Premier acquires majority stake in Mozambique limestone project

31st October 2016 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG (miningweekly.com) – Premier African Minerals, which has the RHA tungsten mine, in Zimbabwe, as it flagship asset, has acquired a 52% majority stake in Mozambique-based limestone and logging operation TCT Industrias Florestais (TCT IF) for $2.1-million.

Premier notes that TCT IF is self-sustaining and will contribute positively to group cash flows in 2017.

“This is a unique opportunity to acquire a deposit that has good prospects for development into a major low-cost industrial-scale mining operation, with essential infrastructure already in place and a cash generative business to help finance the development,” says CEO George Roach

Early testwork on surface material of the limestone indicates that there are potentially acceptable grades of calcium carbonate for limestone for use in cement production.

In addition, initial work suggests that solubility should be suitable for Agrilime and the material is also expected to be suitable for aggregate production.

Premier plans to begin an initial exploration and assessment work programme on the limestone deposit over the course of 2017.