What Premier African Minerals owns
Tungsten deposit RHA is situated in an area of historic production, approximately 270km northwest of Bulawayo.
Premier African has announced a resource of 22.1mln tonnes at 2.45kg per tonne in both the underground and open-pit operations.
To date, Premier African Minerals has invested around US$18mln in the acquisition and development of the mine.
MN Holdings operates the producing Otjozundu manganese mine in Namibia.
Premier has upped its stake in MNH to 19% from the 10% it bought in December.
Neil Herbert, MNH’s chairman, has joined the Premier board. He is also currently chairman of IronRidge Resources, Helium One and Siderian Resource Capital.
The Otjozondu mine has increased exporting levels to up to 10,000 tonnes lump ore per month at better than 35%, up from 5,000 per month late last year.
Situated 80km from Bulawayo in Zimbabwe, Premier believes the project is potentially the largest undeveloped lithium-bearing pegmatite in Zimbabwe.
A scoping study indicated a value of US$127mln for a 15-year open cast operation mining a concentrate of spodumene and petalite.
Premier African owns just over 5mln shares in the privately-owned natural resources group, which is developing its wholly-owned Danakil Potash project in Northern Ethiopia.
The Danakil Project has the potential to be a world-class potash project says Premier.
How it’s doing
In March, Premier African received the formal grant of an exclusive prospecting order (EPO) covering the company’s Zulu Lithium and Tantalum claims.
“Zulu remains a significant deposit,” said George Roach, chief executive.
Roach added: “I am deeply appreciative of the Zimbabwe Government for the granting of this substantial EPO and Premier will reciprocate with mobilization for the commencement of the definitive feasibility study (DFS) on the Zulu deposit which has an estimated completion time of 14 months.”
Roach highlighted that the EPO area contains further known lithium-bearing pegmatites offering upside to Zulu, as well as historic small gold mines, potential molybdenite and many tungsten mineral occurrences within the area.
“The granting of the EPO reaffirms the Zimbabwean Government policy that Zimbabwe is open for business and further supports the Ministry of Mines policy of creating a US$12bn mining economy by 2023.
Earlier, Premier said it had hired New York-based EAS Advisors to introduce institutions and funding, as the explorer works to advance mining and exploration projects in sub-Saharan Africa.
In particular, the company said it intends to fund a definitive feasibility study (DFS) at Zulu Lithium.
What does the chief executive say? George Roach
“I’m delighted that we have brought on EAS as our US corporate advisers.
“We’re looking forward to working with them as we develop our US profile and take significant steps forward in the development of Zulu.”
- Re-start of mining at the tungsten mine
- Exclusive prospecting order (EPO) issued at Zulu
- Sale of stake in Circum
- Revenues from MNH