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I believe it was the plan to dispose of the Kabwe assets and its licences in exchange for the Royalty. The transactions are now almost complete, subject to Zambian approvals. It means we should soon have the Royalty in place. We don’t know what the terms will be or when we will actually receive anything from it. According to previous RNS’s we were supposed to get an initial 5% Royalty payment when production at Kabwe begins, and then it goes up to the full 11% once costs for the project are recovered.
There’s now a big question mark over when the Zinc/Lead/Vanadium production will begin at Kabwe. The project has been delayed by JLP, most likely to the end of 2020 now. GLR was supposed to supply ore from Star-Zinc, again, this might be delayed to coincide with production commencing at Kabwe. It sounds like GLR plan to do some exploration work at Kash itu and they have just entered an agreement to purchase a Copper asset. All this will need money throwing at it so I expect a placing for them is likely needed in the near term.
As for BMR, I really don’t see how the Directors could justify liquidating the Co. We still have some cash in the bank and we also hold 24.6m shares in GLR which are currently worth circa £197k. I suspect these will be sold soon if we are to look for a new asset and listing. I don’t think we are going to get a decent asset, unless the Royalty is somehow used as leverage in the deal. The focus should be on returning as much value for shareholders as possible. Really they should cut all costs and keep the Co. dormant, sell GLR shares at the right time, and wait for the Royalty to start paying out. Whatever plan they have to re-list will not be worth it. We will face mass dilution and no doubt the Royalty will be diluted along with it.
It means we've been buttfxxcked for those who didn't already know
Is the final nail now being hammered in ?
We get a royalty when they eventually process the tailings, comes after a lot of costs are recovered first so nothing in the foreseeable future. Yes he effectively gave them away.
I picked all this on the RNS on Jlp too It states they have the mining rites to BMR’s tailings Did Borrelli just give them away. I cannot remember. Do we get a % of the profits ?.
Birdy really flying in Africa at the moment:
Galileo agrees conditional Heads of Terms ("Heads") to acquire 100% of Botswana- incorporated Crocus-Serv (Pty) Ltd (Crocus) (the "Acquisition")
· Crocus assets include 21 exploration prospecting licences (PLs) totalling 14,875 square kilometres; 19 PLs in the in the Kalahari Copper Belt (KCB) and 2 PLs in the Limpopo Mobile Belt (LMB) in western and north eastern Botswana respectively
Colin Bird bringing BZT into copper mining in Zambia, he's a finger in a few pies in the county including GLR and JLP (and BMR) maybe he can salvage something here for shareholders - not holding my breath though.
The wording of the last paragraph is strange. It give s me the impression that all is not sweetness and light between LC and CB.
Not sure to be honest rosewall, gave up looking in years ago. Kept hoping BMR Watch would get somewhere but unlikely and have to accept that this is the worst (non)performer in my portfolio with a value of £0
I just noticed the mention of Kabwe in the Jubilee RNS and thought I'd post it here, but having not kept up I don't really know how much interest there is here anymore.
Apart from the royalty, is there anything left for BMR? It looks as if the company will be squeezed out entirely.
https://www.investegate.co.uk/jubilee-metals-group--jlp-/rns/operations-update-in-south-africa-and-zambia/202005071400013124M/
In Zambia at its Kabwe Sable Refinery, the Company continues to make significant progress with the successful completion and commissioning of the cobalt production line to compliment the producing copper refinery and sulfuric acid plant. This is in-line with the Company's strategy of establishing a multi-metal refining capacity in Zambia targeting both Jubilee's current surface assets as well as identified third party producers. The construction of the zinc circuit has been hampered during this period with current restrictions enforced on the movement of equipment and supplies across borders.
As previously announced during 2018, Jubilee entered into an agreement with BMR Group Limited ("BMR") whereby Jubilee was appointed the sole operator of the Kabwe Project (the "Agreement"), giving it full control over the Kabwe Project and taking ownership of the nearly 6.5 million tonnes of surface tailings material containing lead, zinc and vanadium held under the small scale mining right owned by a BMR subsidiary. Under the Agreement Jubilee also retained the right to process future material mined under the small scale mining right held by BMR. Jubilee has now made application to the Zambian authorities for the transfer of the small scale mining right to its nominated subsidiary.
In addition, on 14 April 2020 Galileo Resources PLC ("Galileo") announced their acquisition of all mining rights from BMR (the "Acquisition") excluding the Kabwe small scale mining licence and associated rights to property and plant held by Jubilee at the Kabwe Project. Jubilee has, pursuant to the Acquisition and its rights held under the Agreement, entered into formal discussions with Galileo to enforce Jubilee's rights to secure the processing at industry standard terms, of any future material held under these mining rights. The processing of third party run of mine material is consistent with Jubilee's strategy to complement the existing feed from its Kabwe surface waste material with third party material.
Mostly concur other than that I have to believe that JLP will be the saviour of my misguided adventure into BMRWORLD.
I am so glad I sold out of this dog **** share in 2014 after the previous t0553r had amnesia. All those liars and bandits with comments such as "only the weak will sell now", "the train is about to leave the station", what **** waffle. I hope everyone learns from thsi that the AIM and penny stocks/african mining companies will ALWAYS take your money.
*not really the issue*
i thought we accepted that long time ago - but that's really the issue
be nice to understand how we ended up in this mess...
Unfortunately I have to agree and have had to accept the fact that my money is gone. Basically stolen in my view. It just sickens me that this will all go unpunished and these characters are allowed to get away with it. Our money lines their pockets and they get off scot free. At least as far as the law is concerned. Maybe they’ll get theirs a different way
You are right of course but it's the accountability of being robbed of our investment and being played and it's that bit that I and others struggle- if we had a more concerted approach to Borrelli/jubilee it could be different we are not helping ourselves
This guy has been so called running this for 5 years now and we have nothing to show for it. He has never had to worry because he has not been pressed and is so comfortable with Jubilee and we just hang on in hope of something happening - its pathetic really - he has never followed up from the last BMR meeting.
Yes. You have millions of them. You're rich beyond your wildest dreams.
Theres only one virus out there ? Its called - AB , can someone please find a cure for him - lol
Where do BMR go from here ??????????? GLA
“What’s happened here?” - Alex Borrelli has been in charge for 5½ years as of today. (Came in 23rd October 2014). I think that’s about all the explanation anyone needs. I’m not sure how anyone can blame anyone else for the outcome here.
“Do I have some shares in Jubilee metals now?” - No, none at all. Shares in JLP in exchange for everything (at Kabwe) would’ve at least been somewhat palatable for most shareholders. But once again Alex Borrelli negotiated the terms so what more could we expect from the man that always ‘acts in the interest of shareholders’
Hi guys
I purchased these a few years ago but now show as £0 on my Interactive Investor acccount.
What's happened here? Do I have some shares in Jubilee metal snow?
so what acqusitions is he working on ,we're not exactly flushed with cash so how can we come back?
No surprises there, Borelli was bound to make a fiasco of it and true to form has proved yet again just how unlucky we are! This corona malarky is likely the final nail in our coffin. Commodities are going no where for at least a year and investment has dried up. I will be buying a lottery ticket on Friday....I stand a better chance with that than ever getting money back from BMR!
new Disastrous desperate dodgy dumb deal in due time then