Premier African Minerals Limited Update on RHA Indigenisation Equity Resolution (2291I)
November 22 2018 - 5:40AM
UK Regulatory
TIDMPREM
RNS Number : 2291I
Premier African Minerals Limited
22 November 2018
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
22 November 2018
Premier African Minerals Limited
Interim update on RHA Indigenisation Equity Resolution
Premier African Minerals Limited ("Premier" or the "Company")
provides this interim update on developments with the proposed
resolution of the equity arrangement at RHA Tungsten Private
Limited ("RHA") in which Premier holds a 49% interest and is the
operator.
Premier was advised on the 19 November 2019 by the Ministry of
Industry, Commerce and Enterprise Development ("Ministry") that our
proposal to resolve the equity status at RHA would be tabled for a
decision at the Cabinet meeting of the Government of Zimbabwe that
was held on 20 November 2018. Release of the minutes of this
meeting made no reference to RHA's matter and we have been told
subsequently, the matter had not been discussed. Premier now
understands from the Ministry that the proposal will be presented
in the next cabinet meeting, which we understand is scheduled for
the early part of next week.
George Roach, CEO, commented:
"Apart from the ongoing support we have received from the
Minister of Mines, I personally met with the previous Minister of
Industry Commerce and Enterprise Development on 4 July 2018 when I
was told by the previous Minister that this matter required only a
sign off from the President, which was expected within days. Others
on our team have received a number of assurances and timelines for
conclusion of this process over the past months.
Our board has urged that Premier wait for an outcome from the
anticipated cabinet meeting, and in the absence of a positive
conclusion, first seek direct intervention from the President
before proceeding with any other lawful alternative. It goes
without saying as the matter approaches a year, that this delay is
a long time in the life of an unemployed miner and an expectant
Premier shareholder."
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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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.
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
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END
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