TEL: +27 (0) 11 622 0908
FAX: +27 (0) 11 622 1312
Welcome .. Bienvenu .. Karibu .. Khala Wolandiridwa .. Mwalandiridwa .. Mwaiseni .. Chewa .. Tilandile .. Tigashire .. Sethule .. Mauya .. Semukele .. Welkom

Zimbabwe: Premier Seeks Debt Finance for Mining

London Stock Exchange listed commodity firm Premier African Minerals is in the process of securing debt finance for its tungsten mining project situated in the Kamativi tin belt in Matebeleland. The project is being spearheaded by the company’s subsidiary RHL Tungsten limited, the company said.

Premier African Minerals Limited is a multi-commodity exploration and development company focused on Southern and West Africa.

It has a diverse portfolio of multi-commodity projects which includes tungsten, rare earth elements, gold, lithium, tantalum and uranium in Zimbabwe and Togo, which span from brownfield projects with near-term production potential to grass-roots exploration

In a statement, Premier African Minerals chief executive Mr George Roach said resource upgrade, and the completion of the mineralogical and metallurgical studies was the company’s focus at the moment.

The mining firm said it is engaging strategic partners to make sure the Kamativi tungsten mine project takes off.

“We are engaged in further discussions with potential off-take partners to make our dream project a success. In addition we are also talking to debt finance providers who have indicated a willingness to invest in Zimbabwe,” said the company.

Premier Africa Minerals could not reveal the amount of finance needed for the project. The development of the RHA tungsten project in Zimbabwe moved a step forward last year when the firm inked a non-binding memorandum of understanding with an industry off-take partner to supply tungsten from the site, which lies in the Kamativi Tin Belt.

Premier African Minerals has a 49 percent interest in the Kamativi project while the Zimbabwean Government holds the remainder.

The company revealed that at RHA, additional drilling as recommended by the preliminary economic assessment has begun with three out of a planned 13 holes sunk.

Drilling at the project is expected to be completed by the end of this year and geological logging has begun.

Visible tungsten mineralisation in the form of coarse grained wolframite has been intersected in all the three holes that have been drilled so far.

The signing of the first off-take MOU is another key development for the commercialisation of RHA as a mining company.

The company’s current objective for drilling at RHA is to upgrade both the quantity and the quality of the code-compliant resource, basically from inferred and indicated to indicated and measured.

Premier African Minerals continues to assess financing alternatives for the construction of RHA.

Source – AllAfrica