Last checked at 24 Dec 2018 10:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
24 December 2018
Premier African Minerals Limited
Update on RHA
Premier African Minerals Limited ("Premier" or the "Company") is pleased to report that the Company received a letter on the afternoon of 21 December 2018 from the Minister of Industry, Commerce and Enterprise Development ("Minister"). The Minister has asked for some further clarification on the history of Premier's involvement and the restructuring of RHA Tungsten Pvt Limited ("RHA") and includes a statement that the Zimbabwean Government is willing to inject funds required to resuscitate RHA.
George Roach, Premier's CEO, commented; "We are pleased to have received a substantive response from the new Minister to our proposal originally submitted in January 2018. The Minster has raised a number of issues, most already dealt with historically and notes that the management contract will need to be renegotiated. As indicated in the letter, the Minister looks forward to discussing the matter further. Our formal response to the Minister will suggest that I am ready to meet the Minister at any time that the Minister finds convenient.
I look forward to progressing the Newco/KME transaction and bringing the RHA status back to production as soon as possible in 2019. I take the opportunity to thank our shareholders and staff for their support during what has been a trying year and wish you all well over the festive season."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.
Enquiries:
Fuad Sillem | Premier African Minerals Limited | Tel: +44 (0)7734 922074 |
Michael Cornish / Roland Cornish | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 (0) 20 7628 3396 |
Jerry Keen/Edward Mansfield | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA and Zulu projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration. In addition, the Company holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.