Proactiveinvestors United Kingdom Premier African Minerals Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Premier African Minerals Ltd RSS feed en Sun, 16 Jun 2019 07:34:42 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Premier African publishes Danakil update from Circum Minerals ]]> https://www.proactiveinvestors.co.uk/companies/news/221967/premier-african-publishes-danakil-update-from-circum-minerals-221967.html Premier African Minerals Limited (LON:PREM) has published a shareholder update from Circum Minerals Limited, in which it holds around 5mln shares.

In the update, Circum said various parties were in the process of due diligence for a potential sale or development agreement of its Danakil potash project in Ethiopia and that the process was expected to conclude by the end of the year.

WATCH: Premier African CEO would be disappointed if RHA not producing this year

In the event that the project is taken forward to development, Circum said it intended to finance it through a combination of debt and equity to enhance returns and that a London based financial advisor was appointed in the second half of 2018 to structure a suitable debt package and excellent progress had been made in this regard with expressions of interest received from various commercial and development banks for the entire debt package.

The next step would be the appointment of Circum’s owners engineer, which would, in due course, lead to the shortlisting and selection of the various contractors required to execute the construction work programmes.

In terms of the potash market, Circum said prices for the mineral had continued their recoveries from 2017 lows owing to tight global supply and demand fundamentals, while its own product had been market tested and was deemed to be of “excellent” quality and in high demand.

The company also said the Ethiopian government remained supportive of the project and was continuing with major infrastructure work to open Danakil to development.

Looking forward, Circum said it was “optimistic” that the positive developments would result in a successful liquidity event for shareholders in due course.

In late-morning trading on Wednesday, Premier African shares were down 9.9% at 0.07p.

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Wed, 12 Jun 2019 11:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221967/premier-african-publishes-danakil-update-from-circum-minerals-221967.html
<![CDATA[RNS press release - Circum Minerals Update to Shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190612101503_14108057/ Wed, 12 Jun 2019 10:15:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190612101503_14108057/ <![CDATA[Media files - Premier African CEO would be disappointed if RHA not producing this year ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13670/premier-african-ceo-would-be-disappointed-if-rha-not-producing-this-year-13670.html Fri, 07 Jun 2019 14:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13670/premier-african-ceo-would-be-disappointed-if-rha-not-producing-this-year-13670.html <![CDATA[News - Premier African Minerals looking at other options for RHA ]]> https://www.proactiveinvestors.co.uk/companies/news/221116/premier-african-minerals-looking-at-other-options-for-rha-221116.html Premier African Minerals PLC (LON:PREM) has started talks with other parties about the development of the RHA tungsten mine.

The junior has agreed to a direct approach from a potential alternative buyer of wolframite, while two Development Finance Institutions are to conduct due diligence.

WATCH: Premier African CEO would be disappointed if RHA not producing this year

Zimbabwe indigenisation authority NIEFF had promised US$6mln to help get RHA up and running again.

This money has yet to come through, though Premier is stil confident it will meet its obligation.

Premier is also waiting to hear on its  Exclusive Prospecting Order application for areas surrounding its Zulu lithium progress, where it believes the additional acreage will help with funding for a Definitive Feasibility Study.

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Wed, 29 May 2019 08:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221116/premier-african-minerals-looking-at-other-options-for-rha-221116.html
<![CDATA[RNS press release - Issue of equity and Director / PDMR shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190529070005_14089914/ Wed, 29 May 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190529070005_14089914/ <![CDATA[RNS press release - Corporate Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190528161836_14089656/ Tue, 28 May 2019 16:18:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190528161836_14089656/ <![CDATA[News - Premier African terminates drilling contract discussions with KME ]]> https://www.proactiveinvestors.co.uk/companies/news/221052/premier-african-terminates-drilling-contract-discussions-with-kme-221052.html Premier African Minerals Limited (LON:PREM) has terminated discussions with KME Plant Hire over a long form drilling contract for its Zulu Lithium project in Zimbabwe.

The AIM-listed firm said the two parties had been unable to conclude a revised pricing structure for the drilling that was commercially acceptable to both, and as a result it had terminated discussions with KME and would urgently reopen negotiations with a previous contractor with a view to recommencing drilling activities at the project.

