Business
Final Results for the Year Ended 31 December 2013
Final Results for the Year Ended 31 December 2013.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 5720K Premier African Minerals Limited 26 June 2014 \n \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n26 June 2014\nPremier African Minerals Limited (\"Premier\" or the \"Company\")\nFinal Results for the Year Ended 31 December 2013\n \nPremier African Minerals Limited, the AIM quoted multi-commodity natural resource company with mineral projects located in Western and Southern Africa, announces its results for the year ended 31 December 2013.\n \nExecutive Chairman and CEO Statement\nThis is our first full year after admission to AIM and our seventh since our company acquired its first exploration licences. Over the past few years, and in particular during 2013, the realities of the risk/reward factors that apply to mineral exploration, in addition to the difficult market conditions for junior exploration companies, have collectively contributed to a very challenging year. Despite this, we have retained our focus on development of certain key projects and advancing our strategies for dealing with other assets either by disposal, joint development or monetisation, whichever is most efficient. Corporate costs associated with implementation of these strategies have been disproportionate. However, the benefits of persistence in closing several transactions are now being felt as we move through 2014. Against that backdrop, I am pleased to present results for Premier's financial year ended 31 December 2013.\nZimbabwe Operations\nZimbabwe is a melting pot of opportunity and challenge. Premier continues to have confidence in Zimbabwe. At the heart of this lies a fundamental appreciation that development of any asset in Zimbabwe, and for that matter in many other developing countries, requires equitable involvement of State interests and an acknowledgement that a natural resource asset, be it mineral, agricultural or socially based, is in fact an asset of the State. From inception, Premier has strived to reach equitable agreements that recognise the risks involved in mineral resource exploration and development and provide a sustainable and stable operating environment that adequately rewards risk.\nIn August 2013, Premier concluded a shareholders' agreement with the National Indigenisation and Economic Empowerment Fund ('NIEEF') in regard to our Zimbabwe subsidiary c...