Jubilee Metals Group has acquired a 29.01% interest in the enlarged issued share capital of BMR Group for £500 000 cash.
The acquisition increases Jubilee’s interest in the Zambian Kabwe project to 57.41%, subject to Jubilee’s election to execute the Kabwe project.
“The acquisition secures Jubilee the right to a significantly increased effective interest in the Kabwe project, which is dependent only on our decision to progress the Kabwe project, which remains subject to the completion of our due diligence,” said Leon Coetzer, Jubilee Chief Executive Officer.
The decision on whether to proceed with the project, and the project design parameters, will be taken by February 28.
Meanwhile, the acquisition will also provide Jubilee the benefit of the in-country presence that BMR has established.
“This gives us the opportunity to fast-track our entrance into Zambia for other targeted projects,” said Coetzer.