Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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First Quantum have just been slaped with an 8 billion dollar tax bill ! http://www.dailymail.co.uk/wires/reuters/article-5523897/Zambia-uncovers-8-bln-tax-scam-prominent-mining-firm.html?ITO=1490&ns_mchannel=rss&ns_campaign=1490
I have said it before and I will say it again. How many CEO's of public companies are content to speak on the telephone to so called shareholders, I assume, without any corroboration of their holding which I accept is difficult to do. Answer - very few, as the professional CEO's will keep all shareholders informed at the same time vie RNS announcements which are documented and which can be used to hang the author/authoress. What do they have to gain on conversations which could be recorded and used against them? As someone who rarely posts it is sometimes easier to sit back, read posts and establish a sixth sense of who is genuine and who is not. Some months ago I called out Vig as a highly enthusiastic newbie keen to extol the virtues of this amazing company that he, by his own admission, had just invested a significant sum having sold out of JLP. He demanded that existing and long suffering BMR shareholders follow him as some form of MESSIAH! What a load of carp. BringMyReward, the self-imposed cheerleader has Ponzirelli on speed-dial yet cannot transcribe anything meaningful from any conversation which suggests that either the conversations do not happen or he is incapable of illiciting anything intelligent from them. Perhaps it makes Bring feel important on this Board as his day job as a lower or middle ranking admin person he does not. I don't add anything to this Board other than calling for Ponzirelli's head around Xmas time which was vigorously defended by Bring and others...........mmmmmmm! So, we are now up **** creek. Will we survive, perhaps but as a shadow of our previous being. My dream of making a pile from a pile 8 years ago is looking sad. I accept that I made a mistake and invested in a sham, my problem and I have lost a pile but thankfully have made a pile elsewhere so can put this down to experience and life goes on. The point of these ramblings is just to say that some people spend so much time writing so much rubbish that you should follow your own instincts and ignore the most of which you read here. Should BMR come out of suspension with the placees announced at 3p the price will drop a little below where we are. If the placees are nowhere to be seen and a new Ponzi scheme is announced we will drop below 1p with a further announcement in the wings that JLP is stepping in with cash for shares and the rest will be history. This is why I bought JLP shares as a hedge 6 months ago and Iam under water a significant amount but I continue to believe in the asset. Rant over!
Bring Agreed to a point. I am hoping that, 6 months down the line, all of this will be, as you say, history. It may be that Mr Lamaswala Snr is a Director or employee of Blue Square Minerals (the Zambian one) in which case everything is above board. I just like to know these things, helps my decision making.
Unfortunately we won't get all the answers surrounding the payment to Blue Square. It'll just go down in BMR history as another PI shafting. Add it to the rest and move on... Looking forward to news in a couple of weeks. The sooner we are back to trading the better.
So, if I understand this correctly, Mr Lamaswala Jnr spends his time in London doing his Church work. I may be totally wrong but this seems to leave Mr Lamaswala Snr to do the JLP / BMR work in Zambia? The son's company BSM (Zambia) is then used as the recipient of the $800k income rather than First Quantum. From there, is the money used for in Zambia or is it repatriated to the beneficial owners i.e. BSM(UK). According to the RNS part of the $800k includes costs incurred as well as corporate and technical services. Did AB elucidate as to what these costs were or how much? Were they for machinery, teabags, someone to collect the post? More questions than answers I think.
Sounds like ACI all over again except it's cost 8x more.
Sorry, I put owns First Quantum, but his father is actually on the board...
Bring, That is a little disappointing. Unless this is wrong ( af.reuters . com/article/investingNews/idAFJOE87502G20120806 - remove spaces ) and the fundamentals have changed then First Quantum is a Canadian company working in Zambia. I do not believe that it is owned by the Kwalela Lamaswala though the other company Mimosa Resources may well be so. Michael Lamaswala is CEO of Blue Square Minerals (Zambia) and Blue Square Oil and Gas (Zambia) as well as CEO of Blue Square Minerals (UK) which, in turn, owns 95% of BSM (Zambia). However, being a reverend in a north / east London Church, I have no doubt that he does have have contacts at a high level in the Zambian Government but I doubt very much that he has any influence whatsoever. His father on the other hand may be better placed for that. The links that you stated were posted earlier but it is disappointing that, even at this stage, the response from AB poses even more questions as it just doesn't ring true. Almost as if he has misunderstood the relationship between the Lamaswala family and the Zambian Government.
