Business
TCT IF Potential Sale Update
TCT IF Potential Sale Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \nRNS Number : 3315P Premier African Minerals Limited 31 August 2017 \n\nPremier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining\nFor immediate release\n31 August 2017\nPremier African Minerals Limited \n(\"Premier\" or the \"Company\")\nTCT IF Potential Sale Update\n \nSummary\nPremier African Minerals Limited (AIM: PREM) (the \"Company\"), the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, is pleased to provide a further update on operations and future in regard to Mozambique-based TCT Industrias Florestais Limitada (\"TCT IF\") which principally owns a substantial limestone deposit and forestry interests.\n \nAs announced on 23 August 2017, the Board is reviewing possible partnerships and / or a sale of Premier's TCT IF forestry interests whilst ensuring that Premier maintains an interest in the limestone deposit. These discussions are continuing. Premier is now principally focused on the development of its Zulu lithium asset and RHA project, together with increasing its strategic interest in Circum Minerals. While the limestone asset of TCT IF remains of continuing interest to Premier, the forestry interests are not material in the ongoing development and strategy of the Group, a view supported by the recent country-wide suspension of timber cutting and export licences in Mozambique.\n \nAs previously disclosed, the payment by Premier of the consideration due to the vendors of TCT IF is only due following final procedural registration of the assignment of quotas by the Mozambique authorities and, as this registration remains outstanding, this provides an opportunity for the Company to potentially novate its rights and obligations under the acquisition agreements whilst still retaining a free carried 50% interest in the limestone deposits to completion of the initial exploration programs and without cost. \n \nA further announcement will be made in due course.\n \nForward Looking Statements:\nCertain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', \"should\" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those, variat...