LONDON (Alliance News) - BMR Group PLC Thursday said it hopes to finish constructing the pilot plant at the Kabwe project in Zambia sometime this year, but the company is currently waiting for the formal approval that is needed from the government to begin construction.
The company, formerly known as BMR Mining, said it was very close to breaking even in the six months to the end of 2015 after reporting a pretax loss of GBP16,506 compared to the GBP950,825 loss reported the year before thanks to a favourable foreign exchange gain and a reduction in costs.
BMR is currently focused on the Kabwe tailings project in Zambia, and is awaiting for the Zambian Environmental Management Agency to award formal approval for the company's environmental impact assessment for its tailings retreatment process and for the construction of the planned pilot plant and the main treatment plants.
BMR said, as it is still awaiting for that approval, that its aim for 2016 is to complete the construction of the pilot plant and commence production thereafter.
BMR said it is continuing to adjust the costs of the project and is seeking to acquire new and second-hand equipment from a variety of sources, both locally and from a wider geographical basis including Europe, in order to be able to complete the construction of the pilot plant in the most cost-effective and timely manner.
BMR shares were down 2.1% to 5.75 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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