What Premier African Minerals owns
Tungsten deposit RHA is situated in an area of historic production, approximately 270km northwest of Bulawayo.
Premier African has 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.
MN Holdings operates the producing Otjozundu manganese mine in Namibia.
Premier has upped its stake in MNH to 19% from the 10% it bought in December.
Neil Herbert, MNH's chairman, has joined the Premier board. He is also currently chairman of IronRidge Resources, Helium One and Siderian Resource Capital.
The Otjozondu mine has increased exporting levels to up to 10,000 tonnes lump ore per month at better than 35%, up from 5,000 per month late last year.
Situated 80km from Bulawayo in Zimbabwe, Premier believes the project is potentially the largest undeveloped lithium-bearing pegmatite in Zimbabwe.
A scoping study indicated a value of US$127mln for a 15-year open cast operation mining a concentrate of spodumene and petalite.
The deal with Lithium Consolidated Ltd, which is switching focus to Australian assets, saw Premier pay A$150,000 gross consideration in shares.
Premier African owns just over 5mln shares in the privately-owned natural resources group, which is developing its wholly-owned Danakil Potash project in Northern Ethiopia.
The Danakil Project has the potential to be a world-class potash project says Premier.
In October, Premier added it was debt-free and “well-funded for the immediate future” as it had settled all outstanding amounts owing to directors, employees and other creditors.
A day after raising £1.1mln through a placing, the company said it issued £600,000 worth of new shares to repay accrued but unpaid contractual amounts and outstanding loans.
What does the chief executive say? George Roach
“Together with the cost reductions achieved over the past few years, we are also a much more efficient company with reduced overheads and able to focus on the future from a position of improved financial strength.”
Premier African is assessing exploration opportunities in more than one African jurisdiction, he added and said that initial exploration on its tenement in Mozambique is now able to proceed, while other new tenement applications in Mozambique are underway.
- Re-start of mining at the tungsten mine
- Exclusive prospecting order (EPO) issued at Zulu
- Sale of stake in Circum
- Revenues from MNH