BMR Group PLC

Termination of Mining Right

RNS Number : 2097E
BMR Group PLC
07 February 2018
 

BMR Group PLC

("BMR", the "Group" or the "Company")

Termination of Mining Right No. 7081-HQ-SML

BMR announces that it received yesterday a letter from the Mining Cadastre Department of Zambia dated 19 December 2017 terminating with immediate effect the aforementioned mining right in respect of BMR's Kabwe operation. This follows a default notice dated 24 August 2017 and received on 26 September 2017, to which BMR had officially responded.

The letter dated 19 December 2017 and received yesterday states that BMR has 30 days to exercise its right of appeal. BMR intends to exercise this right as soon as practicable.

In the meantime, trading in BMR's shares will be suspended.

Alex Borrelli, Chairman of BMR, stated: "We had understood that all mining companies in Zambia had received the default notice and we had responded accordingly. We will now pursue all avenues to rectify this situation as soon as possible and will issue a further announcement when we have further news."

For further information:

BMR Group PLC 020 7734 7282

Alex Borrelli, CEO and Chairman

WH Ireland Limited 020 7220 1666

NOMAD and Joint Broker

Chris Fielding/ Alex Bond

Peterhouse Corporate Finance 020 7469 0930

Joint Broker

 


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