28th Oct 2014 10:05
LONDON (Alliance News) - Premier African Minerals Ltd on Tuesday said it expects low-capital, open-pit production from the RHA Tungsten project in Zimbabwe to start in the second quarter of 2015.
The group said the revenue generated from the open pit is expected to finance full underground mine development at the site and said the project economics support the debt financing it is currently negotiating.
"Our low capital cost open pit early production model has a target production date in the first half of 2015," said George Roach, chief executive officer of Premier African.
"We are in advanced stage negotiations with off-take partners and debt providers, and we look forward to updating shareholders in due course," Roach added.
Premier African shares were up 4.7% to 1.073 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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