Ok, spoke to AB. He was quite open about Blue Square - I probably shouldn't divulge everything so I might leave some information out.... I asked him who are BS and what have/will they do to deserve $800k. He confirmed that it is run by Michael Lamaswala. He has high level contacts within the Mining Ministry and the President's office. His Father owns a mining company called First Quantum. Basically they helped us get the licence back and will also assist in changing licence conditions, such as revising the dates. I asked about the payment in shares. Apparently JLP were fine about using shares as payment. If we didn't make the payment there would be consequences. The JLP shares will be sold off by a broker (possibly at a lower price to where they currently sit) and the cash will be given to BS. I asked if the share subscription is still going ahead - he said he doesn't know that it won't and all 3 investors still seem keen, also the investors were made aware of BS about one week ago. It's all about getting the business plan concluded so we can press on...Going on VIG's post it'll be concluded on or before the 20th June as stated in the RNS. He mentioned massive value at Kabwe and emphasised on the 60%/40% profit split.
Val, I think I'm having a fookin' stroke.
mike, why do you want to call him anyway? I thought you said BMR is doomed and JLP will take the lot? lol
He doesn't want to talk to you, mike. They might tell you he's not in the office but I have found this to be untrue on occasions. Have you ever heard of a mobile phone??
For further information: BMR Mining PLC 07747 020 600 Alex Borrelli, CEO and Chairman Above taken from an old RNS. That should be the number VIGENERE and BringMyReward may well be using to get direct contact.
He is or was in the office today(regardless of what some might think),I called earlier this morning and was told he's in a meeting...
You accepted a limp explanation and didn't try and pin him down on anything? Anything at all?? I thought there was more to you than that in all honesty. You come across as erudite and intelligent which makes your post all the more astounding. Like it never actually happened.
No. and you know this. It is a nonsense explanation VIG
I also just received a call back (I left a voicemail). Will post up later this afternoon. Got some more details on Blue Square.
Thanks for the feedback Vig. Just the waiting game now.
Thanks for the update, VIG!
Rosewall. Don't worry, the FCA would do FA anyway..........they weren't interested in MA. AB knows it too....like any other poxy conman on AIM, he can lie cheat and steal with impunity.
You're right, it does stink. But this is Africa. We have to accept it, there's no fighting back. We can't win a fight against the ZG, they will strip us of all our assets and sell them on to the highest bidder (or the company with the biggest brown envelope).
PS. I found two references to Blue Square Oil and Gas on Zambian Newspaper sites but they were subscription services and I haven't paid. One was to do with the revocation of 17 O&G licences and the other was to do with partnering Rift something .....That's all I can see. May be Blue Star O&G are diversifying and doing something similar in that sector.
Barno, I would hope that the FCA is not contacted , at least not yet and the game has been played. This is the time to be practical rather than embark on a moral crusade, however worthy. Let's get everything up and running then you can go for the scalps (as long as this does not jeopardise the licence). It rarely happens but, for once, I am so glad that BMR share trading has been suspended. I dread to think what it would have been like otherwise. The $800k will be paid using JLP shares which will depress the JLP SP too but I have no doubt that it would have been done sooner or later anyway - just not so many and not so soon. I think most here are well aware of what has happened, what "services" have been provided and where the money will go. To be honest, in my opinion, even if BMR were doing everything right, I have no doubt that some excuse would have been found to revoke the licence, nothing would have changed.
Eric, will you be contacting FCA?
I'm not an expert on this subject, but, prima facie, there would seem to be a case for shareholders to band together and to sue Alex Borelli personally. If you can prove misfeasance as a company director, his personal liability is unlimited; and I assume that he is quite rich. Shareholders may wish to look closely at AB's lies to the market over the status of the licence - particularly at his lies in the 2p placing last year. And, also, they may wish to investigate this Blue Square payment further. You may also wish to contact Jeremy Hawke, and in return for agreeing not to sue him as well, to receive his full testimony. If a few of you have appetite for this, I'd suggest hiring a corporate lawyer (with expertise in public company law) for an hour to see what could be done. In my opinion, a shareholders' lawsuit against Alex Borelli is quite possibly the best hope any shareholders of BMR now have of recovering any money. All IMO, DYOR, and intended to help!