Aim-listed Premier African Minerals is fast progressing towards bringing its RHA tungsten mine, in Zimbabwe, back into production in the coming weeks.
Operations were halted towards the end of last year amid cash flow constraints.
Premier currently has a 49% interest in the mine, with the remaining 51% held by Zimbabwe’s National Indigenisation and Economic Empowerment Fund; however, following a restructuring, Premier’s shareholding in the project will increase to 90%.
Premier has received written confirmation from the Ministry of Mines and Mining Development that under the amended Indigenisation and Economic Empowerment Act, RHA is no longer required to comply with indigenisation policies and the proposed restructuring of RHA can proceed without approval from the Ministry of Mines.
As the RHA shares in question are part-owned by government, any disposal of the shares in relation to the restructuring and recapitalisation of RHA will be guided by relevant legislation, regulation and directives.
Premier will continue to work with the ministries while the procedural government approvals are dealt with.