15th Feb 2016 13:22
LONDON (Alliance News) - Premier African Minerals Ltd on Monday said its RHA Tungsten Mine operation has increased its working capital facility with a local bank in Zimbabwe.
The company said the mine, in which it owns a 49% stake and is the operator, has increased its working capital facilities through a USD200,000 general credit facility from a local, unnamed bank in Zimbabwe.
The facility is for an initial term to the end of October this year.
"It is most encouraging that a local banking institution has a level of confidence in RHA such that they are prepared to extend a facility for normal working capital requirements linked to shipment of concentrates," said George Roach, Premier African's chief executive and chairman.
Shares in Premier African were flat at 0.325 pence on Monday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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