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.
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