I'm ok by the way. Just not posting as often. Wears you out, especially when it's all been said and we're only really waiting for the next news to discuss. We don't know what is currently going on at Kabwe, only that things are going on. Perhaps. Lol.
Yes, unfortunately still a nightcrawler. I agree, it's been like a prolonged form of torture, so I'm now looking for a change in the method of news delivery. We need what we are told will happen to actually happen. MA is gone, so we should forget him and see how AB behaves in terms of dealing fairly with his shareholders. A new year, hopefully a new beginning for BMR. Let's see this value.
Still prowling late at night I see :-) ! Yep, agree there is no point starting trading until everything is resolved, but I hope the new BOD is more honest than the last. Think we would all rather know one way or another sooner rather than later though, so if they have news, publish & be dammed I say.
Off to see Santa for breakfast with the brood early tomorrow, so switching off.
Good to see you still here Eric, hope all's well with you & yours, cheers!
redmax, agree entirely. There is not a single non current asset, but series of debits in an accounting classification within the balance sheet. I'm sure the issue will be far less than the overall £4.3M.
Having said that, I also agree with those that believe that the issue should have been resolved by now. Cheers
For the year ended 30 June 2012, the loss was £1.5 million before tax compared with a loss of £2.4 million for the prior year. The majority of the loss for the year comprises management and administrative expenses and includes pre acquisition costs of £0.3 million in relation to the Chingola Project. In the prior year, share based payment expenses of £0.7 million and acquisition costs of £0.4 million for Kabwe assets were included in the loss for the year. The cash balance at the year end was £4.4 million (2011: £10.7 million).
The main reason for the decrease in the cash balance in the year were prepayments of £2.2 million (2011: £1 million) relating to the acquisition of additional assets at Kabwe which completed in August 2012 and £2 million (2011: £nil) representing advance payments made for the acquisition of further copper resources and pre-payments for long-lead copper processing equipment.
AQUISITION OF TAILINGS AND LARGE SCALE LICENCE AT KABWE
In July 2011 BMR exercised options to acquire the assets of Silverlining Ltd and Alberg Mining and Minerals Exploration Ltd ("Alberg"), two Zambian-registered companies. Silverlining owned the land, surface rights, offices and certain infrastructure BMR needed for its beneficiation plant at Kabwe; Alberg owned the remaining underground orebodies at the former Kabwe mine and all the intellectual property relating to the resources.
Following completion of due diligence in December 2011 and after a Zambian Licence Moratorium delay, BMR received governmental clearance of the transfer of the Large-scale Licence 6990-HQ-LML to its Zambian-registered subsidiary Enviro Processing Ltd in May 2012. BMR finally effectively acquired all the remaining Kabwe resources by an Assignment from Alberg/Silverlining in August 2012, after it had received all the necessary approvals and permits to process them. Importantly, Alberg had been indemnified from all claims and responsibility relating to past environmental and rehabilitation obligations by ZCCM-IH ("ZCCM"), the Zambian parastatal mining company.
In August 2012, BMR completed the acquisition of all the remaining surface rights at the Kabwe mine site by way of an assignment of all the interests of Alberg Mining and Minerals Exploration Ltd. The outstanding purchase consideration has been satisfied in full through the payment of £1 million and the issue of 70 million ordinary shares in the Company.
So it looks like the £4 million went a few ways and the concern may be about just part of it.
Nothing disclosed,as you say "no news is good news", irked by what I view as token exercise of keeping shareholders informed. The assets are sat on the ground,so it should have been a quicker route to production than normal mining route. Money was raised & MA stated via rns, substantially funded to enable production. Something is still missing,why the delay & sudden chase of copper projects. AB & MW will have to disclose what is going on,the investigation cannot go on for very much longer, at least IMHO. PFP is the company,I think you saw rise. My only worry is if Scottie & Captain Kirk manage some how to beam up the assets & BOD,what are we to do. Cannot form any opinion or make a decision until some facts are released. All imho,more questions than answers is what I see at present.
I was expecting a lot more speculation about new developments,with the election in January,politicians all make a lot of noise about future plans.Hope the investigation does allow recovery of some money or assets,that the prepayment was made for. Good to see pi trying to find factual information,hope some good luck comes our way.
Lee, read it but with all due respect that article is from 2013. I was hoping to see some uplifting tale mentioning the mine over the past few weeks, however, it is as quiet as can be. I have put a couple of questions out in Zambian and African article commentary regarding Zambia and Kabwe in particular. If there is any response I will update. Perhaps they are waiting for Christmas Eve for the update from the office.
Despite being very worried about whether or not my BMR investment has gone down the toilet, I retain a modicum of hope based partly on the old maxim "no news is good news", and partly on the 670% rise in one day of another mining minnow a week or so ago. Can't remember the name but it had been the subject of a lengthy court case and one good decision catapulted the SP. We live in hope.
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