year." so that gives some variation on precise timing of the exploitation licence being granted up to end December. But shows very high confidence of it happening. Couldn't get better than the official announcement itself.

It also states "It is important for Naalakkersuisut that the available information we have about mining must be unambiguous, and we are very aware that the service to them must be optimal." in relation to the Qaanaaq area. This is probably what is being discussed now and how for example employment prospects can be optimised in favour of the local population where unemployment is high. I would expect this to be a condition of granting the exploitation licence and lock the Dundas operation into what JAY have proposed thus maximising jobs for the local population.

All good though so we wait in eager anticipation now!

[lovewinshatelosses] 29/9/2020 08:48

The market was always likely to wait for an RNS, which is probably sensible given the general reputation of politicians....:)

[erric] 29/9/2020 08:23

And the market reaction is .........
This share is so far under the radar it’s positively subterranean.

[summerfield1] 29/9/2020 08:19

This company needs a reputable London based broker.