jubilee platinum marks mine-to-metals, page-6

Just gone back to my PLA spreadsheet to check my CAPEX numbers.

By my calculations I have PLA having spent $116,457,843 on CAPEX and Exploration since 2006. Note: The company?s policy in regard to exploration properties is to write off all amounts relating to the purchase and exploration of properties until such time as there is a positive Definitive Feasibility Study in relation to the area in question.

Over this time Smokey Hills represents CAPEX of approx: $80-89m.

My breakdown:

Dec 2006: $27,710,600
Notes: ERA Research Report 23 Oct 2006.
PLA is aquiring 80% Holding in SHP (smokey Hils Platinum P/L) for US$3.4m and 15m PLA shares, with the remaining 20% held 15% by Corridor Mining Resources P/L (CMR , a subsidiary of the Limpopo Development Corporation) and 5% by the local community. Funding for BFS was provided by SHP (84.2%) and CMR (15.8%), while construction costs are to be based on individual equity portions. The deemed issue price of the above shares is $1.545 and the shares will be held in escrow for 12 months from the date of issue. Assume A$/US$ 0.75

Dec 2008: $54,000,000
Notes: Initial Capital Cost US$45 Million at ZAR10:US$1 Annual Repor 2009 - The Company has also reduced the debt associated with the development of the Smokey Hills Platinum Mine from approximately $54 million to $15 million and gained full access to the cash flows which will be generated by the Smokey Hills Platinum Mine in the coming year.

Dec 2009: $8,070,809
Smokey Hills Mine. During the half, open pit mining was completed and consequently all of the overburden removal costs ($8,070,809) were written off as part of cost of sales during the period.

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I guess I'm hopeful that someone might stump up something reasonable (over $25m owed to Macquarie) for our little company and it's assets. If the Smokey Hills Mill does carry any strategic value then one would think the current replacement value would be higher than $80m. And at half that, then perhaps it's a steal?

Gus

P.S. Can't see a near term re-list insight. A recapitalisation would have to happen first, at a guess perhaps 5-8months away? But not before Christmas from where I'm standing!

I would also guess that the Administrator will post then next update once the 'Toll Agreement' with Jubilee has been finalised - hopefully with some figures! I've just registered for email updates on the Jubilee website.