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(Sharecast News) - Natural resources group Premier African Minerals updated investors on its progress in Zimbabwe on Monday as it announced the resignation of chairman Michael Foster.
Premier African has seen site work begin at its RHA Tungsten Mine, with the construction of a suitable substation for electrification of the mine already underway.
The AIM-listed group also said it has been able to better assess the overall funding still required for the project and said it would be in a position to "better assess the timeline" for a return to production in the near future.
Premier African also confirmed it had been invited to attend a meeting with the Mining Affairs Board in Harare at the end of the month in order to discuss its ongoing exclusive prospecting order application for its Zulu Lithium and Tantalum project.
The company also announced the resignation of chairman Michael Foster, who had taken on the role on an interim basis. Chief executive George Roach will take over as interim chairman for 30 days as the group looks for a permanent replacement.
"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," Roach said.
As of 0840 BST, Premier African shares were up 10.55% at 0.030p.
6 Apr 2016 07:22