Premier to initiate legal action should RHA restructure not finalise by end-October

15th October 2018 By: Marleny Arnoldi - Deputy Editor Online

Aim-listed Premier African Minerals CEO George Roach confirmed on Monday that the company would consider other legal processes to secure the remaining equity in the RHA tungsten mine, in which the company holds a 49% interest, should the equity restructuring process not be complete by the end of the month.

The Zimbabwean Ministry of Industry, Commerce and Enterprise Development on October 12 indicated that the process would be concluded before the end of the month.

“It is simply not possible that Premier, or any other stakeholder, could be expected to continue funding the ongoing holding costs and the return to production with a minority stake and no contribution from the remaining stakeholders.

“The cost to RHA employees, many of whom have received no income this year, the cost to a body of international shareholders and the loss of potential revenue must end now,” said Roach.

Premier previously established that it was feasible to bring RHA back into production and Roach believed it would be possible to finance the start of production, but not until proper legal processes had concluded and the ownership of RHA reflected present Zimbabwean government policy.