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%.