Braemore Res Share Discussion Threads

[judijudi] 10/7/2009 08:09

john,
Hurry up or your gonna miss the school bus again!

[johndee] 10/7/2009 08:07

Its good then that we are going to be owned by JLP who have already proved their immense skills.......cant go wrong now..just top up with JLP shares if u have any spare cash... I have done just that.

[judijudi] 10/7/2009 08:02

Despite her continued defense of the management WD must know what an absolutley apallingly shambolic, inept and deceiving 3 stooges we have had running the show.
Maybe she does not want to lose face so she continues to defend the indefensible. She has called it 100% absolutely and totally wrong throughout. As we all have. But I honestly thought the guys in charge were at least capable of running a mining tiddler.
How wrong was I???
These 3 Stooges have been in charge of the demise of a cracking little company. They have ground the company into nothing, been backed into a corner and to be honest could not sell BRR to the Platignum Industry to save their lives.
They have deceived every single shareholder in BRR and should be brought to task for this

[valarm] 10/7/2009 03:22

relishing here here i totally agree with u regarding wdurham. total piece of useless T W A T !!!!

[the poet] 10/7/2009 01:06

These were the figures released last October 2008. There is other figures on that presentation, slides 13 & 14
. OCT NOV DEC JAN FEB MAR APR MAY JUN TOTAL
Tons smelted 849 943 972 826 986 1 057 837 884 944 8 297
Tons alloy 63 106 103 97 96 94 60 46 76 740
PGM in alloy (4E) 0z 1 333 2 622 2 309 2 071 1 615 1 153 933 1 197 1 746 14 979
PGM (4E) in slag (g/t) 2.1 1.0 1.0 0.6 0.5 0.3 0.7 1.5 1.0 0.9
Built-up recovery

Now at 10 months to August they produced approximately 15,000oz
Revenue received of US$10.3m at a basket price of US$2,230/oz
Earned US$4.5m selling PGM alloy directly back to smelter feed supplier



Project 1A: 1 000 tpm smelter at Mintek
• currently producing and selling PGMs in alloy to refiners
• 10 months to August 2008: produced ~15,000 oz of 4PGM + Au
• first revenue received of US$10.3m at a basket price of US$2,230/oz
• earned US$4.5m selling PGM alloy directly back to smelter
feed supplier

These are Sylvania figures



Proven profitability despite downturn in prices
•uninterrupted production (Q3 09: 6 218oz)
•cash costs Q3 09: R2 741/PGMoz (US$276/oz)

So, going by them figures it probably is only profitable operating above $1300 an oz and barely at that. If they had $4 million worth of concentrate, once it passed through the conroast smelter it would probably only be worth $2 million.

[relishing] 10/7/2009 00:21

Who's paying you WDurham? It sure isn't investments in the stocks who's threads you post on..

Are you paid to promote stocks to PI's?

[wdurham] 10/7/2009 00:09

Yes indeed, David - perhaps they should have made more effort to build a mythical database of numbers.

I have no idea what responses they gave to the various brokers that wanted numbers - my suggestion was imaginary, as I think I said.

But any hard and fast figures would have been pretty meaningless. Concentrate shipped in from the Northam mine is different to that shipped in from AmPlats. It's possible that batches of feedstock vary from batch to batch, which impacts the numbers. A deal with, say, Wesizwe or another of the emerging juniors on the eastern limb would have produced radically different figures to those being achieved from the Northam and AmPlats contracts on the western limb. The Bushveld is not consistent, and when there is no specific target for a smelter, and no terms have yet been negotiated, how is it possible to forecast costs per ounce, profit and margins for an as yet mythical smelter serving an as yet undeveloped orebody??

