Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Aren't JLP due to pay us £1m in the next couple of weeks if they confirm they want to proceed as JV Operator?
looks like it.
bmr should keep this shares instead of selling (and selling at high sp instead). but i guess, they need the cash now.
opportunity for some to grab cheap jlp while bmr selling the remaining balance
Rosewall, I think 12.5% would be fine particularly with a bigger plant, it's just that the way AB has negotiated the terms, I doubt we will be allowed to survive long enough to ever see it. Would love to be wrong though.
I heard he was chased out of the library cos some kids saw him watching videos on how to catch and skin a weasel alive. :0
Jeremiah99, I'm going to set up a go-fund me page for Eric to cover his library expenses. He's been taking a lot of books out of the Erotic Porn section and those late fees are racking up!
The website was historically always outdated and rarely updated. The company under the reign of Alikhani and Borrelli has always promised great things only for both of them to have seemingly been allowed to play us all for mugs.
We can't even afford to have the website updated. It still says we are listed on AIM. Borrelli is just treating PIs with utter contempt. Unlisted companies can use RNS Reach
https://www.londonstockexchange.com/products-and-services/rns/rns-reach/rns-reach.htm
to make announcements. They appear in the RNS News section with an 'R' after them, ie RNS-R.
Borrelli can't use the feeble excuse that there is no news to announce. He has responded to every other RNS issued by Jubilee concerning the Kabwe Project, so why not this time?
Hi Jeremiah
Agreed it is not good. I was hoping that something better would come out of this. I think 12.5% is a bit miserly to say the least. I don't know what that would buy in terms of a future income stream, same with Star.
If the JLP shares are sold simply to keep the lights on i.e. salaries paid, Blue etc I would be disappointed. The LTHs here deserve better.
Firstly, thanks to Matt B for your donation. It is appreciated and, yes, I have lost weight. Well, the bottom half is muscle now and the top half is still slobbish but getting there :-).
I have updated the Just Giving page ( www.justgiving.com/i-must-be-mad-to-do-this-2 ) to include some photos of Saturday's trek. I can be seen third from the left in the mandatory group photograph.
I will be starting som intense training starting today to get the stamina up for the 19 mile Lairig Ghru walk on 22nd August. Heck if I am going to let the youngsters beat me on this trek :-).
It’s incredible how AIM and the authorities just see these folds and dubious dealings as par for the course. Then Share Prophets write an obituary lamenting the actions of past and present souls and speaking no ill of the dead decide that the Phoenix could rise as a new entity. It’s sick. It will take years to see 12 and a 1/2 % of anything whilst the hand controlling the numbers is in power. We have been rounded up by the dogs and are still fed for just a little more fat at slaughter. I would love to believe that the fat lady has not sung and that there is a cunning plan but I fear the end is the bleakness of the final chapter in Edmund Blackadder’s tale.
Well done, but I think some on here might soon be in want of a little charity themselves and are just one bad RNS away from having to sleep in the Oxfam shop doorway! :-p
So if Borelli is no longer taking a salary, (and hopefully not accruing vast amounts of in-lieu-of shares), and all the construction work is being covered by JLP, then presumably we have ample cash to keep us going in the short to medium term. But who knows? Who knows anything because our dear leader is hiding in his bolt hole fearful of saying anything which might incriminate him. Feckin' disgraceful that the last RNS stated updates would be via website from now on but the last entry was by twitter in February. Hope he can sleep at night.
First of all, many thanks to Graham B and Brian H for your donations. They are very much appreciated.
Saturday came and the walk for the charity begun. About 20 of us, mostly newcomers but a few with more experience. It was a lovely day, sunny with a cool breeze. As expected, arriving at the Corrie Fee took their breath away and leaving it took their energy away but, once out, with the summit of Mayar in sight, most got their second wind.
There was a lot of relief as those new to hill walking trudged their weary bones to the summit. Once fed and watered, the next slightly higher hill looked doable. All reached the summit of Driesh safely and I will be posting a group photo onto the Just Giving page shortly.
On the way down the sore feet, aching muscles and painful knees afflicted many. I helped a small group of youngsters who were struggling down. More morale boosting than anything practical but, back at the car park, the smile on everyone's faces was heart warming. A real sense of achievement.
So, thanks very much for all your help and support it is appreciated. I think the total of donations in cash and via the Just Giving page will be around £500 plus Gift Aid to be divided between the three charities.
By rights, this should be the end of the fund raising for another year. However, I managed to get myself signed up for another charity walk for the same charities on 22nd August. This is the Lairig Ghru. A wild and desolate 19 mile mountain pass through the Cairngorn mountains. Oh well, I best get in training then.
