Announcement
BMR Group PLC : Confirmation of ZEMA approval
RNS Number : 4322X
BMR Group PLC
06 May 2016
BMR Group PLC
("BMR" and the "Company")
Confirmation of ZEMA approval
BMR Group PLC, the Zambian-focused mineral processing business is delighted to announce that on 5 May 2016 it received confirmation from the Zambia Environmental Management Agency (ZEMA), that its Environmental Social Impact Assessment, in respect of its tailings retreatment process and the construction of its planned Pilot and Main Treatment Plants in Kabwe, which was submitted in December 2015, has been approved.
The terms of ZEMA's approval include conditions typical in such projects, including the requirement for BMR to conduct air modelling and hydro-geological studies and to install pollution abatement equipment prior to commencing operations, and to submit bi-annual results of its monitoring programme to ZEMA, as well as to ensure continuous vegetation of new tailings.
The Company has continued to refine its plans for the Pilot Plant with the process and engineering design work for its construction already being at an advanced stage. The Company is currently focused on assessing the appropriate levels of both capital expenditure and operating expenditure that are necessary for the construction and subsequent commercialisation of the Pilot Plant. The costings will now include provision for a Solvent Extraction plant designed to enhance the quality of the products that will therefore augment their end value.
A further announcement will be made later this month regarding the costings, following a peer review, and the timing of the construction of the Pilot Plant, in light of the ZEMA approval.
Alex Borrelli, CEO and Chairman, commented:
"We are very pleased to have received the approval from ZEMA for the Pilot Plant. We believe that this major milestone underpins the value of the Company's assets at Kabwe and is a significant step-forward in the development of a major, cash-generative business. We are also grateful to our shareholders for their patience over the recent period, while we have been working diligently behind the scenes to achieve this result.
"This approval clears the way for the BMR management team to proceed with our plans to build and start operating the Pilot Plant as soon as practicable. In the immediate future, we will finalise the plant costings and construction schedule and update shareholders accordingly."
Ends
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, Head of Corporate Finance
Peterhouse Corporate Finance 020 7469 0930
Joint Broker
Lucy Williams/Duncan Vasey/Heena Karani
This information is provided by RNS
The company news service from the London Stock Exchange
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