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LONDON (Alliance News) - Premier African Minerals Ltd said Wednesday the Zimbabwe Ministry of Industry, Commerce & Enterprise Development has secured a USD6 million investment for the RHA Tungsten mine in the country.
Premier African holds a 49% interest in RHA, an operates the tungsten mine in Zimbabwe.
In August, Premier African said that it received a letter from Zimbabwean regulators confirming that the company's proposal to raise its stake in RHA Tungsten to 90% had been favourably received.
Regulator approval was expected to complete in October, and then in November, but did not occur.
Premier African said the Ministry informed the miner the investment means the mine will be immediately recommissioned and Premier's subsidiary, Zimdiv Holdings Ltd, the operator of the mine, has been awarded another management agreement.
Premier African said it will provide further details when the agreements have been signed.
Shares in Premier African Minerals were up 10% Wednesday at 0.094 pence each.