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There are a few more tantalising details on the hypothetical lopolith in the annual report: "A ground gravity survey was conducted at Kiyenzi, one of the prospects where high grade bastnaesite/monazite boulders had been found on the slope of the hill, to try to locate the source of the REE material. The survey yielded a dense, sill-type anomaly with an elliptical shape of 80m x 100m in size and potentially 20m thick." There is also this on the suspected cabonatite pipes. Note that one pipe is located close to the hypothetical Kiyenzi lopolith: "Furthermore, an airborne magnetic survey flown in October 2017 over the entire Gakara licence area indicated the presence of four sizeable and highly prospective magnetic anomalies, the largest of which covered an area which includes the Gashirwe and Kiyenzi prospects. These targets, which are conjectured to be related to large intrusions at depth, possibly representing the magmatic sources of the Gakara REE vein system, appear to be structurally controlled and vary in size from 300m to 2,700m in diameter." So, we wait for the drilling results in April!

More reasons to buy than to sell in the half-yearly reports, but also some unanswered questions. It's clear that there have been some delays in plant commissioning (now resolved) which have held back production to date. Ramp-up to full-scale production ongoing. Very hard to assess from these figures the basic profitability of current operation, as first shipments (although made in December) were received by TK after period end. Therefore, no income booked in these figures. Hazrat - I think real "costs" are a lot more than 100K per month; until full production is established, RBW have simply capitalised the mining costs. Rare earth prices still moving in a favourable direction. Country risk so far under control. Cash balance (after raise) acceptable, but I don't know how they'd pay for a second drilling campaign (if required). All in all, for me, the big news is not these numbers, but it will be in the Q1 report we should receive in April, and above all else, in the drilling results that we should receive at about the same time.

I'm not quite sure why you brought up HUM here, but I'm a very happy investor there. I'd recommend listening to the posted interview - that's how a really top class CEO sets out his company's stall.

Does anybody on this board understand the situation regarding the "radioactivity license" that BKY need from the Spanish CSN? Is there a stop date for it to be granted / denied? Do BKY need it before they can start building the plant? Is the lack of this license the reason for the current lack of activity? In short, why are BKY seemingly playing for time, even though they have the money to go ahead and start building the plant?

No, of course BMR can't be held responsible for the horrible toxic consequences of 100 years of lead mining. But you can begin to piece together the reasons why their key "small" mining licence for Kabwe was cancelled - broken financial promises, poor communication, cultural arrogance, lack of local Zambian involvement at managerial / ownership level, etc. Finally, a Chinese fertiliser company recently opened a plant in Kabwe. One of the uses of the zinc from the tailings was always projected to be as zinc septahydrate for fertiliser. This is pure speculation, but I'm wondering if these two facts might be connected. And not in a good way for BMR. Kabwe potentially offers big returns - several hundreds of millions of dollars of profit - so JLP shouldn't give up on it. But we should recognise that it comes with very big problems as well. A successful outcome is far from given.

This is copied from the BMR board with thanks to Fireball. It's an article from the Zambia Informer about BMR's 100% owned subsidiary EPL, which actually held the small mining licence. (And it's also a reminder about Kabwe's grim history - hundreds of miners died in the mine over the years, the lead it produced was mainly used to manufacture bullets that killed thousands in the two world wars, and its legacy is so toxic that children grow up ******ed in the nearby town, and it's impossible to keep a pet dog (they die within three months). Zambia shuts Kabwe lead mine amid some administrative procedures Scavengers of the of lead and zinc are now victims of various ailments Feb, 8 (Zambia Informer) ----- Enviro Processing Ltd., the Kabwe based mine, a subsidiary of London alternative market-listed Beverley Mining Resources Group, planned to revive production of lead and zinc, has been shut down by Zambian authorities, it has been learnt. It is not clear why the mine, barely two years after acquiring its approval to start production of lead in Kabwe and holder of a Small Scale Licence, 7081-HQ-SML in respect of the tailings on Stand 5187, has been shut. There was no immediate comment from ministry of mines, Zambia Environmental Agency (ZEMA) on the matter. But EPL general manager, Geoff Carson, when contact from Kabwe by phone, Thursday, confirmed the operational shutdown but declined to provide details. �Yes, we are not operating at the moment�..we have no further comment right now,� he said while referring to the ministry of mines. However, sources close to the project cite the company�s failure to adhere to some regulations stipulated by the Zambia�s mining authority of what is required of small scale mines to adhere to. Two years ago, BMR Ltd., the owners of the unit had pledged to set aside about US$100,000 for environmental protection amid concerns of lead and zinc pollution in the former mining town after the stoppage of operations by the Zambia Consolidated Copper Mines (ZCCM) conglomerate. On 26 February 2016, EPL was given a go ahead to start operations at the site, with management besides pledging to drastically end lead pollution among the neighbouring townships, Makululu, Chowa, Kasanda, among others, had pledged to create employment for 330 Zambians at inception. According to experts, Kabwe is rated among the top 10 highly polluted towns in the world and it is envisaged the involvement of the World Bank with has ploughed in US$66 million for environmental control over lead will help matters, the mineral having affected the residents. Key among the ailments, according to a baseline study, many Kabwe resident suffer or have continued suffering from arising from lead pollution include abnormal birth of children, with adults facing severe respiratory problems, having inhaled lead for a long time-since the early 1900 when mining started in the Central provincial town, 150 kilo

I would suggest that should be interpreted as: "I want to spend money on buying a new mine because the one we've got is a dead loss. Look out, everybody: placing ahoy!"

