BMR pre-tax losses widen

BMR Group posts a pre-tax loss of £1.6m for the year to the end of June - up from £1.1m last time.

Administrative expenses rose to £1.5m from £1.1m and finance expense increased to £86,753 from £2,078 while finance income fell to £430 from £2,759.

Executive chairman Alex Borrelli said: 'We remain very positive about prospects for the successful completion and commissioning of the Kabwe plant in 2018, particularly having secured the interest of a major partner in Jubilee and we look forward to successful conclusion of the joint venture and operating agreements with Jubilee.

'In addition, we have successfully secured the Star Zinc acquisition together with our partner, Galileo.

'We expect to conclude terms with Galileo for a joint venture agreement for the mining of the ore and also an off take agreement for the processing of the ore from Star Zinc to enrich our production at Kabwe.

'We have also completed our financial commitments to secure the majority interest in the Ester project in Portugal which we believe has the potential for significant long-term value creation.

'We have been particularly disappointed with ACI's lack of deliverability which inter alia has resulted in us having to secure equity funding at valuations well below what we believe to be an appropriate valuation of the company.'