READ: Premier African Minerals negotiating over Zulu drilling programme

The company said it believed discussions with the previous contractor should expedite the process due to its familiarity with the project.

Premier African added that it had cancelled the 212mln shares it had issued to KME as a pre-payment for the mobilisation and drilling and expected the shares to be cancelled on AIM by 4 June.

In mid-afternoon trading on Tuesday, Premier African shares were down 7% at 0.08p.

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Tue, 28 May 2019 14:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221052/premier-african-terminates-drilling-contract-discussions-with-kme-221052.html
<![CDATA[RNS press release - Zulu Lithium Drilling Programme Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190528133501_14089451/ Tue, 28 May 2019 13:35:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190528133501_14089451/ <![CDATA[News - Premier African Minerals negotiating over Zulu drilling programme ]]> https://www.proactiveinvestors.co.uk/companies/news/220299/premier-african-minerals-negotiating-over-zulu-drilling-programme-220299.html Premier African Minerals Limited (LON:PREM) is in talks over the final terms of the contract to drill the Zulu lithium deposit in Zimbabwe.

KME was supposed to carry out the drilling once the rainy season ended at a cost of US$400,000, but Premier said today a long form drilling contract has yet to be agreed.

The payment was to be in Premier shares at a price of 0.145p or well above the current market price of 0.1p.

Drilling will start once an agreement has been reached but if this is not possible Premier will look for a new contractor. 

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Wed, 15 May 2019 09:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220299/premier-african-minerals-negotiating-over-zulu-drilling-programme-220299.html
<![CDATA[RNS press release - Zulu Lithium Drilling Programme Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190515070016_14074078/ Wed, 15 May 2019 07:00:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190515070016_14074078/ <![CDATA[Media files - Premier African's George Roach welcomes RHA funding deal ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13275/premier-african-s-george-roach-welcomes-rha-funding-deal-13275.html Thu, 09 May 2019 12:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13275/premier-african-s-george-roach-welcomes-rha-funding-deal-13275.html <![CDATA[News - Premier African Minerals says RHA funding deal has been signed ]]> https://www.proactiveinvestors.co.uk/companies/news/219767/premier-african-minerals-says-rha-funding-deal-has-been-signed-219767.html Premier African Minerals PLC (LON:PREM) has signed an agreement with Zimbabwe’s indigenisation agency [NIEFF] that will see the RHA tungsten mine re-open without any additional funding from the miner.

The agreement includes a US$6mln funding commitment for RHA from the Zimbabwe government.

WATCH: Premier African's George Roach welcomes RHA funding deal

George Roach, chief executive, said the US$6mln of funding is expected to see RHA back in production later this year and allows for upgrades that will see major operating cost reductions.

A provisional implementation process had been agreed with NIEEF, he added.

Premier retains ownership of the plant and equipment at the mine and is reappointed as the manager for a further five years.

“The investment from NIEEF will be structured as share capital and Premier will simultaneously capitalise an equivalent amount from Premier's existing loan account.

“In my opinion, this represents both an equitable solution and a good time for the Zimbabwean Government to invest directly in this project.“

Premier holds a 49% interest in RHA and is the operator.

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Tue, 07 May 2019 07:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219767/premier-african-minerals-says-rha-funding-deal-has-been-signed-219767.html
<![CDATA[RNS press release - RHA Investment and Management Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190507070008_14063819/ Tue, 07 May 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190507070008_14063819/ <![CDATA[News - Premier African Minerals looks to re-boot after RHA sign-off ]]> https://www.proactiveinvestors.co.uk/companies/news/219659/premier-african-minerals-looks-to-re-boot-after-rha-sign-off-219659.html  

What it owns

 

RHA

RHA is situated in an area of historic production, approximately 270km northwest of Bulawayo.

The project comprises 50 Mineral Claim Blocks, covering 1,800 hectares, consisting of 10 owned by Premier and 40 which are under option.

Small-scale surface and underground mining was conducted at the site between 1931 and 1979.

The deposit is approximately 800m in strike length and 300m wide.

Premier African recently announced a resource of 22.1mln tonnes at 2.45kg per tonne in both the underground and open pit operations.

