6th Apr 2016 07:22
LONDON (Alliance News) - Premier African Minerals Ltd on Tuesday said it is making progress with the RHA Tungsten Mine in Zimbabwe.
The mining and resource development company said the re-equipping of the 120-metre vertical shaft at the mine is nearing completion, despite taking more time than originally expected. As a result, the first ore from 870 level is expected at surface during April.
Upgrades to the crushing circuit also are planned for this month at a total cost of less than USD100,000. These should take less than two weeks to install, Premier African Minerals said.
Premier African Minerals added that improving grades from ore processed off 926 level are expected to see tungsten trioxide concentrate shipments resume shortly.
Positive operational cash flow, before capital expenditure and working capital, from the mine is expected when first ore from 870 level is processed and the crushing circuit upgrades are installed.
"I am pleased to report that Premier has dramatically reduced fixed expenditure at RHA and we remain confident that as and when 870 ore is processed at the grades indicated, and through-put and recovery meet design criteria, RHA will operate profitably," Chief Executive George Roach said in a statement.
Shares in Premier African Minerals were trading up 5.0% at 0.683 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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