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Premier African Minerals says Zimbabwe ministry has requested further 48 hours to conclude RHA restructuring

On October 15, the company had said it had been notified by the Ministry that a decision over the ownership structure of the RHA mine would not come until the end of this month

Mine
Premier owns 49% of RHA but has proposed a debt-for-equity swap with Zimbabwe’s indigenisation authority NIEFF to take its stake up to 90%

Premier African Minerals Limited (LON:PREM) said the Ministry of Industry, Commerce and Enterprise Development in Zimbabwe has requested a further 48 hours to formerly conclude the restructuring proposal for the RHA tungsten mine.

On 15 October, the AIM-listed multi-commodity mining and natural resource development company had said it had been notified by the Ministry that a decision over the ownership structure of the RHA mine would not come until the end of this month.

READ: Premier African says answer on RHA restructuring pushed back to end of month

George Roach, Premier African’s chief executive, said then that it will not be possible to re-start production at RHA until the proper legal process is concluded.

Premier owns 49% of RHA but has proposed a debt-for-equity swap with Zimbabwe’s indigenisation authority NIEFF to take its stake up to 90%.

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Price: 0.07 GBX

AIM:PREM
Market: AIM
Market Cap: £8.35 m
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