The only known factor is the feedstock throughput capacity in tonnes. Everything else is completely feedstock dependent and grade is not the only variable. In fact, grade is secondary to prill split, because while the 3PGE+Au grade is relatively consistent in each limb, running at between 4-6 g/t with the odd hot spot, the prill split and thus the basket price varies greatly. And then there are the Maude-Benhaus tailings, as per the Jubilee/Braemore JV, where everything changes again. And yet again, a deal where Braemore participated in inventory would return profit figures which were very different to those obtainable from plain toll smelting.

Frankly, short of drawing up a business plan for smelting every deposit on the Bushveld where it might be possible to do a deal, calculating grade, prill split and basket price, and then using a sliding scale of Braemore attributable ounces which might be able to be achieved within that deal, I fail to see how any meaningful figures could be produced.

Perhaps I AM trying to defend the indefensible. But I can't see how Braemore could have been expected to produce numbers that were even halfway worthwhile in the present state of play. If they had done a deal with - say - Acme Platinum, and had a grade and prill split, along with a probable concentrate throughput tonnage, and had been able to back into, say, 20% of the production, then it would have been possible to estimate fairly reliable figures. But without a specific target and the specific terms involved with that target, any catch-all numbers are meaningless.

How much profit will a smelter make? How long is a piece of string?

Finally, if the management are such buffoons, as matrixtrader states, why then did matrixtrader also state a couple of weeks ago that Sylvania wanted to poach Leon Coetzer, but couldn't?

[burlington] 09/7/2009 23:25

It's very simple, just filter intco and the page reverts to normal.

[intco] 09/7/2009 23:02

Price now 2.4p to sell someuwin!

I know my maths was bad at school, however, I still can't believe 2.4p is better than 15p.

[someuwin] 09/7/2009 22:55

Good posts dooby and matrix!

[intco] 09/7/2009 22:46

How do you know Windy is old??

[doobydave] 09/7/2009 22:43

Dear Wendy,

re 19248: if that's what was truly said, it would be an astonishing response. If someone gave an industry player that pathetic excuse, they would forfeit all credibility within a heartbeat. Is that part of what happened? Surely not: with Leon's Angloplats background he must be technically competent.

The self-respecting answer is:

at weighted average PGM grade 'a' g/t, our processing costs are X
at weighted average PGM grade 'b' g/t, our processing costs are Y
at weighted average PGM grade 'c' g/t, our processing costs are Z

bearing in mind that a, b and c are unlikely to be in a straight line.

Factor in tonnage and you've got yourself a GCSE maths Excel spreadsheet. My 11-year-old nephew could have a decent stab.

In short, Matrix is right and I fear you're in danger of defending the indefensible, old thing.

If Conroast was pushing out 50-70,000 oz annualised of PGMs, as stated, at basket prices of round about 1,000/oz, the company should have been producing serious cash. So what on earth were they paying Northam et al for the concentrate? How economic is ConRoast really? Why couldn't BRR raise cash on JSE if the project were sound - wasn't that the point of listing? Why weren't all the concentrate providers impressed enough with those 99+% recovery figures to take a stake? Why was the measley all-share deal offered by JLP (and worse by Ruukki) the best they could do? Etc...

How and why they have got themselves into this incredible mess remains as clear as 10ft of lead. I'm still seething - more because of their disingenuity (Leon included) than that they messed up. Disgraceful.

Best,
David

[judijudi] 09/7/2009 22:09

Bye!!

:)

[intco] 09/7/2009 21:52

judijudi

Thow doth proteth 2 much

[judijudi] 09/7/2009 21:35

Your time is up

[intco] 09/7/2009 21:05

Oh!!, ladela, billysilly

More worried about a line out, than investors losing their life savings.

[billysilly] 09/7/2009 21:01

No - the reporting is for the line of !!! which you know perfectly well causes problems when reading other posts.

[intco] 09/7/2009 20:52

Let's all report intco for telling us to sell at 15p as brr looked like a big con.

Let's all report intco for telling us to sell at 7p for the same reason.

[matrixtrader] 09/7/2009 19:14

i went to all the trouble to unfilter you to see of you had anyting interesting to say...you really are a prize C U N T!