To date, Premier African Minerals has invested around US$18mln in the acquisition and development of the mine.

 

Zulu lithium project

Situated 80km from Bulawayo in Zimbabwe, Premier believes the project is potentially the largest undeveloped lithium bearing pegmatite in Zimbabwe.

Zulu comprises 14 mineral claims covering a surface area of 3.5 km2 which are prospective for lithium and tantalum mineralisation. 

In June 2017, Premier announced a Maiden Mineral Inferred Resource Estimate on Zulu of 20.1 million tonnes grading 1.06% Li2O.

A scoping study in 2017 indicated a value of US$127mln for a 15-year open cast operation mining a concentrate of spodumene and petalite

 

Circum

Premier African owns just over 5mln shares in the privately-owned natural resources group, which is developing its wholly-owned Danakil Potash project in the Danakil Depression in Northern Ethiopia.

The Danakil Project has the potential to be a world class potash project says Premier

 

What the boss says: George Roach, chief executive

"! am comfortable that RHA  is going to be funded and brought back into production and I am looking forward to seeing the plant running and wolframite being produced."

 

Latest video


 

Inflexion points Receipt of funds for RHA re-start Re-start of mining at the tungsten mine  Concentrate shipped from RHA within 100 days Exclusive prospecting order (EPO) issued at Zulu Drilling at Zulu gets underway for a definitive feasibility study Development progress at Circum

 

Blue sky 

Outlook for tungsten demand is becoming brighter says Roach, which should help prices 

   

 

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Fri, 03 May 2019 11:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219659/premier-african-minerals-looks-to-re-boot-after-rha-sign-off-219659.html
<![CDATA[News - Premier African Minerals abandons acqusition plans due to RHA uncertainty ]]> https://www.proactiveinvestors.co.uk/companies/news/218761/premier-african-minerals-abandons-acqusition-plans-due-to-rha-uncertainty-218761.html Premier African Minerals Limited (LON:PREM) has scrapped plans to buy 50% stakes in its mine contractor KME and the Honey Badger gold deposit.

The Zimbabwe-based group took the decision due to the ongoing uncertainty over the future of its RHA tungsten mine.

READ: Premier African Minerals says Zimbabwean government has proposed US$6mln investment in RHA mine

Last month, the Zimbabwe government proposed a US$6mln investment in RHA, but this is still awaiting final sign-off from the Ministry of Industry, Commerce and Enterprise Development said Premier.

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Wed, 17 Apr 2019 09:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218761/premier-african-minerals-abandons-acqusition-plans-due-to-rha-uncertainty-218761.html
<![CDATA[RNS press release - Update on the Acquisition of Mining Assets ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190417070002_14043781/ Wed, 17 Apr 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190417070002_14043781/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190404090544_14028807/ Thu, 04 Apr 2019 09:05:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190404090544_14028807/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190404090021_14028800/ Thu, 04 Apr 2019 09:00:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190404090021_14028800/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190327140531_14018157/ Wed, 27 Mar 2019 14:05:31 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190327140531_14018157/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190327140027_14018152/ Wed, 27 Mar 2019 14:00:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190327140027_14018152/ <![CDATA[News - Premier African Minerals says Zimbabwean government has proposed US$6mln investment in RHA mine ]]> https://www.proactiveinvestors.co.uk/companies/news/216401/premier-african-minerals-says-zimbabwean-government-has-proposed-us6mln-investment-in-rha-mine-216401.html Premier African Minerals Ltd (LON:PREM) shares rose on Wednesday after it said the Zimbabwean government has proposed a US$6mln investment in the RHA tungsten mine.

The Zimbabwean Minister of Industry, Commerce and Enterprise Development sent a letter to the mining group on Tuesday about the funds it was willing to invest to resuscitate the mine.

READ: Premier African Minerals says Zimbabwean Government has indicated it is willing to inject funds required to resuscitate the RHA tungsten mine

The spending would be used for immediate recommissioning of mining operations, subject to appropriate agreements.

Zimdiv Holdings Limited, which is a wholly-owned subsidiary of Premier and which manages the RHA Mine, will be also awarded another management agreement on similar terms to the current one entered into in September 2013.

