Premier African Minerals receives transfer approval for shares in RHA Tungsten
Exploration and development company Premier African Minerals has received an approval transfer from the Zimbabwean government’s shares in the RHA Tungsten project, located north-west of Bulawayo.
These shares were previously held by Zimbabwe’s Ministry of Industry and Commerce through the National Indigenisation and Economic Empowerment Fund and the Ministry of Mines and Mining Development, under the stewardship of industry body the Zimbabwe Mining Development Corporation (ZMDC).
Premier says it is handling the implementation of the share transfer process and working with relevant parties to initiate and oversee the legal, financial and administrative path required to execute and finalise the transfer.
The correspondence also directs ZMDC to urgently engage with Premier to ensure that all parties can move forward without delay and exhaust all necessary avenues to address the outstanding operational, legal and capital matters required to support the reinstatement of commercial operations at RHA Tungsten.
Notably, Premier states that Zimbabwe President Emmerson Mnangagwa approved the share transfer, and instructed Premier and ZMDC to "immediately commence and oversee all the steps required to give effect to the approved transfer".
“Premier has now received direct written confirmation of the approved share transfer in relation to RHA Tungsten to ZMDC. This removes a key area of uncertainty and provides a clearer basis for Premier to progress commercial discussions on the future of RHA Tungsten.
“Given the current tungsten price environment and the level of initial interest we are seeing around a potential transaction, this clarification is timely. Premier remains committed to engaging constructively with ZMDC to assess and advance any transaction capable of delivering value for the company and its shareholders through our holding in RHA Tungsten,” Premier MD Graham Hill comments.
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