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A must read. Go to to the JLP bbs and read Jammer1 comments about what they are going to do with BMR. He obviously is in the know because these comments were not in yesterday’s RNS.
What is your take Bring/Eric? We are being dumped!!
Hi Scottie, I'm already aware that JLP plan to exit BMR. It was stated by Leon in a recent JLP presentation. I mentioned it here a few weeks ago and also posted it on BMR Watch. Click this link to see Leon's commentary surrounding Kabwe and BMR: https://tinyurl.com/y5zrj4u9
I find it interesting that firstly, JLP haven't managed to build the Zinc circuit during the 2+ years since they took over the Kabwe project - and secondly, they have used the Covid excuse as a reason to halt the project for the foreseeable. I think I recall Leon mentioning a supply issue, but in the recent presentation he seems to refer to regulations relating to Covid for being the reason why they halted the Zinc circuit.
Leon Coetzer: "As stated we were forced to suspend construction of the zinc refinery circuit due to the COVID regulations that kicked in in March". - What Covid regulations are those, Leon?
I find it hard to believe that "regulations" have caused them to stop construction in regards to the Kabwe project, yet they are able to continue constructing new plants in Zambia for their Copper projects. I don't buy it at all... Leon also mentioned that the small scale mining licence was due for renewal, and that it was already done and would be issued by the Ministry end of July. We are now end of August and nothing has been said about the Kabwe licences.
They also plan to help GLR in transferring the large scale licence out of the BMR subsidiary and into their Star-Zinc holding. I reckon a few brown envelops are doing the rounds to ensure a 'smooth transition' of the licences. No doubt it will be announced by JLP once the transfer process is complete and we will get our update on the Royalty, and what JLP/BMR plan to do next. We await the "imminent" update from Borrelli...
Unbelievable! How does Borrelli get away with it? How is he still allowed to be a CEO with other
Companies? I thought they had to be approved at Company house? Or somewhere like that...
I'm not sure how it will work in terms of JLP's exit. We aren't a listed vehicle, so I have no idea how they plan to sell their shares or who will buy them. I don't think Companies House will have anything to do with that... Speaking of CH - I note the confirmation statement by BMR is late, it was due on 17th August and is yet to be filed on the CH website. The only recent filing is to do with BMR's registered address moving to the same office as JLP...
In terms of what BMR have planned next, I believe any proposals will need to go to a shareholder vote.
Hi Scottie. Not sure how Jammer knows all of that, but I'm not surprised they want to have a clean break from BMR. What good are we to them technically or managerially? Lol.
The small-scale licence is the sticking point, the legal resolution of matters, so hopefully for us we can at least negotiate something fair for our exit.
The problem being our negotiators are Bird and Borrelli. The latter acting in his capacity as human dummy in all things to do with mining.
Scottie, we are knackered, but the degree of being knackered remains the unknown factor.
We shall no doubt see.
Only my view, and I haven't been following this too closely because Borrelli has told us virtually nothing since we delisted.
I posted well before lockdown that jubilee stopped work on the zinc plant. Liars the lot of them but who cares if your trading eh