“The company will provide further updates once the agreements have been signed,” Premier African said.

In December, Premier said that it had been informed by the Zimbabwean government that it was willing to inject spending into the mine but had asked for further clarification on the history of the company’s involvement and the restructuring of RHA Tungsten Pvt Limited.

In afternoon trading, shares in Premier African were 5.9% higher at 0.85p.

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Wed, 13 Mar 2019 14:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216401/premier-african-minerals-says-zimbabwean-government-has-proposed-us6mln-investment-in-rha-mine-216401.html
<![CDATA[RNS press release - Update on RHA ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190313125501_14001007/ Wed, 13 Mar 2019 12:55:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190313125501_14001007/ <![CDATA[Media files - Premier African's Roach details new acquisitions and RHA road to production ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12572/premier-african-s-roach-details-new-acquisitions-and-rha-road-to-production-12572.html Tue, 12 Mar 2019 15:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12572/premier-african-s-roach-details-new-acquisitions-and-rha-road-to-production-12572.html <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227110548_13983745/ Wed, 27 Feb 2019 11:05:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227110548_13983745/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227110039_13983709/ Wed, 27 Feb 2019 11:00:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227110039_13983709/ <![CDATA[News - Premier African Minerals unveils £400,000 placing to fund ongoing acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/news/215381/premier-african-minerals-unveils-400000-placing-to-fund-ongoing-acquisitions-215381.html Premier African Minerals Limited (LON:PREM) announced a placing on Wednesday to raise around £400,000 to fund due diligence and deal costs for its ongoing acquisitions.

The exploration firm said it would place around 444mln new shares at a price of 0.09p each, a 25% discount to the last close price of 0.12p.

READ: Premier African Minerals to recommence drilling work at the Zulu lithium project

Premier added that the proceeds would be used to help fund ongoing due diligence costs for its acquisition of a 50% stake in Zimbabwe-based gold miner Honey Badger Resources (HBR), as well as deal costs for the purchase of exploration and mining assets from KME Holdings, both of which were announced earlier in February.

George Roach, chief executive of Premier, said the firm had previously held off on a placing but with “renewed progress” at its RHA Tungsten project, combined with plans to recommence drilling at the company’s Zulu lithium and tantalum project announced yesterday and the HBR and KME purchases, meant he looked forward to “a period of refocusing on value and the potential benefits of the anticipated acquisitions”.

The company also appointed SVS Securities as its joint broker with immediate effect to work alongside its existing corporate broker Shore Capital.

In early trading Wednesday, Premier shares were at 0.1p, 11% higher than the placing price.

--Adds share price--

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Wed, 27 Feb 2019 07:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215381/premier-african-minerals-unveils-400000-placing-to-fund-ongoing-acquisitions-215381.html
<![CDATA[RNS press release - Appointment of Joint Broker and placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227070005_13982791/ Wed, 27 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190227070005_13982791/ <![CDATA[News - Premier African Minerals to recommence drilling work at the Zulu lithium project ]]> https://www.proactiveinvestors.co.uk/companies/news/215296/premier-african-minerals-to-recommence-drilling-work-at-the-zulu-lithium-project-215296.html Premier African Minerals Ltd (LON:PREM) is to recommence drilling at the wholly-owned Zulu lithium and tantalum project in Zimbabwe.

The mobilisation will commence immediately, and drilling is expected to commence as soon as mobilisation is complete and seasonal rains permit.

WATCH: Premier African increasing expo sure to more diverse assets - CEO

The drilling programme will follow the recommendations identified in the Definitive Feasibility Study work programme and will focus on expanding the current SAMREC-compliant resource at Zulu.

The aim is also to generate geotechnical and hydrological data for the pit shell designs and future mine construction. The company has appointed KME Plant Hire as a drilling contractor to carry out these drilling works. As previously announced on 14 February, Premier has agreed to amended terms to acquire 50% of KME. 

 "It is gratifying to finally be able to report a return to real value generative operations,” said Premier African’s chief executive George Roach.

“With the recently announced term sheet in regard to KME, drilling activities at Zulu are likely to proceed at a much-reduced overall cost. We look forward to further updates on progress at Zulu as we progress into the DFS work programme."

