Business
RHA Update
RHA Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 3243E\n Premier African Minerals Limited\n 27 February 2020\n \n \n \n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\n \n \n For immediate release\n \n \n \n \n \n 27 February 2020 \n \n \n Premier African Minerals Limited\n \n \n \n \n \n RHA Update\n \n \n Premier African Minerals Limited (\"Premier\" or the \"Company\") reports, following a site visit by the Honourable Minister Dr. Sekai Nzenza of the Ministry of Industry and Commerce on behalf of the National Indigenisation and Economic Empowerment Fund (\"NIEEF\"), on the progress to re-commence the reprocessing of the tailings at RHA Tungsten Pvt Ltd (\"RHA\").\n \n \n Following the visit, NIEEF requested until 11 March 2020 to evaluate the basis of NIEFF's ongoing involvement with RHA following the submission by Premier of revised cost estimates, denominated in RTGS Dollars, for RHA and other planned plant improvements. Local costs in RTGS Dollars are increasing at a rate substantially greater than implied by the official rate at which the RTGS Dollar exchanges against the US Dollar. NIEFF is expected to re-evaluate either providing additional funding for RHA in RTGS Dollars reflecting these increased local costs, or varying the terms of the RHA shareholder agreement that would allow Premier to access alternative external funding, which in turn would provide for the escalating costs when expressed in local currency. \n \n \n \n George Roach, CEO, commented, \n \n \"I am deeply appreciative for this visit and the frank discussions with the Honourable Minister. The support we continue to receive from the Zimbabwean Government confirms the importance of this project. Pursuant to the above request by the Minister, we have agreed to place mobilisation and commissioning on hold pending their review.\"\n \n \n Enquiries:\n \n \n \n \n \n Fuad Sillem \n \n \n \n \n Premier African Minerals Limited\n \n \n \n \n Tel: +44 (0)7734 922074\n \n \n \n \n \n \n Michael Cornish / Roland Cornish\n \n \n \n \n Beaumont Cornish Limited\n \n \n (Nominated Adviser)\n \n \n \n \n Tel: +44 (0) 20 7628 3396\n \n \n \n \n \n \n Jerry Keen/Edward Mansfield\n \n \n \n \n Shore Capital Stockbrokers Limited\n \n \n \n \n Tel: +44 (0) 20 7408 4090\n \n \n \n \n \n \n \n \n Notes to Editors:\n \n \n Premier African M...