If you would like to donate to the Heart, Diabetes and Cancer charities, there is still time. Just go to www.justgiving.com/i-must-be-mad-to-do-this-2 . I will update the details to include the Lairig Ghru. Once again, many thanks for all your support.
"It sounds to me as though the disposal of Kabwe was the ultimate destination since the new management came in to sort out the mess left over by the old team. Unfortunately, that meant BMR becoming a cash-shell and its appears as if the oxymorons no longer like cash-shells. That, then, appears to be the reason for the company being booted off the Casino by a circular argument of having no Nomad, yet having a Nomad willing and ready to take office."
In actual fact we were not a "cash-shell" when we were booted off AIM. We still owned majority of Kabwe, we still have 15% ownership of the Star-Zinc licence, an 80% interest in Ester, circa 4% ownership in JLP, and as it currently stands we still own 12.5% in Kabwe. So the reason for getting booted off AIM was certainly nothing to do with not having assets. Something else was afoot, just like the suspected foul play surrounding the licence revocation...
Shilling for Borrelli.
Opportunistic from them as they remained silent over the last 6 months with no real interest whatsoever. An opportunity to try and get a few new customers whilst trying the now redundant line of 'Alex isn't that bad of a guy, it could be worse....'
As for Alex Borrelli, he seems to have come in for some criticism: getting delisted, handing over Kabwe (not for free, but free in some eyes). So is he quietly coining it? Well, not exactly – I gather he hasn’t taken any pay since the shares were suspended back in February.
More to the point, when he came on board the company was a basket case. Now, despite the delisting, it has assets (the Jubilee shares) and a decent income stream (albeit deferred until Jubilee gets its return). All in all that might not be too bad an end-of-term report. But the biggest prize would be getting the shares relisted.
Let’s see what happens.
Following my piece HERE which voiced concerns that formerly AIM-listed BMR Group (BMR) had simply been executed by the oxymorons, I had a chat with the company to find out what comes next. My hope is that the company will release a statement in due course, but in the meantime what I can report is that it seems all is not lost. I can also report a little more on the loss of its licence in Zambia (which was subsequently restored).
The attack on its license was apparently on the grounds that its wasn’t being used – except it was, and at the time it had enlisted AIM-listed Jubilee Metals (JLP) to help fund and deliver the Kabwe project. It seems there were dark forces at work and the attack was not entirely in keeping with government policy. With that cleared up, the project took a further turn when Jubilee wanted to fund a much larger plant. I am told that this was actually very good news, as the JORC compliant lead and zinc in the Kabwe Dumps and non JORC-compliant surface resources (including vanadium) are believed to support a larger operation.
But BMR hadn’t the cash to pay its corner and so a disposal seemed a better way forwards. As such, BMR has handed it over to Jubilee in return for a 12.5% royalty, once Jubilee has recovered its costs and a return on its investment.
That might seem quite a loss to BMR, but BMR now carries no project and financing risk and the company hopes it now has a nice annuity for many years to come – once Jubilee has its return on capital.
It sounds to me as though the disposal of Kabwe was the ultimate destination since the new management came in to sort out the mess left over by the old team. Unfortunately, that meant BMR becoming a cash-shell and its appears as if the oxymorons no longer like cash-shells. That, then, appears to be the reason for the company being booted off the Casino by a circular argument of having no Nomad, yet having a Nomad willing and ready to take office. It is bizarre.
So what now? BMR apparently is in a good position of having c. 4% of Jubilee shares (worth around £1 million, according to ADVFN) so that should be enough to keep it going for a good while. But I gather that following the delisting the phones were pretty hot and a good number of proposals came in (although time will tell whether they were good or bad).
More to the point, there is a strong desire to get the company relisted. The choices for this would perhaps include the Standard List – although the iterative process to get listed might take a while, a return to the AIM Casino (although that might stick in the throat of management) or NEX – which is perhaps too illiquid. So my guess might be that BMR makes its reappearance on the Standard List later this year.
Whether it returns as a cash shell or with a new business to its name I know not, but it seems like good news for shareholders that the hope is they won’t be lobster-potted for too long.
D-Day (2nd August): AIM had sent notification via an RNS to inform shareholders that we were to be de-listed from AIM. No update from the CEO of BMR to explain what had happened. Instead, on 3rd August, it was confirmed that we had our listing cancelled from AIM. JLP released an RNS to provide clarity surrounding BMR. They informed their shareholders that they were in negotiations with BMR to fully fund the Kabwe project, and this would lead to a fixed dilution of BMR’s interest in the project. The following Monday it was announced that the deal was signed, sealed, and delivered! JLP now has full control over Kabwe, and has an option to acquire 100% of EML.