 

 

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Tue, 26 Feb 2019 08:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215296/premier-african-minerals-to-recommence-drilling-work-at-the-zulu-lithium-project-215296.html
<![CDATA[RNS press release - Zulu Lithium Drilling Programme ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190226070741_13981303/ Tue, 26 Feb 2019 07:07:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190226070741_13981303/ <![CDATA[News - Premier African Minerals surges as it reaches agreement with Zimbabwe government over financing of RHA tungsten mine ]]> https://www.proactiveinvestors.co.uk/companies/news/214957/premier-african-minerals-surges-as-it-reaches-agreement-with-zimbabwe-government-over-financing-of-rha-tungsten-mine-214957.html Premier African Minerals Limited (LON:PREM) shares surged in late-morning Wednesday after it said it had reached “a general agreement” with the Zimbabwe Ministry of Industry regarding the financing and restarting of production at the RHA Tungsten mine.

The firm said agreements were in the process of being drafted and that it expects to announce details and a return to production schedule “as soon as possible”.

READ: Premier African Minerals drops Zimbabwe spin-off plan

The company’s hopes had been lifted back in December when it received a letter from the Ministry of Industry, Commerce and Enterprise Development that indicated it was willing to inject the funds required to resuscitate the mine.

A sticking point that had prevented the funds coming in earlier revolved around ownership of the mine, with Premier trying to get the Zimbabwe authorities to agree on a debt-for-equity swap that will see its holding in RHA rise to 90% from 49%.

The fact that the country has also been dealing with civil unrest over the last few months has not helped matters.

Premier had also been planning to de-merge its Zimbabwe assets and list them in London, although this was abandoned last week in favour of an acquisition of a 50% share in the assets of KME. its contractor at the RHA Tungsten and Zulu lithium projects in the country.

Shares were up 16% at 0.14p.

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Wed, 20 Feb 2019 11:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214957/premier-african-minerals-surges-as-it-reaches-agreement-with-zimbabwe-government-over-financing-of-rha-tungsten-mine-214957.html
<![CDATA[RNS press release - Progress Update on RHA ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190220104002_13975692/ Wed, 20 Feb 2019 10:40:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190220104002_13975692/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190218164045_13973276/ Mon, 18 Feb 2019 16:40:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190218164045_13973276/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190218163549_13973270/ Mon, 18 Feb 2019 16:35:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190218163549_13973270/ <![CDATA[Media files - Premier African increasing exposure to more diverse assets - CEO ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12247/premier-african-increasing-exposure-to-more-diverse-assets---ceo-12247.html Fri, 15 Feb 2019 07:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12247/premier-african-increasing-exposure-to-more-diverse-assets---ceo-12247.html <![CDATA[News - Premier African Minerals drops Zimbabwe spin-off plan ]]> https://www.proactiveinvestors.co.uk/companies/news/214630/premier-african-minerals-drops-zimbabwe-spin-off-plan-214630.html Premier African Minerals Limited (LON:PREM) has abandoned plans to de-merge its Zimbabwe assets and list them in London.

Instead, it will acquire a 50% share of the assets of KME, its contractor at the RHA tungsten and Zulu lithium projects. Under the original plan, KME’s assets were to be combined with RHA and Zulu to form a new company but that idea has now been abandoned. The ownership structure of RHA has been a sticking point.

READ: Premier African Minerals says Zimbabwean Government has indicated it is willing to inject funds required to resuscitate the RHA tungsten mine

Premier has been trying to get the Zimbabwe authorities to agree on a debt-for-equity swap that will see its holding in RHA rise to 90% from 49%.

That has yet to happen, though Premier said talks with the Ministry of Industry over recommissioning RHA had now started.

Zimbabwe has also been wracked by civil strife over the past months.

Premier will issue US$1.4mln worth of shares for the stake in KME.

The explorer is also buying 50% of a potential gold producer, Honey Badger Resources, for US$3.7mln again to be settled in Premier shares.

George Roach, Premier African’s chief executive, said he understood there would be considerable dilution to existing shareholders from the deals but the overall value created should outweigh the dilutive effect.

