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It's so hard to tell - one minute it looks a no brainer and then the next you use your brain and see problems with CB's narrative. We just apply for a licence, scoop it up off the ground for nowt and transport to Sable and JLP send us loads of money.
Hold on a minute - we don't own the ground we are scooping up.
Someone will probably come along now with a simple answer to this and it becomes a no brainer again.
JLP need to be transparent, GLR need to be transparent and BMR needed to be transparent. It's like looking for a mouse in the desert through an opening the size of a pin hole.
Just checked Kalan - you are correct, my mistake. Perhaps CB was not economical with the truth afterall !!
I think that's a large scale exploration licence that's already in place TT not mining.
Hi Kalan. Your previous post on the license was my understanding and somewhat different to the general consensus. There is already a large scale mining license in place granted to EPL a subsidiary of BMR. From a Govt perspective, changing to that to a small scale license should be a formality and should already have the "agreement" of the locals. The complications are more likely the BMR/JLP/GLR process but with CB sat on the board of all and BMR needing JLP in order to have a financial gain I am sure they will get resolved - most likely at the last minute with all parties trying to gain as much as possible. TBTT & BMReward have a far better grasp than I on the complicated nature of this 3 way arrangement (excluding subsidiaries and the Govt).
I think it has to be getting very close, possibly some final negotiations taking place due to the price of Zinc. The cynic in me would say the intraday 38% gain in GLR to 0.58 recently was a bit of a test of the volume before the real story unfolds. Without news I don't expect it to get above 0.60 that is a warrant point which may be future sold into the market if volume exists for the MM's to clear them - but perhaps i am too cynical !! I have quite a few GLR now and my number is much higher than 0.6.
Been reading the JORC report and this has caused me a little concern over the licence. Addison say that before mining GLR would need to sort out rights with landowners which may be with the local government in the area and/ or tribal chiefs. My question is would the Government grant a mining licence without these issues being resolved? Have they been resolved? Would Colin even apply for the licence without resolving these issues first? (I know he said he had applied at an investor conference off record). Can anyone enlighten me please.
nothing to do with a tree shake,this is down today like the rest of the markets.
From the JORC report produced by Addison Mining.
"The Star Zinc deposit resides within valid exploration licence 19653-HQ-LEL, known as the Star Zinc
licence. The licence is currently registered under Enviro Processing Ltd, a subsidiary of previously
Alternative Investment Market (“AIM”) listed BMR Group Plc. As the licence is an exploration
licence, no extraction is permitted.
The licence was granted on 14th August 2014 and has recently been renewed with a mandatory 50%
reduction in licence area. The licence is now within its second grant period and is valid until 13th
August 2021
On the 24th of June 2019, pursuant to a Binding Heads of Terms 12 September 2018, Galileo
announced it had increased its beneficial stake in the Star Zinc project from 80.75% to 95% (Galileo,
2019: RNS: 0926D). The Zambian government owning the remaining 5%. The transfer of the licence holder from BMR wholly owned subsidiary Enviro Processing Limited to
subsidiary Enviro Processing Zambia Limited (Galileo 95%, Zambian Government 5%) remains
outstanding. Under the terms of the Binding Heads of Terms September 2018, EPL is required to
apply for transfer of the Star Zinc Large Scale Exploration Licence to EPZL. The transfer application
to be funded by Enviro Zambia Limited, a wholly owned subsidiary of Galileo. "
So EPL are bound to transfer the exploration licence to EZL (effectively 95% GLR and 5% the Zambian Government) and GLR will pay for the transfer.
Some good posts on here now. It is a risky buy but a potentially very lucrative one. I think there may be a need for more cash this year but only if we have positive news. With no progress the cash burn will be very slow.
As for the situation regarding BMR, JLP, GLR and the various assets and licenses. The god news is that Colin is across it all with interests all round. The bad news is it's Colin we are relying on - usually a massive winner or a slow burn loser. Got a fairly small amount in and hoping it will turn into a substantial amount.
Looks like there will be a few issues holding this one back. They need a licence/permit to start mining from Star-Zinc, has this been applied for? How long will it take? Colin Bird stating that he’s applied for it to an investor at a shareholder event does not make it official. Even if he has applied, would it not have to be RNS’d due to being price sensitive information?
Star-Zinc’s large-scale exploration licence has not been transferred to GLR, this still remains in Enviro Processing Zambia Limited, which is owned by a BMR subsidiary, Enviro Processing Limited. There are also complications regarding the transfer of Ka****u – this can’t be finalised until JLP acquires EML from BMR.
GLR are still reliant upon JLP starting production of Zinc at Kabwe. Even if this starts around June, GLR has a good 5-6 month wait before they are trucking and selling ore from Star-Zinc. What’s the lead time for getting paid for the material/Zinc cathode? It could be a while before cash starts hitting the bank, therefore I think GLR will need at least one more placing before production begins. They will also need to pay taxes and transfer costs to the Zambian Government when the licence is eventually transferred over to GLR.
Maybe there will be a big fat RNS on Monday which states all of the above is sorted, but best to be cautious until further clarification is provided.
post recommended, thanks,
Knowing management own 10% is encouraging. i think I would be more worried if they didn't.. My gut feeling is this is a goer.
RNS soon i think...
Oiltap, what do you estimate the Mcap in total and what price do you think this could go too over say the next six months on the proviso that the Mining permit is granted, personally I believe it's already in the bag and news of such ...soon.
Agreed Lockesboy it should quadruple on a licence. The agreement with JLP will follow swiftly and then we are into contractors to start delivering to Sable. The time frame is short and the events should come thick and fast. As Tiger says - it is a bit of a gamble as no licence would leave the company back in limbo again.
The muted information from JLP is promising for GLR but not so much for JLP. Have they needed to switch strategy to 3rd party copper and Zinc instead of Kabwe waste due to issues with rights and licenses?
Perhaps JLP are waiting so that they can announce bad news good news rather than just bad news? Bad news we can't put Kabwe stuff through sable yet - good news Star Zinc has a licence and we will put it all through sable in a year whilst they drill and prove up kash'tu.
Fantasy or reality - who knows.
I think that as you say it may be Imminent and quite likely, I say this and I am invested here because of that and the fact that the Zambian Government have a 5% share so I believe the small scale mining permit is about to be issued very shortly.
I also believe if I am correct the share price will quadruple quickly.