The cancellation of admission to trading on Aim of BMR’s shares does not impact the execution of the Kabwe project, Jubilee Metals said on Friday.
BMR and Jubilee have entered into discussions, with Jubilee having offered to fully fund the completion of the Kabwe project against an immediate fixed dilution of BMR's interest in the project.
Jubilee CEO Leon Coetzer said in a statement on Friday that Jubilee had already been appointed the project manager and sole operator of the project.
“The provisions contained in the executed shareholders' agreement of Kabwe operations 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,” he said.
The existing agreements also ensure that the success of the project remains independent of the financial position of BMR.