"Existing Premier shareholders are likely to retain a substantially greater interest in our projects going forward than may have been the case with the previously announced November KME Transaction."

HBR already has a JORC-compliant Resource greater than 500,000 ounces and a further internal resource in a semi-developed and previously mined deposit, he said.

“We believe there is potential to develop a significant gold mine in this region of Zimbabwe that already hosts major gold production. Our initial exploration target is 2 million ounces.” 

On the KME deal, Roach said: “The proposed terms of the New KME Transaction has reduced the overall acquisition cost to Premier while retaining the key benefit of being able to carry out the further drilling required for the definitive feasibility study for Zulu at significantly reduced cost and while still allowing Premier to hold 100% of Zulu.”

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Thu, 14 Feb 2019 09:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214630/premier-african-minerals-drops-zimbabwe-spin-off-plan-214630.html
<![CDATA[RNS press release - KME Transaction and Acquisition of Gold Assets ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190214071001_13968856/ Thu, 14 Feb 2019 07:10:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190214071001_13968856/ <![CDATA[RNS press release - Update on RHA ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190214070003_13968773/ Thu, 14 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20190214070003_13968773/ <![CDATA[News - Premier African Minerals says Zimbabwean Government has indicated it is willing to inject funds required to resuscitate the RHA tungsten mine ]]> https://www.proactiveinvestors.co.uk/companies/news/211716/premier-african-minerals-says-zimbabwean-government-has-indicated-it-is-willing-to-inject-funds-required-to-resuscitate-the-rha-tungsten-mine-211716.html Premier African Minerals Limited (LON:PREM) shares shot higher mid-morning on Christmas Eve after the group said it has been informed that the Zimbabwean Government is willing to inject the funds required to resuscitate the RHA tungsten mine.  

In a statement, the AIM-listed firm said the indication was made in a letter received on the afternoon of 21 December 2018 from the Zimbabwean Minister of Industry, Commerce and Enterprise Development which asked for some further clarification on the history of Premier's involvement and the restructuring of RHA Tungsten Pvt Limited.

READ: Premier African jumps as it hits multiple high-grade intersections at RHA Tungsten mine

George Roach, Premier's CEO, commented; "We are pleased to have received a substantive response from the new Minister to our proposal originally submitted in January 2018.

“The Minster has raised a number of issues, most already dealt with historically and notes that the management contract will need to be renegotiated. As indicated in the letter, the Minister looks forward to discussing the matter further.

“Our formal response to the Minister will suggest that I am ready to meet the Minister at any time that the Minister finds convenient.”

He concluded: “I look forward to progressing the Newco/KME transaction and bringing the RHA status back to production as soon as possible in 2019.”

In mid-morning trading, Premier African shares were 15% higher at 0.115p.

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Mon, 24 Dec 2018 10:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211716/premier-african-minerals-says-zimbabwean-government-has-indicated-it-is-willing-to-inject-funds-required-to-resuscitate-the-rha-tungsten-mine-211716.html
<![CDATA[RNS press release - RHA Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181224100001_13914848/ Mon, 24 Dec 2018 10:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181224100001_13914848/ <![CDATA[RNS press release - Update on the Zimbabwe Minerals Projects ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181205131001_13892739/ Wed, 05 Dec 2018 13:10:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181205131001_13892739/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128140549_13883933/ Wed, 28 Nov 2018 14:05:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128140549_13883933/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128140034_13883929/ Wed, 28 Nov 2018 14:00:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128140034_13883929/ <![CDATA[RNS press release - Update on RHA Indigenisation Equity Resolution ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128105002_13883616/ Wed, 28 Nov 2018 10:50:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181128105002_13883616/ <![CDATA[News - Premier African Minerals sees indigenisation equity resolution delayed by Zimbabwean government ]]> https://www.proactiveinvestors.co.uk/companies/news/209767/premier-african-minerals-sees-indigenisation-equity-resolution-delayed-by-zimbabwean-government-209767.html Premier African Minerals Limited (LON:PREM) said the resolution of an indigenisation equity arrangement for RHA Tungsten Private Limited, in which it holds a 49% interest, has been delayed.