Although Alex had said JLP wouldn’t commit any more money to the project without further clarity surrounding the licence, it would seem that Leon clearly states in his recent live webcast, that the Zambian Government are fully supportive of his new timelines for the commissioning of the Kabwe plant.
Most of the events which have took place over the past six months seem to have fallen perfectly for JLP, most notably the de-listing of BMR, which appears to have allowed Alex to sign over the majority of the project over to JLP, without having to consult with shareholders.
It would also appear that Leon quickly learned that a much bigger plant was required, and BMR would have struggled to fund their part of this, particularly with us now being a private company. With the Zambian Government fully on board with JLP, they were able to muscle us out of the project, luckily (or not) leaving us with a guaranteed minimum profit share, or Royalty payment of 11%.
Leon was just doing right by his shareholders, you can’t really blame the guy. Ultimately we were let down by our own management team, and as usual, it’s all been cloak and dagger, with the possibility of a few brown envelopes being chucked about....
Disclaimer: This article contains facts as well as my own opinions. The grammatical errors in the title of this article were intentional.
It seems Leon smelt blood when he first got involved with BMR... He probably knew all about the imminent licence revoke, hence the suspiciously coincidental RNS from them, the very day before it was announced that the licence had been revoked. In the meantime, Leon had no doubt held several meeting with the Zambian Government and had showcased the company’s abilities in extracting metals from tailings. This put him firmly in the driving seat where Kabwe was concerned, and made BMR look like amateurs.
The licence was re-instated on 5th April, first announced by JLP, then BMR notified their shareholders with two RNS’s, one on the day, and one the day after. The latter RNS contained details of the licence conditions and Alex stated that he anticipated raising £1m via a placing at 3p, with 5p warrants attached. Shareholders were once again filled with hope, we seemed to be turning a corner...
Less than a month after the licence had been re-instated, BMR had signed the JV deal with JLP, which stipulated that should BMR fail to raise funds, JLP could dilute BMR’s interest in the JV Company, and there was the setup!
Then came the dodgy sounding Blue Square deal, where we were seemingly forced to sell around a third of our shares in JLP to pay the $500k, plus six monthly instalments of $50k, making a total of $800k. We were assured that Blue Square’s efforts would increase our chances of the Kabwe project becoming a success. Everybody smelt a rat… JLP kept pushing back the deadlines for their budget and design parameters, also their decision to take the project forward. Shareholders were told on 14th June that BMR anticipated updating shareholders on both matters by end of June…
End of June came and went, and then we had another bombshell dropped on us, on 2nd July, our Nomad had resigned!! Our former Nomad was known to have signed off on £4m worth of Copper assets in Kabwe that never even existed! Despite this, Alex kept them on, and they fled which then gave us only four weeks to sign another Nomad, or we were to be struck off AIM… No matter, Alex had another lined up and had already been in advanced negotiations with them. He had received some very positive feedback from our “new” Nomad, and from our lawyers, relating to us being able to resume trading on AIM.
David Sefton, Executive Chairman of AAOG, said:
'With the SMP-102 rig now mobilised and funding in place, we are on course to drill a potentially transformational well for the Company. TLP-103 is not wildcat exploration. It targets reservoirs that are already producing at Tilapia as well as an historical discovery in the deeper Mengo horizon and in doing so offers a low-risk opportunity to increase production and move the Company into profitability.
'At the same time, however, TLP-103 has the potential to generate an exceptional return should the well encounter commercial hydrocarbons in the deeper Djeno horizon. In our view, TLP-103 therefore offers a highly attractive risk/reward trade-off: low risk by targeting production from proven sands; coupled with high reward by also targeting a deeper horizon that is productive on adjacent fields. We look forward to providing further updates on our progress over the coming weeks and months.'
Original article link
It's more or less a cert on the first Reservoir, but I know what you mean.
ime tempted to join ya for a short term ride,but knowing my luck,all three wells will be dry.lol
Only 162 million shares in issue in aaog
Yes Troajan, around Spud, I'm hoping on some movement next wk, they are drilling on 3 reservoirs. I'm in at just over 11p
got a few of the aimer aswell,10% down.
i guess you'll be flogging the aaog on spud news,or around there(seem to think the drill rig was delayed a few times,hence the drop to 8p a few weeks back)....oilies are the same has miners,rise up onto drill news,then pullback when drilling starts,then at some point,bottoms out and starts to rise again....just before drill success or failure news is due,on final depth.
i used to be in rmp years ago when it hit water,it sank 50% in a matter of minutes.lol.brill.