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Premier African Minerals weighs up tailings option at RHA

Snapshot

  • Owns 49% of RHA tungsten mine in Zimbabwe
  • Agreement reached for funding for production re-start
  • Has 10% stake in Namibian manganese mine owner 
Wolframite

Quick facts: Premier African Minerals Ltd

Price: 0.0825 GBX

AIM:PREM
Market: AIM
Market Cap: £9.29 m
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What it owns

RHA

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.

In January, RHA was connected to the national grid with sufficient power to start processing tailings at the site, an option it said that is now under consideration.

Zulu lithium project

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

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 Northern Ethiopia.

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

MNH

MNH operates the producing Otjozundu manganese mine in Namibia.

Neil Herbert, its chairman, has joined the Premier board. He is also currently chairman of IronRidge Resources, Helium One and Siderian Resource Capital.

Otjozondu is currently exporting 5,000 tonnes lump ore per month at better than 35% manganese with production set to increase.

What the boss says; George Roach

 “As of now [January], adequate power is available from the national grid to consider the resumption of plant operations at the end of January 2020 to reprocess historic tailings.

Inflexion points

  • Re-start of mining at the tungsten mine 
  • Exclusive prospecting order (EPO) issued at Zulu
  • Drilling at Zulu gets underway for a definitive feasibility study
  • Sale of stake in Circum
  • Revenues from MNH

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