Premier African Minerals signs £1m deal to partially fund tungsten project
JOHANNESBURG (miningweekly.com) – Aim-listed Premier African Minerals has secured £1-million from investment company Darwin Strategic to part fund the development of its 49%-owned RHA Tungsten project in Zimbabwe.
Premier and Darwin signed an agreement on February 2 for the £1-million zero coupon senior unsecured convertible loan notes.
Commercial production at RHA was expected to start by June.
"Premier [will] mobilise civil construction and road upgrades and [start] construction management contracts this week. Additional finance of $2-million will still be required to meet the budgeted cash flow shortfall to commercial production.
“Premier anticipates that the bulk of this will be secured as asset finance against the plant and power generation equipment on order and under manufacture," CEO George Roach said.
The RHA project is located in an area of historic production, about 270 km north-west of Bulawayo. Premier was targeting a compliant indicated resource of up to ten-million tonnes at a grade of 0.12% to 0.17% tungsten trioxide (WO3) and 86 000 t at 2.25% WO3.
The project was expected to process 8 000 t/m of run-of-mine ore and produce, on average, 92 t/m of concentrate at 63% WO3 over a 22-month period.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation