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Hi Fellowship - As a shareholder of some 10 years in this dog, I note you are a recent poster whose history has been entirely on BMR and whose posts appear to have been particularly aggressive towards the BMR Watch.
Purely out of interest, may I ask what your interest is in BMR? Of course you don't have to tell us and you don't have to tell us the truth but I suspect others may be intrigued with your reply.
I suggest you take up the jeopardy point with Borrelli. He will probably be otherwise engaged with Montezuma's Revenge or some equally off the wall exploration target.
The bmrwatch committee dont want you to know in fact they didnt even consult with there members. Another egm with the removal of borrelli on the table. It has been said by certain bmrwatch members that the committee do not want to relist and are more interested in the wellbeing of jubilee. If this is true this is a disgrace. We are only weeks away from a deal to relist but bmrwatch want to fk it up. I have no problem with egms. I have no problem seeking answers but i would never jeopardise shareholders investments unlike the bmrwatch committee
Have you tabled a motion at the egm to remove borreli. Allow the company to relist he will be sidelined. There are no plaudits in jeopardising all our investments.
Have you considered the possibility that Borrelli is working in JLP’s best interests and not ours? Or maybe even in the best interests of Colin Bird, seeing as he works for Revelo…
Let’s take a look at the clues – Borrelli wants to call the new Company “Callisto Resources”. Callisto is one of Jupiter’s moons and was discovered by Galileo in 1610. The moon’s surface is the oldest and most heavily cratered in the entire solar system – it’s taken a beating throughout its life (much like BMR and its shareholders).
Borrelli should announce the proposed deal along with his retirement from the Board. If the deal is accepted by shareholders, he can then retire after the Company has been listed.
Your not thinking about jubilee or maybe you are. Get the deal done relist and then look at borrelli. You dont get rid of the guy that holds the key to bmrs demise. Thank you very much from jubilee. Stop playing jubilees dirty work.
Sounds like a way of actually being able to talk to the man face to face again. He's certainly been paid enough over the years. Maybe we could get this deal, I won't be presumptuous and condescending about it's possible merits, vote on it and his departure at the same time. What concerns me is his reasons for hanging on, what's in it for him? All he does with every diabolical turn and misjudgement is ruin his street cred.
Bring have you arranged an egm to remove Borrelli?. This would be idiotic if it is true. Lets get the deal on the table and vote for relisting. Allow investors to get something back. Do not jeopardise that opportunity.
Stuee, we know a deal has concluded and we look forward to the details being released by the listed parties. Shareholders can then decide if the long wait has been worth it. BMR Watch is here to protect shareholder interests, not to mess anything up, and certainly not taking any actions out of “revenge”.
Well despite all the anarchy out there in the markets a spot of good news in that BMR maybe about to sign up to a new deal for long suffering shareholders. Its my opinion but news of a deal is now very close. We as shareholders need to stay strong and not upset the process now coming to conclusion. Lets pray when details are announced it will allow long suffering shareholders to get something back. I say to the bmrwatch do not fk this opportunity up for every shareholder just so some get some revenge.
Thanks for posting that Bring.
If you want to hear what happens at a meeting, turn up.
BMR own the tailings. Best way out is for Jubilee to buy them, some Cash for BMR but get rid of useless Borrelli first. My dog could do a better job and he’s been dead for years. Borrelli is the milkman without a delivery round.
No one will make money out of Kabwe/Sable on a Tolling basis, own ore required. Metorex and Glencore tried and Vale wouldn’t touch it forcing the fire sale to Glencore. JLP appear to want Gallileo to mine, Star Zinc and then take on the prospects at Kabwe, Ka****u etc. There are large low concentration prospects at Airfield and underground there are recoverable ores at Kabwe which might become recoverable if prices recover significantly.
JLP have to process Kabwe ore to monetise their large investment at Sable. There are residual copper tailings at Kabwe fro the Copper previously shipped in from the Congo during the Metorix ownership. Leon knows the value at Kabwe but palms need a good greasing, start with BMR, Borrelli has the badges.
At the Annual General Meeting held at 1:00m on Friday 23 August 2019, following the voting at the meeting on Resolution 1 and the results of the polls for Resolutions 2, 3 & 4, all the resolutions put to shareholders were duly passed.
