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Jubilee Metals expects to make Kabwe presentation to Zambian Mining Ministry this month

Jubilee acquired a 29% holding BMR for £500,000 in cash and 63,166,969 Jubilee shares; the latter were subject to a lock-in agreement but Jubilee has allowed BMR to use some of these shares to settle some debts
Zambian flag waver
Jubilee entered into a joint venture with BMR in October last year to target the recovery of lead, zinc and vanadium at Kabwe.

Jubilee Metals Group PLC (LON:BMR) has helped out its joint venture partner BMR’s efforts to resolve the settlement of approved past creditors.

Jubilee, which is working with BMR on the Kabwe project in Zambia, has agreed to allow BMR to hand over some of its Jubilee shares to settle around US$800,000 (roughly £597,000) in debts, thus waiving a “lock in” agreement pertaining to BMR’s Jubilee stake.

READ: Jubilee Metals to buy 29% stake in Kabwe JV partner BMR for £2.8mln​

"We are making excellent progress on the Kabwe project with the construction of the primary leach circuit well underway. Final tests on the ore handling systems are expected to conclude shortly to confirm equipment selection,” said Leon Coetzer, the chief executive officer of Jubilee.

“Further details on the project will be released following the project presentation to the Zambian Mining Ministry expected to be held on or before 20 June 2018,” he added.

Shares in Jubilee fell 0.15p to 2.58p on news of the waiving of the lock-in period.

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