Business
RHA update & Proposed Zulu Lithium Listing
RHA update & Proposed Zulu Lithium Listing.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 0362B Premier African Minerals Limited 05 January 2018 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n5 January 2018\n \n \n \nPremier African Minerals Limited\n(\"Premier\" or the \"Company\")\nRHA update\nProposed Separate Listing of Zulu Lithium\n(\"Zulu\") \n \nRHA Tungsten \nFurther to the announcement on 2 January 2018, Premier advises that whilst plant throughput during the latter part of December 2017 exceeded the target of 6,000 tonnes in aggregate ore feed, the ore processed was largely from on-strike development at a diluted ore grade insufficient to achieve planned profitable production. RHA mine management has advised that development to expose stopes has lagged and mining of undiluted ore from stopes will now only be possible from the latter part of Q1 and accordingly, RHA requires additional financial support until this time. Premier has previously stated that it will not provide any further finance other than in the form of a bridging facility for concentrate ready for shipment. In summary, the status of RHA is as follows:\n· Ore delivered to surface is at diluted grade and deviates from the Resource grade. Development in preparation for mining stopes causes mining dilution of approximately 3 to 1.\n· Predicted Resource grades from stope ore as opposed to development ore are adequate to achieve profitable operation.\n· Open pit operations are suspended and may resume subject to a further short-hole drilling programme that would indicate how much additional stripping is required to access predicted grade improvements.\nContinuing operations at RHA are now dependent on additional sources of capital being provided. New policy statements in Zimbabwe enable 100% foreign ownership of mining projects (outside the diamond and platinum sectors). Premier is currently in discussions with the National Indigenisation and Economic Development Fund (\"NIEEF\"), which has an interest of 51% in RHA, to agree alternative financing options. As previously stated, Premier has sole-funded RHA to date and the plant and equipment at RHA are exclusively owned by Premier. The mineral claims are ceded as security under the plant rental agreement by RHA to Premier. RHA...