George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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Well said, Bryn. Many of those who tell us to “move on” do not know the full story/history which led us to where we are now.
At the very least, it’s about time BMR/JLP provided us with some clarity on the Royalty. It’s concerning that JLP have said they will only produce 8k tonnes of Zinc annually from the Kabwe tailings. Also, they are not planning to produce Lead until 2021, and are now considering delaying the production of Vanadium. If we are to receive an 11% Royalty, based on metal production from the Kabwe tailings only – that means the Royalty would pay peanuts, and that’s before JLP have recovered their costs with interest.
What if we are being led to believe the Royalty is worth something, when in reality it is not? It seems the BMR board are more concerned about getting a listing, so they can continue to withdraw a salary. Meanwhile, BMR shareholders are left high and dry... Offer us a fair deal or be prepared to deal with the backlash.
Kalan - easy to say - lot harder to do when you are 10's of 000's in the red.
Whilst investing in always fraught with danger - when you have folk like Borrelli pumping out RNS giving massive positivism and stating we are sat on Billions of $ in assets which are easy to recover with an even more impressive Vanadium as a by-product - there has to be a moment when one would like some answers. This is the time for some answers which are true and which would fulfill curiosity the majority on here have. Had you not been the beneficiary of BMR's downfall and been the loser, I am sure you would feel the same. IMO anyway.
Easy to say Kalan when the very man himself told us we have never been in a better position.
BORRELLI......... WHAT ARE YOU DOING THAT YOU NEED TO HIDE. ????????????????
still need some answers here...
where's the full agreement with JLP (are there any safeguards to protect this royalty?)- that basic stuff which shareholders should be entitled to see..
I assume that lack of clarity, dragging things out and a possible resurrection of BMR in some form are just your CEOs way of keeping a salary?
Pity you can't all vote with your feet. Been in this position myself - best bet is to just forget about BMR and move onto pastures new - write it off, shrug the shoulders, deep breath and look forwards, not back.
It looks like that JLP are dragging their feet especially with licence expiring - but intake exception that BMR board are waiting on Jubilee when we know thevbou is Borrelli and he is not in our interests- can't we just get rid of this ******?
Haven't you forgotten C) Shares were tradable? At least I'm guessing they were as I was not around then.
The BMR BoD stance is that they’re waiting for JLP to update the market before they can advise shareholders one way or another.
Would it favour JLP to just drag this out until the licence comes to the end of its 10 year life(October 2020.)?
Rosewall makes a good point. No-one can blame the JLP board for looking out for the interests of their company and shareholders.
What a pity that we in BMR don't have such a board. It's a bit scarey that it's now 5 or 6 years since we almost went under prior to Borrelli taking over and the bright new future this entailed.
Yet 5 or 6 years later, here we are in seemingly the same position, with the only differences being A) A massive dilution of the share base and value and B) At that time we at least had a clue what was going on.
Merlin, there was no company for JLP to steal. Had JLP not got involved, every single BMR shareholder would have lost everything. I dont know how this will end but i am hoping you will get something. Bring, you raise some inportant points such the detail of the royalty deal but it is not JLPs place to answer it, it is for your own BoD to do that.
Thanks for explaining that much appreciated! No justice or honour!
Merlin, no need to apologise. You are well within your rights to complain about our dire situation, and you are only echoing the thoughts of many other shareholders. The door is currently taking a beating, but BMR are more concerned about preparing for a listing which will no doubt see 90% of our value wiped out. Why anyone would support such a proposal is beyond me. Bear in mind most shareholders were probably already down by 50%+ before we were suspended.
I really don’t see how we will recover from those kind of losses with this listing. Is it just a way of diluting shareholders to death so they will move on and forget what happened? Meanwhile, the Directors continue to stay on board and are handsomely rewarded on the back of our loss.
It's just galling having Jubilee walking all over is as if we don't exist after they and Botrelli effectively stole our company - dont understand why we are not beating the door down after waiting so long after the meeting last year - sorry rant over!!
I’m not sure why we would be interested really... They say the Kabwe Zinc circuit is progressing and they are already producing Copper. What does that mean for BMR shareholders? The RNS also mentions that Vanadium prices have “softened sharply” and they are reviewing the implementation schedule for the V circuit. I thought they had planned to implement this anyway, seeing as the V is a bi-product from the Kabwe tailings. They could separate the V and stockpile for selling when the price recovered. Is this a cost saving exercise? They now refer to the project as “Integrated Multi Metal Kabwe Operations”.
There’s no mention of their 29.01% in BMR, or more importantly, details of the Royalty. When will full details of the Royalty be released by JLP? What will the 11% entitle us to? If we only ever receive net profits from tailings at Kabwe, we will never get anything out of it. This is why it is important to get clarity on this, before BMR requests that we vote on the next lot of resolutions.
My immediate question is; why are JLP producing and selling Copper by utilising our mining licence, yet somehow we are not entitled to a Royalty from this? They might have bought and (semi) paid for the Sable plant and Copper tailings, but my point being, they would not be producing anything without our licence.
For those of you interested:
https://www.lse.co.uk/rns/JLP/six-monthly-operations-update-1te3jrpu1x6abf6.html