At the General Meeting held at 1:30pm on Friday 23 August 2019, following the discussion of a proposal reached between the Company and Jubilee Metals Group Plc relating to the distribution of the net returns from the Kabwe project, the meeting was adjourned with further notice of the adjourned meeting to be given to shareholders as soon as practicable.
M A Borrelli
Chairman and Company Secretary
23 August 2019
Hi Jammer!
Thanks for the informative and insightful reply - it is much appreciated.
I think your analysis may be right.
As a JLP shareholder I appreciate that they are proceeding with caution through this regulatory minefield. But why on earth did LC and CB ever agree to such a deal in the first place? It's been two years since they massively diluted their shareholders to pay for Kabwe, and there is nothing to show for it so far, and it's not certain there ever will be anything to show for it.
If I were a BMR shareholder, I'd just be feeling frustrated that time is passing, and very little progress is being made.
TBTT. In my opinion this is what is going on. The small scale licence which enables the recovery of metals from the Kabwe tailings is held by Enviro Processing Ltd, a Zambian registered company (EPL). Jubilee holds an option, at its sole election, to acquire 100% of the issued shares of Enviro Mining Limited (“EML”), a subsidiary of BMR and the company that owns BMR’s Enviro Processing Limited (“EPL”). I believe the large scale licence is also held by EPL. Jubilee do not want anything to do with the large scale licence as it carries requirements to meet the environment regulations, particularly when it comes to the decommissioning of the site at the end of the licence, which I believe is 2033. In BMRs accounts at end of 2018 there was a provision for decommissioning of over £300,000. Whether that was adequate enough is a complete unknown, but the environmental regulations are likely to become tougher so it would be no surprise if it was an underestimate. Jubilee will not want such a growing provision liability in their own accounts. The only way Jubilee can definitely avoid this to ensure Galileo have taken it on before they exercise their option.
Jubilee will not want to overcommit to the tailings project before the conditions of the small scale licence renewal from October have been determined and it can be put under their control (through the exercise their option). Jubilee will not want to be effectively having to keep BMR afloat any longer, which they have in effect done through the liquidity of their 30% investment to maintain the small scale licence in existence. Once again the environmental requirements for decommissioning and returning the tailings land to alternate use of a renewed small scale licence are probably still under negotiation. It appears Jubilee has minimised risk should they need to pull out of the tailings project. So far they appear to have only 100% committed to the zinc processing facility which will be within the Sable refinery and available for 3rd party ore processing. They appear to be leaving the development of the facility to enhance the metal grade in the tailings before transporting the material to Sable as late as possible. This facility will be a turn key building which probably can easily be taken down and reassembled on another site should the worst happen. They have probably already started work on the tailings to improve safety and reduce environment hazard when they start to move the tailings. Costs associated with this could be lost. So my expectation is that by June Jubilee will be in a position to start commissioning the zinc circuit with the tailings and able to say to the Zambian authorities they have met their side of the deal, but now over to them regarding the renewal of the small scale licence on acceptable commercial terms if they really want the toxic Kabwe tailings dump sorted.
Can't be from Kabwe tailings cos Bozzerelli insisted when he took over the reins that the whole copper thing had been an Alikhani lie.
That's when zinc and lead came to the fore.
TBTT
You are probably right. It says that the copper comes from tailing rather than "the" TAILINGS.
Hi Jammer!
I agree with the facts that you've laid out.
I'm just not so sure about your conclusion. Surely the best thing JLP could do to secure the small licence extension is actually process some tailings?!? We know the Zambian authorities are looking to take away unused mining licences - and indeed have done so in several instances.
And why should Galileo's applications for a small scale licence for Star Zinc and the renewal of the large scale licence have any bearing on Jubilee and the tailings.
I wonder if the hold up isn't that any company applying to hold a small scale licence must have 50% Zambian shareholders. Just a speculation.
I understand the hurt and anger of BMR shareholders. But the fact is if JLP had not invested in BMR the company would probably already gone bust.by now. JLP hold all the cards and without them BMR shareholders would have no hope of getting anything. Being angry and insulting to JLPs directors is not too clever.
JLP,s majority stake in the Kabwe JV company, and their right to exercise a purchase of the subsidiary company that holds the small scale licence, ensures they have in effect full control of the Kabwe tailings project. In effect BMR now has no real say in it. And this project is the only source of potential revenue for BMR. Not a good position to be in.
