Last checked at 14 Feb 2019 07:00
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
14 February 2019
Premier African Minerals Limited
Update on RHA
Premier African Minerals Limited ("Premier" or the "Company") is pleased to report that following the announcement dated 24 December 2018, the Company is now in discussions with the Ministry of Industry, Commerce and Enterprise Development ("Ministry of Industry") about assisting with the funding of the recommissioning of the RHA Tungsten Mine ("RHA") in which Premier currently has a 49% interest.
As part of Premier's recapitalisation proposal submitted to the Ministry of Industry on the 18 January 2018 including Premier's proposal for the restructuring of the ownership of RHA, RHA's management established that to get the mine into a state of sustainable and potentially profitable production they would require the following: electrification of mining operations, general working capital, further exploration drilling of the underground and open pit, plant upgrades, semi mechanisation of the underground workings, and development of a decline shaft and the equipping thereof to expose ore on the 810 and 760 levels respectively.
George Roach, Premier's CEO, commented; "We are pleased to have had further correspondence from the Ministry of Industry, and welcome the proposed financial commitment from the Ministry of Industry to assist in bringing RHA back into production.
The Ministry of Industry has requested that we now meet to deal with the details associated with this proposed financing and finalisation of the restructuring. We expect to meet the Ministry of Industry at their earliest convenience.
We believe that the proposed commitment will transform the project and we look forward to a close collaboration with the government of Zimbabwe in bringing RHA back in production."
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.