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Your posts are making me tearful honey. Spot on, unfortunately.
Good post Chimes. Yes, our problem has been our BoD. Still is. We shall see what Colin brings now though and if performance improves. Let's face it, it must. Val is spot on. A paltry amount relative to our asset could not be raised by Bozzer. Why not? Answers on a hairpiece.
Good points Rosie. Yes, I initially meant JLP not showing BMR respect, though as later written, that does apply to some JLP shareholders. I understand why Leon must have been fuming with BMR, I do, but there should have still then been appropriate communication between our two companies, so that the licence reinstatement RNS news for each, was issued simultaneously with the other, or even BMR's RNS first. Our asset, licence etc. Only right to have done that, in my view. Good business protocol. Our news read as if Alex was surprised though, that Leon had issued JLP's news. We can read into that either way, but personally I feel that Leon jumped the gun. Granted however that JLP's share trading is currently active and does not have the luxury of being in suspension. Lol. I do take your point re the cash and shares advance from JLP, but of course the asset we have is well worth any involvement. Plus, JLP also now has a massive percentage of BMR. We mustn't forget this is only supposedly a JV! Admittedly though, and unfortunately, yes, there are clear signs of BMR's distressed state in this deal. In my opinion. I agree regarding the treatment of shareholders in general by each company, and our BoD in particular has been shocking, underperforming in perhaps all areas, especially in that of providing shareholders with the full, accurate operational picture. If only because Alex is obviously not one to highlight his own shortcomings. In fact Rosie, quite the opposite I would say. He has often been "delighted" to have delivered another small nail in the BMR coffin. Under construction, almost finished last year, but thankfully still not yet complete. Lol. The fact is BMR doesn't have a decent CEO, insofar as he has proven quite inept, but I have to vaguely hope that he stands firm for BMR holders and does not allow JLP to acquire any more of BMR's future profits. By "interference" I stand by what I say, but would include not working together. JLP will obviously undertake the bulk of site work, but working separately on the same project without communicating, will only lead to problems and the treading on of feet. BMR owns the asset and land thereon, the licences, which must be remembered and respected by our JV partner. JLP is getting a sensational deal out of this for the future, the better deal, when viewed as relative to what it is contributing now. It really makes me weep Rosie. Lol. Borrelli's fault of course. He's been awful, and my Spidey senses have been tingling since his doomed bid for MTR. Anyway, best regards to you, and good luck to us all.
When I hear things like "he works mostly from home, see the lack of progress over years and this exessively long suspension, it begs the question, is this a lifestyle company? Is there evidence to the contrary? What do the LTHs here think?
Eric, from a �moral� perspective, I somewhat agree with you. Reality is that IMHO, Rosewall�s post is bang on the money. We are where we are due to the incompetence of our BoD, no other reason & JLP owe us nothing. To Val�s point, if AB is not a mining man but a money man, why couldn�t he raise the money to keep us going alone? Answer, no-one had any confidence in him to actually deliver anything. I hope JLP deliver as well as they talk. Judging by their own sp, they need this to be a success as well, just hope AB doesn�t give away any more. Cheers
Nagging away at the back of my mind? If Borelli has the type of track record we were led to believe he had, what prevented him from raising the relatively small necessary funds to kick on? $2-5m would have done it I imagine.
What we appear to be left with (unless our BOD bother to communicate any differently to us) is a slow, sleepwalk into the grateful arms of "business people" who say they know what it takes to get things done. Irrespective of whether they actually can or not, they appear to be talking a good game which is part of the dark arts. Borelli thus far has fallen short in that regard and this drift seems inevitable.
Indeed Vig.... but, again in the words of Alikhani "Kabwe will be very, very valuable" And, indeed, in the words of Yaffle "Kabwe will be very, very valuable" The problem we have is that the people that actually hold the keys to unlocking value here haven't been able to thus far... What's another few years, eh? Have a good day.
Hi Eric, I understand your frustration and angst. I do recognise some of what you say. When you talk about "respect" I assume that you are referring to the company and BoD rather than the shareholders. Personally, I don't think either company gives two hoots about what happens to individual shareholders and, from what I remember about previous posts on this board, neither do most people. So, if we think about the BMR BoD, agreed, there is no respect shown and, to a great extent, nor should there be. Respect is earned and not awarded. If you think about it from JLP's point of view, our BoD handed over cash and shares and we got an incompetent BMR BoD, shares in a suspended company and close to being well and truly shafted by a company who couldn't be bothered to keep the only key licence it has. That is it from JLP's point of view. If you take the example of LC's RNS. That isn't JLP not showing respect, that is the lackadaisical BMR BoD who couldn't be bothered to inform their shareholders in a timely fashion. Maybe, to be fair, with a suspended share, such information is not price sensitive, but for JLP, it would be and they had a duty to inform the market as soon as possible and they did. If Jeremy was responsible for retrieving the licence then who do we blame for losing it?1 It wasn't the Zambian Government, they were looking after their own interests and had seen little being done on site. So if the BoD lost it, do we really believe that it was the BoD who recovered it? If that was the case, there would have been no need for LC to have met with the Government. I assume that he brought more to the table than tea and biscuits, I think you should look at the entire JLP BoD and think of the political contacts that they have. JLP now have a track record, albeit in the early days. Your final point, "What we don't want is interference,", well I am afraid that you will get lots of that. LC and CB will ensure that it is not "business as usual". Kabwe will be developed using JLP's money, management, skills and technology and I think that BMR shareholders will get much more back, and sooner, than if you went it alone with the existing BoD. As for some of the comments from some of the JLP's posters, it has been embarrassing, certainly not their finest hour.
