Premier African Minerals Limited (LON:PREM) has agreed to the disposal of its Mozambique forestry interests but will retain a stake in a limestone deposit in the country.
Amire Glory is to acquire Premier's 52% interest in Mozambique-based TCT Industrias Florestais Limitada, which owns the forestry interests, by taking on the US$2.1mln owed to the vendor.
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Completion is expected to take 60 days after which Premier said it will have no further liabilities or obligations for TCT IF, though it will retain 50% the limestone deposit.
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Early exploration indicates potentially acceptable grades of calcium carbonate (CaCO3) for limestone for use in cement production.