03 Aug Clarification on BMR Group PLC and the Kabwe Project
· Kabwe Project remains on track
· Jubilee to provide funding to continue construction of the Zinc Recovery circuit
· Kabwe Project implementation unaffected by BMR’s delisting
· Jubilee holds the right to fund the Kabwe Project through a dilution of BMR’s interest in the project
Leon Coetzer, Chief Executive Officer, says: “The cancellation of admission to trading on AIM of BMR Group PLC (“BMR”) does not impact the execution of the Kabwe Project. Jubilee is already appointed as the project manager and sole operator of the project, tasked with implementing the Kabwe Project.
The provisions contained in the executed shareholders’ agreement of Kabwe Operations, the company appointed with the sole right to execute and fund the Kabwe Project, affords Jubilee the right to continue funding the project to completion. Such funding shall account towards the dilution of BMR’s interest in the Kabwe Project.
The existing agreements also ensure that the success of the project remains independent of the financial position of BMR.
BMR and Jubilee have entered into discussions under which Jubilee has offered to fully fund the completion of the Kabwe Project against an immediate fixed dilution of BMR’s interest in the project. I look forward to continuing these discussions with BMR.
As previously discussed, the enhanced flowsheet allows us to implement the zinc recovery circuit independently of the lead recovery circuit. I am confident that the team will conclude the enhanced circuit design and project financial parameters by the end of Q3 2018. ”
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
3 August 2018
Jubilee Metals Group PLC
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913
SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: +44 (0) 203 368 3555
Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel +44 (0) 20 7 186 9900
Sasfin Capital (a member of the Sasfin group)
Tel +27 (0) 11 809 7500