VIG, I think LC will be eager to start construction this month, it has to start next month at the latest anyway, unless they can renegotiate the deadlines with the ZG. According to LC he has already mobilised a team onsite so some work will probably be underway. Him saying he'll make a decision by June 14th is a bit like saying they were going to make a decision on the JV. It's going to happen, there's no backing out now. I think the plan will be to ask the ZG to extend the construction/commissioning/production deadline till end of December, and aim to start producing before that date.
Good posts mate. You've pretty much summed up what's been happening lately. Let's hope things start to improve from our end.
Right, back to being a gent, but in my defence, we've had to put up with more crap on here since the tie-up with JLP, than at any time prior. People wanting BMR to fold or to fail and that being their focus on our bb, I guess those of such low moral order have just got on my man tits. Hey ho. Tomorrow is another day. Keep up the good work Bring. Best regards.
Nowt wrong with haggis. Soaks up the alcohol. Less vom in the taxi.
JLP, me no likey. Leon is full of gas and Bird full of hot air. They don't appear to have shown us any respect yet, Leon issuing their RNS prior to Alex issuing ours re the licence reinstatement. Bad business protocol from JLP that, in my opinion, considering it's both our asset and our licence. I feel uneasy about this relationship, and if Borrelli had performed better, we wouldn't have needed the JV. It's his fault that we are dealing with the likes of JLP and not forging ahead under our own steam. Just my thoughts. Then we've had certain oik JLP shareholders beating their chests and telling us how rubbish BMR is. Well, those types can just shampoo my fookin' balls. Fook 'em. What an investment this has been. I'd love something to happen now that sees us go it alone, I really would. Wishful thinking though I know. I'm of the opinon that it was also Jeremy who got our licence back, not Leon, as it was neither Leon's nor JLP's to get. What we don't want is interference, which isn't the idea of a JV. We are not the minnow and should not be treated as such. End of message.
Cheers Mike. Just watched the presentation. I don't like how Leon says he's entered into a JV with us "initially" for a 40% profit share. Is he saying he's expecting more or just pointing out that they have a chance to get more of a percentage share? Either way it's a little unprofessional really. He said that the construction of the plant is expected to start in May and will have a build time of 5-7 months. Obviously 7 months takes us past the September 30th deadline, so it kind of ties in with what AB said about asking the ZG to extend the construction time until the end of December. Providing we start building in May it will probably be completed by Oct/Nov anyway.
... you could start a new thread? Seeing "stuee" at the top of the replies makes everything taste like Macsween's haggis, pmsl
I picked up on that, but felt he meant "of" JLP. Meaning he is a holder of BMR only. Dunno though.
"I am not a holder or JLP. " sidebar..post distribution last 30 days.. 50x BMR 4 x JLP ????
Not sure if that is aimed at me.... I am not a holder or JLP. I don't really follow them either. I have met Leon a couple of times and know what an asset he is. JLP's skills are really as a processing company, and they are focused on waste, which is why they are so important to BMR. Scurrilous is a weird choice of word. BMR has disappointed for years. I don't say much that BMR's supporters don't already say. This JLP v BMR nonsense is of no interest to me. I just think JLP has a good business model and good people. BMR has a decent asset, unknown economics and questionable leadership.
Did your research also show that two of JLPs business partner companies went into business administration, while JLP continues to make money off those projects. JLP loves distressed companies :)
It appears from the tiniest bit of research I have done looking at the Projects and Operations on the JLP website that JLP do not really own a great deal of a nuts and bolts business, rather they have shares in several projects with other companies - a bit like a magpie company. The company seem to be well versed in the dynamics of metals recovery and I am sure they are an asset to the other mine sites and will do well out of their joint ventures and sole rights business. I see JLP doing well out of BMR and the other joint ventures. I do not see why there have been so many vitriolic posts from 'declared holders/followers of JLP - it is a win win situation for all. Are you as scurrilous with all the posters of the several other j/v partnerships as you are here?
There is a difference between need and want. JLP want Kabwe, but they have a business without it. My statement was factually obvious. I don't dispute who has the license.
https://www.youtube.com/watch?v=ycIyGVoP1sU The kabwe project is mentioned at the 10.3 mark. and again at around 14mins...
sidebar - your faith in yourself astounds me. Whether LC was behind getting the licence back or not - it belongs to BMR and to be pedantic - it also belongs to the jv with JLP. The licence did not change hands. As for JLP not needing Kabwe - perhaps you need to give your head a shake if you do not consider they need the metals and minerals that are in abundance at Kabwe. (And for the pedant - there are other sources of the metals and minerals elsewhere). If JLP do not need Kabwe, why do you think they were keen to foster relations and assist in getting the licence back? I am sure LC would far better make use of his time utilising it running after something JLP needs like.!!!!..................... discovering a massive source of easily converted sl..ag heaps teaming with value. Just a thought.
Thanks, and yes, because that's what generates the extra bit of juice. As in electrical current. Lol.