Bluebird Merchant Ventures Limited Statement re Share Price Movement (6776D)
July 08 2016 - 5:54AM
UK Regulatory
TIDMBMV
RNS Number : 6776D
Bluebird Merchant Ventures Limited
08 July 2016
08 July 2016
Bluebird Merchant Ventures LTD
(the "Company" or "Bluebird")
Philippine Mining Sector and General Update
Bluebird Merchant Ventures (EPIC: BMV), the Philippine focused
commodity trading and natural resources development company notes
the recent significant movement in its share price and while the
company cannot be certain of the reason for this movement we would
like to state that the Philippine government has recently ordered
an audit of all operating mines in the Philippines to ensure that
the highest environmental standards are being applied. As such
press reports have stated that several nickel mines have been
suspended. The government has stated that it expects to complete
the audit of all operating mines within the next three to four
weeks.
The Company would like to state that the Batangas Gold Project
is not yet an operating mine and is not expected to be part of the
current audit. The Batangas Gold Project is undergoing a permitting
process in order to allow the project to enter the construction
phase, following the completion of exploration. Whether the audit
will be extended to further cover all projects is, at this stage
unknown.
Bluebird's other business is the trading of copper concentrates
and the company recently announced receiving payment from its first
shipment which was sold to a Philippine smelter. Bluebird elected
to sell to a local smelter in order to pursue a strategy to value-
add within the country. Bluebird's primary focus is cash flow and
as such is primarily focused on its trading business and expects to
provide further updates to the market in due course regarding
expecting volumes and profit margins. We are close to completing
the building of an assay laboratory at the concentrating plant in
order to substantially cut down the time between shipping
concentrate to the smelter and receiving payment. The Directors, at
this time, believe that the current audit and general review of
mining projects that is taking place will not affect its trading
business.
Enquiries:
Bluebird Merchant Ventures
Ltd +63 917 8615 604
---------------------------- --------------------
Charles Barclay, CEO
---------------------------- --------------------
Optiva Securities +44 (0)203 137 1902
---------------------------- --------------------
Jeremy King / Christian
Dennis
---------------------------- --------------------
Walbrook PR Limited +44 (0)207 933 8783
---------------------------- --------------------
Gary Middleton / Nick
Rome
---------------------------- --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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