22nd Nov 2018 15:46
LONDON (Alliance News) - Premier African Minerals Ltd said Thursday its indigenisation equity proposal of RHA Tungsten Private Ltd will be presented at a Zimbabwe Cabinet meeting, scheduled for the early part of next week.
Premier holds a 49% interest in RHA.
The London-listed mining company was expecting the proposal to be discussed at a cabinet meeting held on Tuesday, after receiving an assurance from the Ministry of Industry, Commerce & Enterprise Development.
A release of the minutes of the meeting, however, showed no mention of the matter being discussed.
Premier Chief Executive Officer George Roach said he was told by the previous Minister of Industry Commerce & Enterprise Development in July that the "matter required only a sign off from the Zimbabwe President, which was expected within days."
Roach said: "Our board has urged that Premier wait for an outcome from the anticipated cabinet meeting, and in the absence of a positive conclusion, first seek direct intervention from the President before proceeding with any other lawful alternative."
Roach added: "It goes without saying as the matter approaches a year, that this delay is a long time in the life of an unemployed miner and an expectant Premier shareholder."
Shares in Premier African Minerals were up 1.0% Thursday at 0.14 pence each.
Related Shares:
Premier African Minerals