20th Jul 2018 12:07
LONDON (Alliance News) - Premier African Minerals Ltd said Friday it has moved Senior Non-Executive Director Michael Foster to interim chairman.
The mining and exploration company has separated its chief executive officer and chairman roles, promoting Michael Foster to interim chairman but leaving George Roach as CEO.
Roach said the separation was "long overdue" and that he appreciated Foster's commitment to work with him for the next six months.
Premier is also exploring options to reopen its RHA tungsten project in Zimbabwe once an equity restructuring has been approved. It has proposed four options for the reopening.
Three of these options involve a limited drilling programme that will determine whether the pit can be made profitable.
The fourth option, however, does not involve a drill programme and focuses on wolframite, a chief ore of tungsten that has been steadily increasing in price and its now worth USD345 per metric ton unit. The company has already hired an independent consultant to review this fourth option.
"Wolframite production could commence from as early as the second month of mining and without any further drilling as a result of the improved price of wolframite," Premier said in a statement.
Premier has identified the following funding options for RHA: an off-take agreement; direct equity investment; spin-out into a new company; and zero cost drilling as an offset for its contract at Zulu Lithium Ltd.
Should the price of wolframite continue to increase, Premier is also considering self-financing the RHA project.
Shares in Premier are currently suspended, after it failed to meet the June 30 deadline for publishing 2017 results.
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