The miner said that it had been advised earlier this week by the Ministry of Industry, Commerce and Enterprise Development in Zimbabwe that its proposal to resolve the equity status at RHA would be tabled for a decision at a cabinet meeting that was held on 20 November.

READ: Premier African jumps as it hits multiple high-grade intersections at RHA Tungsten mine

However, the minutes of the meeting made no reference to the matter and the company had subsequently been told that it had not been discussed and would be presented instead at the next cabinet meeting scheduled for early next week.

George Roach, chief executive of Premier African, said: "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."

He added: “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."

Shares were down 11% at 0.12p.

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Thu, 22 Nov 2018 12:18:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209767/premier-african-minerals-sees-indigenisation-equity-resolution-delayed-by-zimbabwean-government-209767.html
<![CDATA[RNS press release - Update on RHA Indigenisation Equity Resolution ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181122114001_13877256/ Thu, 22 Nov 2018 11:40:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181122114001_13877256/ <![CDATA[News - Premier African jumps as it hits multiple high-grade intersections at RHA Tungsten mine ]]> https://www.proactiveinvestors.co.uk/companies/news/209661/premier-african-jumps-as-it-hits-multiple-high-grade-intersections-at-rha-tungsten-mine-209661.html Premier African Minerals Limited (LON:PREM) shares jumped in early trading Wednesday after it said it had hit multiple high-grade intersections in an update on its drilling programme at the RHA Tungsten mine in Zimbabwe, in which it holds a 49% stake.

The AIM-listed firm said all drill holes targeting underground depth and strike extensions at the site had intersected mineralised zones, with highlights including;

• The “potentially most significant intersection” in Hole RHADD37 of drill width 2.56 metres from 122.9m grading 7.11 kilograms per tonne (kg/t) of tungsten trioxide indicating potential anticipated convergence of ore body lode structures

• Hole RHADD40 intersections including 26.73kg/t WO3 over 71cm from 145.81m, 6.01kg/t WO3 over 80cm from 165.94m and 26.03kg/t WO3 over 55cm from 171.98m

• Hole RHADD35 intersections of 1.99kg/t WO3 over 265cm from 81.46m, including 9.54kg/t WO3 over 72cm from 81.46m

• Hole RHADD37 intersections of 7.11kg/t WO3 over 2.56m from 122.90m including 30.33 kg/t WO3 over 40cm from 123.18m

• Hole RHADD38 intersections of 115.10kg/t WO3 over 12cm from 46.63m

RHA, along with the Zulu lithium deposit, will eventually form part of a new vehicle that Premier is planning to spin off and list in London alongside assets of mining contractor KME Group, which will be acquired in shares for US$4mln.

READ: Premier African to hand over operational control of Zimbabwe assets in major restructure

The current drilling programme at RHA began in September with the aim of expanding the underground declared resource base as well as determining the future mining of the open pit and is expected to complete by the end of November.

George Roach, chief executive of Premier African, said the drilling had already confirmed: “Forecast depth extensions below the current 870 level and the convergence and widening of the ore body would seem to support an increase in tonnage and development of a decline shaft system”.

He added that while the RHA ore body was “spotty” with big variances over short distances, “the sheer number of high-grade intersections is most encouraging”.

Shares were up 3.8% at 0.14p.

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Wed, 21 Nov 2018 09:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209661/premier-african-jumps-as-it-hits-multiple-high-grade-intersections-at-rha-tungsten-mine-209661.html
<![CDATA[RNS press release - RHA Drilling Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181121084504_13875240/ Wed, 21 Nov 2018 08:45:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181121084504_13875240/ <![CDATA[Media files - Premier African talks share conversions, RHA and KME ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11188/premier-african-talks-share-conversions-rha-and-kme-11188.html Tue, 13 Nov 2018 14:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11188/premier-african-talks-share-conversions-rha-and-kme-11188.html <![CDATA[RNS press release - Conversion of Director's Loan ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181109144527_13862156/ Fri, 09 Nov 2018 14:45:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181109144527_13862156/ <![CDATA[RNS press release - Amendment of Loan Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181109070002_13860956/ Fri, 09 Nov 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/2237/LSE20181109070002_13860956/