29th Mar 2018 13:48
LONDON (Alliance News) - Lead and zinc miner BMR Group PLC on Thursday posted a slightly narrowed loss for its first half as it continues to try to get back the licence for its Kabwe operations.
BMR's pretax loss for the six months to December was GBP539,122, smaller than the GBP702,057 registered in the same period a year prior.
The company had no revenue, as it holds no producing assets.
BMR, which is looking to work Kabwe in a joint venture with fellow London-listed firm Jubilee Metals Group PLC, said it has recently committed "significant" time and resources dealing with the withdrawal of the licence it was issued in 2011 for Kabwe.
It regards the move as "unwarranted" and is making efforts to recover the licence alongside a formal appeal. It said it has received positive feedback from representatives in Zambia, and believes the matter could be near resolution.
BMR agreed an initial joint venture with Jubilee, which is also listed in South Africa, in October, and on Thursday the two parties agreed to extend the deadline for the formalisation of the partnerserhip to the later of the end of April or the date 10 days after the licence is restored.
Looking forward, BMR said the return of the Kabwe licence is critical to the company's success, and is optimistic for the future if it can secure the licence once again.
Jubilee's London shares were up 2.7% at 2.65 pence each, and were untraded in South Africa at ZAR0.44. Trading is suspended in BMR shares in London.
