Member Info for moneyhawk

Some postings about this over on the bmr board. Some people apparently speaking to Borrelli today about the latest farcical news from them. So, not going into whether or not all these conversations have happened, but what appears is being said is that bmr had to pay some people who know some people to help get the licence back, because that’s how it’s done in Africa (my over simplified version of the posts!) Assuming for a moment that this may have actually happened as is being portrayed, everyone appears to be missing the obvious. If these mystery people actually did the job they have been substantially rewarded for, why has bmr ended up with conditions on the licence that have extremely tight timescales to ensure the project actually gets built after years of BMR messing it up. Further, why are the same people still needed to renegotiate those conditions that presumably they were involved with negotiating in the first place? None of it makes much sense to me. Perhaps we’d be better off ditching bmr and Kabwe despite the potential, and deal with some more reputable companies.

Perhaps a good question to ask is how will JLP be exercising it’s ~30% shareholder vote when it comes to re-electing the current BoD at BMR. What their shenanigans look like is not something that is going to help JLP with the mid cap ambitions.

Maybe, not completely sure. I’m guessing we’ve not provided the full amount yet, and probably not the first £1m payment until the plan/designs are finalised. But we have provided the initial £300k, so would depend if the security arrangements come into play with just part payments or only for the full amount agreed on.

Its also possible that they are moving assets out of BMR in case the company is liquidated. In that event, I hope that JLP have properly checked through the JV paperwork and BMRs share certificates for Envrio processing which were used as security for the project finance we have provided.

Vigenere, goodluck with getting an answer from Mr Borelli! It looks like there is a connection, as discovered by Rosewall over on the BMR board. Blue Square Minerals Limited registered in the UK has a 95% interest in the Zambian registered company with the same name. The UK company does not appear to have ever really done much with no turnover, and last year around sep/oct a little flurry of activity occurred with filling accounts to prevent the company being struck off. However, the BoD over at BMR seem to have decided to pay such a company a very large amount of money to do 'something', and at a time when BMR still seem to be unable to finalise a placing to ensure enough funds to keep them going until kabwe starts producing revenue. And since BMR doesn't have the money, payment is being made in JLP shares. It seems odd to say the least.

My guess is that they want to shorten the commissioning period and lengthen the construction period, but still finish by the end of the year. But will have to wait to find out, which sounds like it’ll be around 20th June now.

Yes, good description! Not surprising tjate isn’t featuring much in the company comms anymore.

You’d have thought most companies facing a licence being revoked, with the whole company at stake, would have employed the services of a reputable law firm that specialises in that sector. Obviously the BoD here have different ideas. Just when you think the nonsense is over, they manage to introduce a whole new level! Just hope this isn’t going to delay the construction/commissioning of the plant.

Lol bring. But I think he’s related to the uk registered company also called blue square minerals. BMR have referred to a Zambian registered company. I haven’t been able to find any details on them yet, aside from they have a prospecting licence that expired last year and is currently pending renewal. No idea if there’s a connection between the uk and Zambian companies.

Good start to the week here! Appears to me that a flow rate of around 100-200 is generally what’s expected. Would not be that surprised if there isn’t a huge reaction if that’s what the results in a few weeks show, but the real value starting to be added with 3D to help assess the conventional, and then a farm out deal or two should enable better valuing of the whole acreage. Not forgetting Yukon gold later in the year as well. Just saying, because there’s lots more to come after flow rates from Icewine 2. All looks much better placed than this time last year. GLA!

Itsaduster, reality is, in my view, that tjate isn't worth that much anymore. Have a look through the last annual accounts, Tjate gets a mention and its stated that at these pgm prices it is still viable. However, the NPV was quietly reassessed to around �80m (1.4B zar). That's only for about a third of the total resource, so the whole block is worth more, but its an awful lot of work to mine at a very low margin. Still possible that someone with deep pockets willing to gamble on future pgm prices might be interested, but I'm not holding out hope for that to happen. The strategy of going for low cost, high margin tailings looks to be the right one to me in the circumstances. Any money we can get for tjate would be a bonus.

Can't find much on them, only this - They hold (held) a prospecting licence no 15621-HQ-LPL for Cobalt, Copper, Gold,. Silver and Uanium. Licence expired 28/04/2017 and is pending renewal.

New date as well, now 20th June

Has anyone considered that if the bmr situation takes a further turn for the worse, we might not need to take them over to secure Kabwe. As part of the original JV deal, bmr gave security for our project finance by using their shareholding in enviro processing, who the licence is held by. Just a thought.

So basically BMR are giving away their shares in JLP to someone previously unknown to us who have provided previously undisclosed services in relation to the licence and Kabwe, and who are owed an undisclosed amount. But now BMR say they are owed $500k, plus $50k a month for doing something. Anyone else think this sounds a bit suspect?

Vox market interview covering Vanadium, starts around 20min in: https://audioboom.com/posts/6879996-kr1-plc-kr1-john-meyer-on-vanadium-bmv-and-connor-campbell-on-ao-smwh-mto Interesting comments, in summary, Vanadium supply in deficit, and likely to continue with increased demand from the Chinese as a result of new regulations for strengthening steel. Also, developments of Vanadium redox batteries could result in serious market deficit. Good news ahead if we get moving on extracting the vanadium at kabwe.

Yes that is the main objective they are pursuing, which initially sounds like bad news. However, some points on this, they don't huge amounts of some of these minerals in the ground, and while they have some PGMs, its no where near the amount as in South Africa. So their options would be to find alternatives to PGMs (or other minerals listed) which they can produce in the USA, or seek to secure supply chains from elsewhere in the world. The other thing that springs to mind, is that if the USA is identifying these minerals, other countries will be taking notice and may look at their own strategies for future supplies.

Some interesting info, the US has identified 35 minerals critical to economic and national security, link below. PGMs are on the list, as is Chrome, Cobalt and Vanadium, and as part of this they are looking to strengthen and sustain the supply chain for the minerals. So our current and future project plans for the minerals we're targeting are looking pretty well placed for future demand. https://www.usgs.gov/news/interior-releases-2018-s-final-list-35-minerals-deemed-critical-us-national-security-and

I think probably another couple of weeks of this, and then hopefully a steady stream of good news over the summer with anything that can be viewed as bad/negative news already known. i.e. A slowdown at DCM for the next couple of quarters while changes are made to allow for the PGM circuit to be added in. The rest of the news expected over the next couple of months will hopefully be good. Waiting for a decision on kabwe, and progress on that would be positive. Next quarterlies should show further increases at Hernic, and very possibly that we've paid off the debt on it so we'll start to see some real benefit to the cashflow. News on another project also possible, and then a bit further forward we've got pgms starting for platcro and dcm.

Yes fingers crossed itsaduster. I think most likely outcome at the moment is that we'll just be proceeding as per the plan we've already been told, with maybe a tweek to the timeable to change the construction and commissioning stages if the government allow it. But I'm sure any chance to improve the plan with a bigger plant or add in vanadium from the start will be explored and will be a great bonus to get this moving quicker.