https://www.miningweekly.com

BMR's acquisition of Zambian prospecting licence finalised

23rd February 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

Font size: - +

JOHANNESBURG (miningweekly.com) - Mineral processing company BMR Group has made the final payment due to Zambia-based Bushbuck Resources, in order to complete the acquisition of prospecting licence 19653, better known as the Star Zinc project.
      
As a result, Bushbuck no longer has any charge over either the removable assets of BMR's wholly-owned subsidiary Enviro Processing, which owns all of the assets at BMR's principal operations in Kabwe, bar the property, or $570 000 of new ordinary shares of BMR at a discount of 25% to the prevailing market price.

Further, BMR said Galileo Resources has fulfilled its obligation to undertake a $250 000 work programme, in respect of which it has placed $100 000 in escrow, which will entitle it, upon regulatory approval in Zambia, to increase its aggregate equity interest in Star Zinc to 85%.

BMR has determined not to exercise its right to reduce Galileo's interest in Star Zinc from 85% to 75% and, accordingly, the $100 000 placed in escrow by Galileo will be released to BMR.

Meanwhile, BMR noted that, following meetings between BMR and officials of the Zambian Mining Ministry and Mining Cadastre, preparation of the company's appeal against the notice of cancellation, announced on February 7, is well advanced.

The formal appeal is expected to be submitted by no later than March 2.

To watch Creamer Media's latest video reports, click here
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION