Premier African Minerals Limited RHA Update (3243E)
February 27 2020 - 3:00AM
UK Regulatory
TIDMPREM
RNS Number : 3243E
Premier African Minerals Limited
27 February 2020
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
27 February 2020
Premier African Minerals Limited
RHA Update
Premier African Minerals Limited ("Premier" or the "Company")
reports, following a site visit by the Honourable Minister Dr.
Sekai Nzenza of the Ministry of Industry and Commerce on behalf of
the National Indigenisation and Economic Empowerment Fund
("NIEEF"), on the progress to re-commence the reprocessing of the
tailings at RHA Tungsten Pvt Ltd ("RHA").
Following the visit, NIEEF requested until 11 March 2020 to
evaluate the basis of NIEFF's ongoing involvement with RHA
following the submission by Premier of revised cost estimates,
denominated in RTGS Dollars, for RHA and other planned plant
improvements. Local costs in RTGS Dollars are increasing at a rate
substantially greater than implied by the official rate at which
the RTGS Dollar exchanges against the US Dollar. NIEFF is expected
to re-evaluate either providing additional funding for RHA in RTGS
Dollars reflecting these increased local costs, or varying the
terms of the RHA shareholder agreement that would allow Premier to
access alternative external funding, which in turn would provide
for the escalating costs when expressed in local currency.
George Roach, CEO, commented, "I am deeply appreciative for this
visit and the frank discussions with the Honourable Minister. The
support we continue to receive from the Zimbabwean Government
confirms the importance of this project. Pursuant to the above
request by the Minister, we have agreed to place mobilisation and
commissioning on hold pending their review."
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 Tungsten and Zulu Lithium
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. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset. In addition, the Company holds a 12% interest in MN Holdings
Limited, the owner and operator of the Otjozondu Manganese Mining
Project in Namibia.
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.
ENDS
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END
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