Premier African Minerals Limited Corporate Update (9551N)
26 Mayo 2020 - 7:04AM
UK Regulatory
TIDMPREM
RNS Number : 9551N
Premier African Minerals Limited
26 May 2020
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
26 May 2020
Premier African Minerals Limited
Corporate Update
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to reaffirm the basis for the proposed
purchase of a further 7% in MN Holdings Limited ("MNH"), the owner
and operator of the Otjozondu Manganese Mining Project
("Otjozondu") in Namibia as announced on 6 May 2020 and also set
out the trading update below that has been provided by the
management of Otjozondu.
Premier's proposed additional purchase is based exclusively on
the independent valuation for further plant and equipment that MNH
has purchased as set out in the announcement dated 4 December 2019.
This proposed purchase is priced at the identical valuation used in
the first purchase and does not consider any other project
valuation basis or trading. Nevertheless, Otjozondu has confirmed
that anticipated gross export tonnages of Manganese lump ore are
now up to 5,600 ton per month at an average grade of approximately
34% Mn.
At this level of export and on the basis of ruling prices and
terms, this equates to circa 190,400 dmtu. Gross revenue is
determined by future selling price. The most recent sale was for a
shipment of 1,405 ton of lump ore and the price per dmtu was
US$5.00.
MNH has further confirmed their existing dividend policy is to
distribute cash surpluses after provisions for tax, royalties,
expansion and appropriate reserves on a quarterly basis.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged the
release of this announcement on behalf of the Company was George
Roach.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA Tungsten and Zulu Lithium
projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, lithium and tantalum in Zimbabwe,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset. In addition, the Company holds a 12% interest in MN Holdings
Limited, the owner and operator of the Otjozondu Manganese Mining
Project in Namibia.
Glossary
"dmtu" Dry metric ton unit. Equivalent to 10
"Mn" kg of Mn
Manganese.
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
ENDS
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END
UPDGZGZKZVZGGZM
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