Multicommodity development company Premier African Minerals has produced the first coarse-grade wolframite concentrate at its flagship RHA tungsten project (RHA), in Zimbabwe, with fines concentrate production expected in the coming days, it said last week.
“Following the achievement of this milestone on time, fine tuning and optimisation are ongoing and we look forward to achieving our next milestone of first shipments in the near future,” commented CEO George Roach.
The miner added that the mine’s process plant and equipment had been delivered to site, assembled and commissioned, activating the release of the final £450 000 tranche of its loan agreement with Darwin Strategic.
Moreover, the company recently received a notice of exercise from Darwin to convert the remaining £600 000 zero-coupon senior unsecured convertible loan notes into equity.
The conversion of the notes was at the maximum price possible under the agreement, at 1.35p per new ordinary share, and Premier last week issued 44-million new ordinary shares to Darwin.
This conversion settled the remaining February loan notes outstanding under the first financing entered into with Darwin in February and there were, therefore, no February notes currently outstanding with Darwin.
The April loan notes, amounting to £1.65-million, were repayable from October 1 at a rate of seven notes a month in cash at a price equal to £26 250 a note.