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(PREM) Premier African Minerals Share Chat

Discussion in 'General Share Chat (PREM)' started by rodrod1, Feb 24, 2016.

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    4 December 2019

    Premier African Minerals Limited

    Amendment to terms of Loan Agreement to MN Holdings Limited and conversion into an initial direct interest in MN Holdings Limited


    The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce that it has today agreed to amend the terms of the loan agreement concluded on 8 July 2019 ("Loan Agreement") to MN Holdings Limited ("MNH"), the owner and operator of the Otjozondu Manganese Mining Project ("Otjozondu") in Namibia, and has converted the loan into a direct 10% equity interest in MNH.

    Highlights:

    · Loan Agreement conversion provides Premier with an equity ownership of 10% in MNH

    · Independent replacement valuation of total mining equipment at Otjozondu of ZAR 326 million (equivalent to US$22 million), of which only the current running mining equipment at Otjozondu amounted to approximately ZAR 221 million (equivalent to US$15 million)

    · Equity interest provides Premier with an important stake in a producing and revenue-generating manganese mine in a stable jurisdiction in Africa

    George Roach, Chief Executive of Premier commented, "I expect that this development may be transformational. We believe that Otjozondu is a standout asset in a manganese district. Not only that, there are significant potential synergies and other benefits in this association. Not the least is that Otjozondu is a very well equipped owner-operator open pit mining contractor and this expertise has the potential to complement and reduce operating costs at RHA as soon as RHA is back in production, and Zulu both during exploration and mining phases.

    Otjozondu is in the process of increasing production with the integration of the recently acquired additional mining fleet and processing equipment. This production increase builds on a profitable base and Otjozondu will we believe be one of the manganese miners able to lay claim to maintaining ongoing profitable operations and simultaneous production increases at a time when manganese prices are stressed. This is as much a credit to the style of mineralisation that has a high demand, as to the low-cost open pit and high in situ grade of ore and the well managed overhead structure associated with the owner-operator nature of operations.

    Furthermore, we believe that the conversion of the Loan Agreement is at an attractive valuation given that the total replacement value of the processing plant and mining equipment at Otjozondu has been independently valued at approximately ZAR 326 million (equivalent to US$22 million), of which only the current running mining equipment at Otjozondu amounted to approximately ZAR 221 million (equivalent to US$15 million), and excluding any other value that may be attributed to mining licences, in situ resources and mining development to date. "

    About the Otjozondu Manganese Mining Project

    The Otjozondu is located some 450 kilometres east of Walvis bay, a port town on the coast of Namibia which is currently used to ship manganese ores to international markets. The Project is located in a well-known and established manganese district that has been largely consolidated under Otjozondu, whose tenements cover an area of approximately 1,367 square kilometres and more than 114 kilometres of strike, of which only 14 kilometres has been explored to the point of declaration of a JORC resource. The area under tenement encloses an historic and successful manganese mining district. Otjozondu operations are continuous from a number of open pits in an owner-miner environment. Processing to the extent necessary is through a crush screen and jig plant. All plant and equipment are owned by MNH. Otjozondu is wholly owned by MNH. Otjozondu' s current operational profile is as follows:

    · Experienced management and operational team with proven operational success;

    · Currently exporting 5,000 tonnes lump ore per month at better than 35% Mn;

    · Operations generated N$21.0 million (equivalent to US$1,428,000) to the year ending 30 June 2019;

    · Marketing contract in place;

    · Established road/rail route to Walvis Bay;

    · Unused capacity exists in all facets of the operations;

    · Historic JORC resource, as set out further in Table 1 below;

    · Otjozondu has an anticipated Exploration Target of 30 -50 million tonne grading at 23% - 27% Mn; and

    · Further exploration potential with further inclusion of the tenements held by Purity Mining.