No, I can't believe RBW ever becomes worth nothing. I reckon the company is roughly worth its current mcap based on the current mining operation. (This is only a rough guess as we don't have all the necessary figures yet). For me, the current exploration program is a "free play" on the upside. It could lead to very little. It could send the SP not only through the roof, but well up into the clouds and beyond. Time will tell. Precisely, April.

Hi Itsaduster - no copper at Kabwe that I ever heard of. The "copper belt" in Zambia is further north. (Though back in the day the former CEO of BMR did mouth a lot of garbage about copper before he claimed dementia and hurriedly retired to avoid FCA action against him, so maybe your info comes from there). Yes, there is a certain amount of zinc around in surface deposits at Kabwe, which would be covered by the "big" licence. But, really, it's insignificant compared to the zinc, lead, and vanadium quantities contained in the tailings. It's the "small" tailings licence that matters here. All in all, I've got no idea how this situation plays out; especially considering the quite complex legal issues surrounding the mismanagement at BMR. But the prize is so big JLP shouldn't just give up and walk away.

Hi Graham! Sorry to contradict, but your post is quite wrong. The "small" mining licence is required to process the tailings under local law. No "small" mining licence = no tailings processing operation at Kabwe. This is why getting the licence back (no matter how it is accomplished) is absolutely crucial. The "big" mining licence covers the old underground operations at Kabwe. Nobody has any interest in this - the valuable sulphide ore body has been mined out, leaving only oxides, and the cost of reopening the mine and dealing with all the health and safety issues is absolutely prohibitive. The price of zinc and lead would have to go sky high (and then some) before this was ever economic. I'm not sure why the "big" licence wasn't cancelled as well, but it barely matters. The good news is that there won't be any need to replenish the tailings at Kabwe for decades to come; there is (literally) mountains of the stuff. Remember, Kabwe was once the world's biggest lead mine, and it operated for nearly 80 years.

RH69 - For balance... If you can't trust the word of the company's BoD (and yes, you're right, we definitely can't here), then how is it possible to invest in a company?!? There are hundreds of lithium companies out there, and even quite a few tantalum ones - surely everybody should be looking at them first?

Yep, I'll be selling my remaining shares in this flea-ridden dog of a company at 8.00.01 a.m. Hopefully there won't be too much of a crush in the rush for the exit.

Missthepenny - Do you work for KENV? Or for KENV's PR company? Are you being paid to write such ridiculous posts? Almost no useful information given in today's RNSs. - No idea of true trading or financial position of Aftan / KENV. No convincing excuse for late filing of accounts. And I can't even see a mention of the word "lithium". Since this is AIM, it pays to assume the worst in such murky cases, and look out for an imminent placing. But who really knows?

Sorry, I really do have a clue about the legal implications of all this. And I'm not even charging you 500 quid an hour!

On further reflection, I'd suggest that JLP should pull out of the current deal with BMR, and let BMR's Kabwe mining licence re-application fail. BMR would then go bust, and its remaining assets could be bought out of bankruptcy - with no legal liabilities attached. Then, JLP could apply for the mining licence to be restored. If JLP take over BMR right now, they take over not only BMR's assets, but also their debts and (importantly) their legal liabilities - which are pure poison. That's my pennyworth. Alternatively, JLP should just wash their hands and walk away from the whole mess.

The problem is BMR are now in a heap of legal trouble - even if they do get the Kabwe mining licence back (not guaranteed). BMR placed in November without telling their new investors about the problem with the mining licence, which the CEO has admitted he already knew about. Those investors could sue BMR - in fact, they probably will sue. Similarly, JLP could sue over the share swap if they were also not told of the problem. And BMR's remaining shareholders should have been informed of the problem at the time as well, as it was clearly market sensitive information. Yes, the best way out of this unholy mess now is for JLP to takeover all of BMR, maybe by offering a 1:1 share swap. But it's not that simple. IMO, BMR has some pretty ugly liabilities that need to be addressed first. Frankly, I'd understand if JLP decided that this deal was too much trouble now, and they just walked away.

Fortunately, only a little. (Mostly, because due to blind luck, not skill). But almost everybody who has ever invested in BMR has lost money in it. See their board; psychologists could use it as a study in resignation, bitterness, and denial. Certainly, BMR's directors should be banned after this miserable tale, and possibly BMR's shareholders should sue them for every penny that they possess.

BMR are quite an old company, with a history of ugly scandals, under both the previous management and this one. Essentially, their assets are: 1. The spoiling and dumps at the old Kabwe lead / zinc mine in Zambia, which are worth a lot, and in which JLP now have a big interest. 2. A share in a small zinc open pit called Star Zinc fairly near Kabwe. They are partnering with Galileo (GLR) (Chairman Colin Bird) to exploit this. This asset absolutely requires that the plant is built at Kabwe to process the zinc ore, without it it is worthless. 3. A worthless joke exploration tungsten project in Portugal called Ester. No cobalt, no copper (long ago there were copper interests, but they are long gone.) Very little cash and almost no ability to raise any more. All in all, they're right on the brink of going bust. Hope this helps...

I hope you're right. But what about the land beneath the buildings at Kabwe? Who will own that? That will be held separately from the mining licence (as real estate). And it doesn't seem to have been pledged (only the buildings and plant). Yes?

BMR go bust if JLP walk away now; it's that simple. So JLP should use that threat to force through the changes they want / need. If JLP don't want to take 100% of Kabwe, then (as 29% BMR shareholders) they should at least force through the resignations of the current BMR directors. That would be doing everybody a favour.