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PREM.GB Premier African Minerals Limited

0.235
-0.01 (-4.08%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Premier African Minerals Limited AQSE:PREM.GB Aquis Stock Exchange Ordinary Share VGG7223M1005
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.01 -4.08% 0.235 0.21 0.26 0.245 0.235 0.245 0.00 08:06:47
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Premier African Minerals Limited Circum Minerals Update (8680M)

18/10/2016 3:22pm

UK Regulatory


Premier African Minerals (AQSE:PREM.GB)
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TIDMPREM

RNS Number : 8680M

Premier African Minerals Limited

18 October 2016

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

18 October 2016

Premier African Minerals Limited

("Premier" or the "Company")

Circum Minerals Update

Premier African Minerals Limited (AIM: PREM), the London quoted mining exploration and production company, is pleased to announce that it has received a shareholder update from Circum Minerals Limited ("Circum" or "the Company") in which Premier holds 2 million shares, equivalent to approximately 2% shareholding. In its update, Circum Management reaffirmed its belief that:

-- The wholly-owned Danakil project is a unique and world-class potash project with one of the largest potash resources in the world.

   --     The project features lowest quartile industry operating costs for both SOP and MOP. 

-- The project will be able to deliver substantial production to the Asian market at the lowest cost per tonne of any producer.

Circum's update further stated that:

-- The optimized after-tax NPV (at a 10% discount rate) amounted to US$2.1 billion and nominal IRR amounts to 26%.

-- The mining licence agreement negotiation is well advanced and Circum expects this to be completed before year end.

-- Morgan Stanley is running a process to help find a strategic partner for Circum and/or provide a liquidity alternative to shareholders.

-- Whilst current events in Ethiopia may have slowed the process, Circum continues to engage with interested parties and also contemplates a possible flotation on an appropriate exchange.

For further detail in regard to this project, please refer to www.circumminerals.com.

George Roach, Premier's CEO, commented:

"This project is a very valuable asset and it is encouraging to see that Circum has made considerable progress in developing the project. In value comparative terms, the much smaller Yara project to the south of Circum was recently funded on a valuation of US$200 million (i.e. equivalent to Circum at $2 per Circum share). It is reasonable to conclude that Circum is likely to achieve a significantly higher value on its much bigger project."

Forward Looking Statements:

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by Circum's use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

 
                         Premier African Minerals     Tel: +44 (0)7734 
 Fuad Sillem              Limited                      922074 
----------------------  ---------------------------  ------------------ 
 Michael Cornish         Beaumont Cornish             Tel: +44 (0) 207 
  / Roland Cornish        Limited                      628 3396 
                          (Nominated Adviser) 
----------------------  ---------------------------  ------------------ 
 Jerry Keen/Edward       Shore Capital Stockbrokers   Tel: +44 (0) 207 
  Mansfield               Limited                      408 4090 
----------------------  ---------------------------  ------------------ 
 Charles Goodwin/Aidan 
  Stanley /Dominic       Yellow Jersey PR             Tel: +44 (0) 7584 
  Barretto                Limited                      085 670 
----------------------  ---------------------------  ------------------ 
 

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.

The Company has a diverse portfolio of projects, which includes tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company also holds 2 million shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$4 million based on the latest price at which Circum has accepted subscriptions.

Glossary

MOP: Muriate of Potash

SOP: Sulphate of Potash

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCUWUSRNAARAAA

(END) Dow Jones Newswires

October 18, 2016 10:22 ET (14:22 GMT)

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