(Ecofin Agency) - BMR Group has signed a $5.2 million financing agreement with African Compass International, a South African group focused on mining exploration, energy and agro-industry, to develop its Kabwe project in Zambia.

The firm said it would inject $4.2 million in its Kabwe plant and $1 million to satisfy the consideration payable to exercise the option agreement with Bushbuck Resources for the acquisition of its Star Zinc large-scale prospecting licence 19653-HQ-LPL in Zambia.

BMR also said it will pay back the interest-free loan which involves an arrangement fee of $100,000, within 12 months of the final stage (the commissioning of the Kwabe project), which should take place in 2017.

BRM plans to mine Zinc and lead at Kwabe, from mine tailings.

Louis-Nino Kansoun