Member Info for plumbus

A month and 5 days!

I bought in KEN as BMR still 50% down now. Was over 95% down at one stage

Yes.

Did you actually read my post before posting that?

Since 2017 we have more than doubled the shares in issue from 212M to 444M with more to come from the issued warrants at about 1.2p to about 487M. The market cap has fallen from £21M to £6M today and in the interim we sold off our only trading asset. That's how to run a company for your own benefit.

Who owns the shares now and who holds the loan? Day and co are in this for control. He knows better than anyone the value of the asset and will get it eventually. Whether the smaller holders will be bought out for a relative pittance before the deal comes along remains to be seen but their holdings will by then have been further diminished by more placings. All very reminiscent of the Travel, director buy out

I disagree, this is a very worthwhile asset but this is just a transfer of the company to a number of shareholders at the cheapest possible price. Day and his new vehicle will now have a very significant holding in the company through his shares and the warrants held by DAGG and together with have the extra leverage of being the company's principal creditor.

So overall, what they have achieved is, when the warrants are converted (and why wouldn't they be at those prices) is to be diluted by a further 22% (at about 1.2p ish) and what they have achieved is merely to push the loan further down the road. That is one very expensive debt rescheduling.

If we do become a minor cash shell wont the temptation be to merge us with either of CB' s other vehicles in southern Africa (GLR or BZT) both of which have just bought into extensive new exploration acreage? CB must be running to keep pace with his original and newly acquired assets maybe Borrelli could help him with some of the workload ? :-)

Reserve Based Lending (RBL)
A type of asset-based lending (ABL) commonly used in the oil and gas sector, reserve based loans are made against, and secured by, an oil and gas field or a portfolio of undeveloped or developed and producing oil and gas assets. The amount of the loan facility available to the borrower is based on the value of the borrower's oil and gas reserves, as adjusted from time to time. The loan facility is repaid using the proceeds from sales in the field or portfolio.

From the GLR board:
A bit disappointing to a delay at Kabwe with the Zinc, now Q3 2021. From Jubilee's new broker note:
JUBILEE METALS
Zinc and vanadium recovery – recovery via a sequenced precipitation process to remove
impurities to produce a zinc oxide (ZnO – 70% Zn) for commercial sale in Zambia or
abroad. The process to produce vanadium is proprietary to Jubilee with recovery on resin.
Timing – Q3 2021 for zinc. Price dependent for vanadium

Do they grow tea in Yorkshire?

I understood they (Total) were sourcing more crude from the NS for their European Refineries, not looking for acquisitions?
https://www.energyvoice.com/oilandgas/north-sea/246917/total-snaps-up-north-sea-oil-as-crude-market-starts-to-make-recovery/

By the time this gets to FFD, nuclear fusion will be de rigueur.

Yes and if/when they (JLP) eventually start processing Kabwe waste at Sable how will BMR's share be calculated given what I've read on another board (GLR) that it is necessary to use Star Zincs high assay material to supplement our feed to make the recovery process financially viable. Glencore are still having problems with their Zambian copper ops. Isn't one of their mines still on care and maintenance?

Cheers for that Datacheck - very informative, I doubt though that processing the tailings at Kabwe alone would be loss making as the Zn and Pb contents are quite good and there is the added inducement of the V . (also the Royalties CB is expecting via BMR would be worthless otherwise.)

CB (via BZT and GLR) appears to be on a mission to acquire African copper assets in Botswana, Namibia and Zambia and through JLP further tailings in Zambia. Wonder when/if he'll get round to using BMR as another acquisition vehicle?

They are still reputedly going ahead with the zinc recovery loop but they do appear to be dragging their heels a bit. Don't forget Bird's, GLR have a big interest in sable to process his zinc ore.
JLP RNS this week:
'I am looking forward to updating our shareholders on our zinc project as soon as we have better clarity on our ability to restart the construction of this project under current restrictions.'

They are reported to have only 52 employees anyway.

It seems that JLP is now concentrating on processing Cu at he the Sable plant as seen by their latest purchase of Zambian Cu tailings. This is likely to be to the detriment of Zinc/Lead processing of the Kabwe tips and GLR's own zinc ore? Has the Zinc recovery loop at Sable now been mothballed before ever being completed?