eBusiness Weekly
Tawanda Musarurwa
HARARE – Ongoing discussions between Premier African Minerals Ltd and the country’s National Indigenisation and Economic Development Fund have been progressing well, says CEO George Roach. Premier has over the past few weeks been in talks over financing options for its RHA tungsten mine in Zimbabwe following December’s output figures announcement.
The junior miner said that while throughput last month exceeded the target of 6 000 tonnes in feed, the ore processed was largely from on-strike development at a diluted grade insufficient to achieve planned profitable production. And RHA will complete one final shipment before mid-January and will then “suspend production until an agreement is struck to ensure its long-term future.”
Premier’s discussions with NIEEF, which has a 51 percent interest in the project, to agree alternative financing options. The mining group is of the opinion that the NIEEF is willing to concede to a mechanism to restructure its 51 percent-ownership of RHA. Zimbabwe’s indigenization law was significantly reviewed in the 2018 National Budget last month.
“I am pleased that discussions are progressing well and that NIEEF has confirmed their commitment to the development of RHA. We hope to report on these discussions in the coming weeks. I also look forward to briefing our shareholders at the coming investor evening on the 23rd January,” said Roach.
