20th Feb 2019 14:59
LONDON (Alliance News) - Premier African Minerals Ltd on Wednesday said RHA Tungsten Pvt Ltd has reached a general agreement and will return to production "as soon as possible".
Shares in miner Premier African were up 13% at 0.14 pence on Wednesday afternoon.
Premier holds a 49% interest in the Zimbabwe-based RHA tungsten mine owner.
In August, Premier African said that it received a letter from Zimbabwean regulators confirming that the company's proposal to raise its stake in RHA Tungsten to 90% had been favourably received.
Regulator approval was expected to complete in October, and then in November, but did not occur.
However, following a meeting with representatives from the Zimbabwe Ministry of Industry, Commerce and Enterprise Development, Premier African said general agreement has been reached regarding financing and a return to production for the RHA mine.
"Appropriate agreements are in the process of being drafted and Premier expects to announce details and a return to production schedule as soon as possible," the company said.
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