Clarification on BMR Group PLC & the Kabwe Project

RNS Number : 7069W

Jubilee Metals Group PLC

03 August 2018

 

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

("Jubilee" or "the Company")

Clarification on BMR Group PLC and the Kabwe Project

Project Highlights

·    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.

United Kingdom

3 August 2018

 Contacts

Jubilee Metals Group PLC

Colin Bird/Leon Coetzer
Tel [phone] / Tel [phone]

Nominated Adviser

SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: [phone]

Broker

Shard Capital Partners LLP
Damon Heath/Erik Woolgar
Tel [phone]

JSE Sponsor

Sasfin Capital (a member of the Sasfin group)

Sharon Owens
Tel [phone]

 

END

 

 

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