    Premier African Min - Direct Interest in MN Holdings Limited @Premafrimin https://www.voxmarkets.co.uk/rns/announcement/9fec2259-fa98-4471-b1b1-f0f6e8f8866b
     
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    11 December 2019

    Premier African Minerals LTD

    ("PREM" or the "Company") (AIM: PREM)

    PrimaryBid.com Offer

    Premier African Minerals LTD(AIM:pREM), the AIM listed mining and natural resources company, is pleased to announce, an offer via PrimaryBid (the "Offer") of new ordinary shares of nil par value in the Company ("New Ordinary Shares") at an issue price of 0.1 pence per New Ordinary Share (the "Issue Price"), being a discount of 20 per cent to the closing mid-price on 10 December 2019.

    The Company will use the funds raised for general working capital as may be required, and to assist the Company with its ongoing developments as mentioned in the recent shareholder update.

    Offer

    The Company values its retail investor base and is therefore pleased to provide private and other investors the opportunity to participate in the Offer by applying exclusively through the www.PrimaryBid.com platform and the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.

    The Offer, via the PrimaryBid.com platform, will be open to individual and institutional investors from 4.30 p.m. on 11 December 2019 to 9.00 p.m. on 11 December 2019. The Offer may close early if it is oversubscribed.

    Subscriptions under the Offer will be considered by the Company on a "first come, first served" basis, subject to conditions (which are available to view on PrimaryBid.com).

    No commission is charged to investors on applications to participate in the Offer made through PrimaryBid. It is vital to note that once an application for New Ordinary Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.

    For further information on PrimaryBid.com or the procedure for applications under the Offer, visit www.PrimaryBid.com or call PrimaryBid.com on +44 20 3026 4750.

    The New Ordinary Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing Ordinary Shares. Application will be made to the London Stock Exchange plc for the admission of the New Ordinary Shares to trading on AIM ("Admission") and a further announcement will be made in due course.
     
  13. Groucho

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    11 December 2019

    Premier African Minerals Limited



    Corporate Update


    Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide the following corporate update.

    Work on the electrification of RHA Tungsten Pvt Ltd ("RHA"), in which Premier has a 49% interest and is the operator, is now approximately 70% complete and apart from two capital items, all other materials are on site and have been largely installed. Given the modest cost involved for these two remaining items, Premier is considering purchasing the items in South Africa to ensure that the electrification can be completed. Preparations continue for a restart of the operations in early 2020. RHA management is in the process of sourcing processing plant optimisation components and all key consumables locally to utilise the funding from the National Indigenisation and Economic Empowerment Fund ("NIEEF") in accordance with the agreement entered into on 7 May 2019.

    In a recent meeting held with representatives from the NIEEF, Premier has been reassured that the project status of RHA in Zimbabwe remains a priority and have further assured the Company of their ongoing support and funding commitment to the project. With completion of the electrification at RHA expected in January 2020, NIEEF have assured the Company that further funding should be expected in January 2020 to support the restart of the operations.

    George Roach, CEO commented: "I am pleased with the progress being made to date at RHA even through we have been delayed due to delivery delays in Zimbabwe purely based on the critical access to foreign currency in Zimbabwe. The electrification is now approximately 70% complete and we continue to make preparations for a restart of the operations in 2020.

    I must confirm that should we consider securing the remaining items for the electrification at RHA, the cost associated with these items will be offset against future funds provided by NIEEF that could be applied to development works at Zulu.

    We are encouraged that we have complied with all requirements applied by the Mining Affairs Board in regard to our application for an EPO covering the Zulu Lithium claims extensions. The outstanding requirements at this time are procedural including the sign-off from the President. Premier remains ready to mobilise as soon this sign-off on the EPO is granted and to further discussions with those parties who had approached Premier with a view to participation in Zulu.

    The Board is also progressing steps to strengthen the Premier Board and management with the right skills and experience which would also allow me to step back from the Chairman's role in 2020.

    Given these ongoing developments it is only prudent to ensure that Premier has sufficient capital to and I am pleased to offer our shareholders the ability to participate in a direct placement in the Company via the Primarybid platform."
     
