Last checked at 15 Oct 2018 07:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
15 October 2018
Premier African Minerals Limited
RHA Update
Premier African Minerals Limited ("Premier" or the "Company"), the AIM-traded, multi-commodity mining and natural resource development company, is pleased to provide an update on the status of the proposed restructuring of RHA Tungsten Private Limited, the owner of RHA Tungsten Mine ("RHA") in Zimbabwe in which Premier currently has a 49% interest.
Further to the announcement dated 13 August 2018, Premier received further correspondence on Friday, 12 October 2018 regarding the restructuring of the equity at RHA in which the Ministry of Industry, Commerce and Enterprise Development has indicated that the process will be concluded before the end of this month.
George Roach, CEO of Premier, stated: "I am on record that there would be some advancement by the end of last week with this proposed restructure of the equity at RHA, or Premier would need to look to other legal processes to secure the remaining equity in RHA. It is simply not possible that Premier, or any other could be expected to continue to fund the ongoing holding costs and the return to production with a minority stake and no contribution from the remaining shareholders.
"The cost to RHA employees, many of whom have received no income this year, the cost to a body of international shareholders and the loss of potential revenue must end now. Recently, Premier established independently that it was feasible to bring RHA back into production and I believe it will be possible to finance the start of production, but not until proper legal process is concluded and the ownership of RHA reflects present Zimbabwean Government policy."
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 |
Jonathan Evans | Brandon Hill Capital Limited | Tel: +44 (0) 20 3463 5000 |
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.