https://www.engineeringnews.co.za

Premier’s Roach agrees to surety with JRG

4th July 2016

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Premier African Minerals chairperson and CEO George Roach on Monday agreed to provide a guarantee for any amounts owing under the proposed memorandum of agreement (MoA) with JR Goddard Contracting (JRG).

Under the MoA with JRG, which was the openpit mining contractor at RHA Tungsten, Premier would settled the $851 312 owing to JRG at a rate of $54 626 a month over a 20-month period.

Should Premier restart openpit mining operations through the direct engagement of JRG during the 20-month period, $247 000 would be recovered by way of equal monthly payments against JRG's mining certificates over the duration of the new agreement.

In light of this, Premier entered into a put option agreement with Circum Minerals, in which Roach would acquire Circum shares at $2 apiece in the event Premier failed to meet its obligations under the JRG memorandum, JRG exercised its rights under the surety against Roach, or Premier failed to find an alternative buyer for its Circum shares.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.058 0.949s - 140pq - 2rq
Subscribe Now