(Alliance News) - Premier African Minerals Ltd said Wednesday the electrification of tungsten mining operation RHA Tungsten Pvt Ltd is 70% complete, but two other items need to be purchased to ensure the project can be completed.
Premier African said further funding is anticipated and expects that the electrification should be completed in January.
George Roach, chief executive officer commented: "I am pleased with the progress being made to date. The electrification is now approximately 70% complete and we continue to make preparations for a restart of the operations in 2020."
Separately, the mining and natural resource company has announced that it will be raising funds via a placing, subscription, and primary bid offer at a price of 0.1 pence per share. The proceeds will be used for general working capital and to assist the company with ongoing developments.
Shares in Premier African Minerals closed 3.8% lower at 0.12 pence per share on Wednesday In London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Premier African Minerals (PREM)