Aim-listed Premier African Minerals on Wednesday said it would not proceed with the proposed conditional acquisitions of 50% of the KME Plant and 50% of the equity in Honey Badger Resources (HBR), until there is some finality on the RHA Tungsten mine’s future.
As a result, both transactions with KME Plant Hire and HBR have been terminated.
The final agreements are with the office of the Ministry of Industry, Commerce and Enterprise Development, with Premier awaiting final sign-off.
Premier intends to restart drilling at its wholly-owned Zulu lithium and tantalum project, in Zimbabwe, which is currently under care and maintenance.
Premier aims to re-establish production at RHA, with a technical and economic assessment proposing two production scenarios: underground production at a production rate of 6 000 t/m to 7 000 t/m or underground and openpit mining at a production rate of 6 000 t/m and 34 000 t/m respectively, with a plant processing rate of 40 000 t/m.
No final agreements for the project have been signed yet.