Premier African Minerals Limited Circum Update (4456T)
November 24 2021 - 4:29AM
UK Regulatory
TIDMPREM
RNS Number : 4456T
Premier African Minerals Limited
24 November 2021
24 November 2021
Premier African Minerals Limited
Circum Update
Premier African Minerals Limited ("Premier" or the "Company"),
is pleased to provide an update on developments at Circum Minerals
Limited ("Circum").
The full text of the Shareholder Letter to Circum shareholders
can be viewed on the webpage link below:
http://www.rns-pdf.londonstockexchange.com/rns/4456T_1-2021-11-24.pdf
George Roach, CEO commented ," The board of Circum has provided
an update in a letter to shareholders. Significantly, the updated
DFS for Circum reports a staged approach and a much-reduced capital
cost with a real NPV at a 10% discount rate of US$576 Million, IRR
of 23.6% and compelling unit costs.
In my view, the letter to shareholders is positive and with an
anticipation of the conflict in Ethiopia reaching a settlement and
the strong fundamentals under-pinning potash, and SOP, as discussed
in the letter.
I am optimistic that Circum will yield a good return to
Premier."
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.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018. The person who arranged the release of this announcement on
behalf of the Company was George Roach.
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 and
lithium and gold in Mozambique, 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. This holding represents 4,8%
of Circum shares in issue.
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
Enquiries:
George Roach Premier African Minerals Limited Tel: +27 (0) 100 201 281
Michael Cornish / Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
----------------------------------- --------------------------
Jerry Keen/John More/Toby Gibbs Shore Capital Stockbrokers Limited Tel: +44 (0) 20 7408 4090
----------------------------------- --------------------------
Matthew Bonner EAS Advisors LLC Tel: +1 646 495 2225
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Glossary of Technical Terms:
"SOP" Potassium Sulphate; a premium fertilizer.
"DFS" Definitive Feasibility Study.
" NPV" Net Present Value.
"IRR" Internal Rate of Return.
Ends
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