Aim-listed Premier African Minerals has reaffirmed the basis for the proposed purchase of a further 7% in MN Holdings (MNH), the owner and operator of the Otjozondu manganese mining project in Namibia.
Premier's proposed additional purchase is based exclusively on the independent valuation for further plant and equipment that MNH has acquired.
This proposed purchase is priced at the identical valuation used in the first purchase and does not consider any other project valuation basis or trading.
Nevertheless, Otjozondu has confirmed that anticipated gross export tonnages of manganese lump ore are now up to 5 600 t a month at an average grade of about 34% manganese.
At this level of export, and on the basis of ruling prices and terms, this equates to about 190 400 dry metric tonne unit.
MNH has further confirmed that its existing dividend policy is to distribute cash surpluses after provisions for taxes, royalties, expansions and appropriate reserves on a quarterly basis.