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(Alliance News) - Premier African Minerals Ltd on Monday said Chair Michael Foster has resigned and Chief Executive George Roach will take over on an interim period lasting 30 days.
Foster, who also served as a non-executive director, took over as chair on an interim basis in July 2018, during a "difficult time" for the company, Roach said.
Roach explained: "My thanks and appreciation to Michael Foster for taking on our chairmanship on an interim basis last year at a very difficult time, and for his stewardship and guidance since then as Premier continues to develop the strategic relationship with MNH Holding Ltd."
"I have agreed to act for a strictly limited period initially of 30 days as the interim chairman. This should be considered as another step in support of Premier's efforts in the restructuring and diversification of both country and commodity risk with Premier's principal focus being the need for a cash generative asset," he added.
The commodity mining and natural resource development company also provided an update on its operations in Zimbabwe.
Premier African received an invitation from regulators to attend a meeting in Harare, the country's capital, in regards to its "ongoing exclusive prospecting order application at our Zulu Lithium and Tantalum project".
The company is also working towards bringing the RHA Tungsten mine, where site work has commenced, back into production.
Roach added: "In respect of RHA Tungsten mine, site work has commenced with the construction of a suitable substation for electrification of the mine and we have also been able to better assess the overall funding still required that National Indigenisation & Economic Empowerment Fund are committed to provide under the terms of the revised management agreement. I expect to be in a position to better assess the timeline for a return to production thereafter."
Shares in the company were 3.3% higher at 0.028 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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