On top of that JLP also owns 30% of BMR, which although a minority shareholding , in practice it provides JLP with the power to influence what ultimately happens to BMR.
I have a small BMR shareholding, which I speculatively picked up after JLP invested in BMR and obtained adjust under a 30% stake. I post mainly on the JLP board and have previously set out the number of regulatory hurdles that JLP need to go through before they can eventually get the small scale licence fully under their own control. JLPs aim is
1. To secure the small scale licence without the large scale licence, which Galileo want to secure and
2. Ensure the small scale licence can be renewed for at least 10 years from this Autumn when the current small scale licence runs out.
The above is complicated by Galileo’s involvement. And I suspect this may be where the stumbling block is., and where regulatory delays are arising. Galileo needs a small scale mining licence for the Star Zinc project, and until that is secured along with the zinc ore deal with JLP, Galileo has no obvious means of near term funds for the exploration of Kis Hitu within the long term licence,. I would imagine such funding certainty would be a condition of the long term licence being transferred to Galileo. I hope from JLPs and BMRs perspective this is the case, and nothing more sinister is going on.
Hi Rosewall!
The copper produced at Sable comes from a different source - apparently from some material stored on the refinery site and forgotten about by Glencore.
Not an ounce of the Kabwe mine tailings (i.e. the zinc, lead, vanadium rich material covered by the small licence) has been processed; even though it is now more than 2 years since the original deal. I don't have firm proof, but my intuition says that there is some major legal or administrative problem which is not being disclosed to its shareholders by JLP.
Do JLP/BMR still have the small licence? Have ZEMA interfered? Is there legal action pending?
Fellowship,
Jubilee came after the BMR BoD drove the company into the ground.
BMR was already a basket case, with no hope of survival, long before Jubilee arrive. You have a very selective memory.
TBTT
What do you mean by "not an ounce of tailings have been processed"?
https://www.thisismoney.co.uk/money/investing/article-8066181/SMALL-CAP-SHARE-IDEAS-Jubilee-Metals-cashflow-opportunities-multiply.html dated 2nd March 2020.
It appears that 110 tonnes of copper has been produced.
Hi Bring!
I think you may be missing the obvious here.
It is now 2 years since the first deal between JLP and BMR. Not an ounce of tailings from Kabwe has yet been processed.
Why is this?
I think it's fair now to ask if the Kabwe tailings will ever be processed and monetised. (In their communications, Jubilee are constantly downplaying the Kabwe tailings, speaking of refining copper and cobalt at Sable, and buying in zinc ore from 3rd parties, and putting off the construction of the lead and vanadium circuits, etc.)
Reading between the lines, I make it that there must be serious, perhaps insuperable, undisclosed legal / administrative problems with processing the Kabwe dumps material. Perhaps ZEMA, perhaps something else.
Perhaps we have it all back to front? Rather than Jubilee "preying" on BMR, perhaps Alex Borelli sold Colin Bird a worthless pup?
Exactly, aim-sickness – what price? This is one of the reasons why shareholders were reluctant to vote for the listing and share dilution. Colin Bird was also on the phone making proposals of dividends for BMR shareholders. It turned out to be a load of rubbish. JLP hadn’t even triggered the Royalty, so why should we vote blindly not knowing the true outcome?
Now according to some, BMR Watch is to blame for BMR not having a listing. Borrelli told me he wouldn’t be able to list the Company until JLP had finalised certain details, and BMR had to amend its accounting period – so how exactly was he planning to list us last year then? I believe the situation at the AGM with CB on the phone was staged, and they were hoping we would ask for the GM to be adjourned. Now they are just waiting patiently for BMR to go bust so they can pick up what they need on the cheap… How else do you explain a 7 month period of absolute silence from BMR? JLP are dragging this out, even to the point where they are purposefully withholding money from the Company they own 29.01% of - this is immoral at best.
Disclaimer: All of the above is in my opinion, of course.
Borrelli said to bmrwatch that your group rejected the proposals and jubilee rejected thereafter therefore the meeting was adjourned. Clearly one of you is incorrect. I will make it clear once again. Jubilee and borrelli are guilty of where we are. My point is you played into there hands by going down the route of an egm to remove borrelli. Bmr need to relist however i fear bmrwatch have miscalculated your actions on our future.