Premier raises funds to complete construction of Zim tungsten mine
JOHANNESBURG (miningweekly.com) – Premier African Minerals has raised £1.02-million, through the placement of 536-million shares, to complete the construction and optimisation of its RHA tungsten mine, in Zimbabwe.
Once complete, the company expects the mine’s second-quarter throughput to increase steadily to the monthly production target of 7 500 t. This, it noted, would generate a monthly net positive cash flow of $200 000.
In the third quarter, plant and sorter recoveries are expected to be further optimised and underground mining rates are expected to have improved, together with an expectation that the openpit operations will start to deliver ore at the resource model grade of 2.4 kg/t.
The implementation and commissioning of the redesigned crushing, screening and ore upgrade circuits is scheduled for completion on February 28. Thereafter, processing is expected to resume and, over the course of March, initial optimisation of the X-ray transmission sorter and ore sizing screens will take place.
During this time, the plant is expected to begin to produce wolframite and will start generating revenue.
"Bringing RHA into production has been a challenge but our team is confident that this project time line is achievable and the market guidance provided is realistic.
“At the same time, this placing will mean that RHA is fully funded through to production. RHA's indebtedness to Premier becomes repayable as and when RHA commences commercial production,” said CEO George Roach.
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