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    12 December 2019

    Premier African Minerals Limited

    ("Premier African" or the "Company") (AIM: PREM)


    Successful Fundraising via PrimaryBid


    Premier African announced on 11 December 2019 the launch of an offer via PrimaryBid (the "Offer").


    The Company is pleased to announce that the PrimaryBid Offer successfully completed and closed at 9 p.m. on 11 December 2019.


    Following the successful closing of the Offer, the Company has raised gross proceeds of £262,293.00 at an issue price 0.1 pence per ordinary share via the Fundraising.


    The Company has therefore issued 262,293,000 New Ordinary Shares to satisfy the Fundraising. Application will be made for the New Ordinary Shares, which rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM and admission is expected to take place on 18 December 2019.


    George Roach, CEO commented: "With our Zimbabwean operations being on the verge of hopefully turning a corner, we believe that this was a good opportunity for investors to participate in a fundraise on the retail friendly platform of PrimaryBid.


    We wish to express our sincerest appreciation to all participants in this successful fundraise."


    Total Voting Rights

    Following the issue of the New Ordinary Shares, the Company will have 11,266,071,580 ordinary shares of nil par value in issue. The figure of 11,266,071,580 may be used by the Company's shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

    Defined terms in this announcement shall have the same meaning as in the Company announcement of 11 December 2019, unless otherwise specified.
     
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    18 December 2019

    Premier African Minerals Limited



    RHA Update



    Premier African Minerals Limited ("Premier" or the "Company") is pleased to provide the following update on RHA Tungsten Pvt Ltd ("RHA") in which Premier has a 49% interest and is the operator.

    Following the corporate update on 11 December, and further correspondence now received from the Zimbabwe Electricity Supply Authority ("ZESA"), Premier is pleased to confirm that the following items have now been sourced by ZESA, a changeover panel and 1.5 MVA 33/0.4V transformer.

    We are further pleased to confirm that ZESA have provided RHA with a temporary solution whereby they are in the process of coupling two transformer units rated 1MVA 33/11kv and 1.6MVA 11/0.4kv into one unit that can be used at RHA while we await delivery of the other transformer. In terms of the changeover panel, this can be operated manually at site until such time as the item has been delivered and installed.

    The overall effect of the above is that RHA will have access to electricity to power all facets of the operations from early January 2020.

    George Roach, CEO commented: "I am very pleased that we managed to electrify RHA. When coupled with the plant optimisation, this will significantly reduce operating expenditure and generally further de-risk planned return to production.

    I look forward providing further updates on the restart of operations at RHA."
     
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    21 January 2020

    Premier African Minerals Limited

    RHA Update



    The Board of Premier African Minerals Limited ("Premier" or the "Company") Limited ("Premier" or the "Company") is pleased to announce the commissioning of Grid Electrical power to RHA Tungsten (RHA). Premier holds a 49% interest in RHA and is the operator.

    George Roach, CEO, commented that, "We are reassured by the continued commitment of National Indigenisation and Economic Empowerment Fund to meeting the financial commitment to the funding of RHA. As of now, adequate power is available from the national grid to consider the resumption of plant operations at the end of January 2020 to reprocess historic tailings.

    Premier previously reported on the potential reprocessing of tailings on 29 June 2016. The test work conducted at that time remains valid and the availability of electrical power has substantially reduced the cost associated with operating the plant. Similarly, and by arrangement with MN Holding Limited ("MNH") in which Premier has recently acquired a shareholding, the capital plant needed to feed the tailings at RHA is now expected to be potentially available to RHA at net operating cost only.

    Further supporting the proposed reprocessing of tailings is the fact that historic tailings are already mined and milled such that the tailings may be fed directly to the gravity recovery sections of the plant, with the added benefits of only needing to run a portion of the plant and reaping the benefits of much lower overall operating costs, better plant availability, reduced maintenance and lower manpower requirements.

    Based on the above, I believe that it is completely logical that RHA should now look to consider the reprocessing of the tailings dumps as soon as possible.

    Further updates will follow in due course."
     

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