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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier African Minerals Limited | LSE:PREM | London | Ordinary Share | VGG7223M1005 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.0125 | 7.14% | 0.1875 | 0.185 | 0.19 | 0.195 | 0.175 | 0.175 | 193,246,704 | 08:30:41 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Minrls,earths-ground,treated | 0 | -5.36M | -0.0002 | -9.50 | 43.39M |
From May 2019 to May 2024
TIDMPREM
RNS Number : 0217X
Premier African Minerals Limited
20 November 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
20 November 2017
Premier African Minerals Limited
Zulu Scoping Study
Concentrate option US$127.3M NPV10 and 85.9% IRR,
Lithium Carbonate option US$718.9m NPV10 and 80.4% IRR
Premier African Minerals Limited ("PREM" or the "Company") is pleased to announce the results of a scoping study completed on its Zulu Lithium and Tantalum Project ("Zulu" or "Zulu Project") in Zimbabwe ("Scoping Study"). The Scoping Study has been prepared in compliance with the guidelines of SAMREC by independent South African mine planning consultants, Bara Consulting (Pty) Limited ("Bara Consulting").
The Scoping Study is the first study undertaken by PREM to evaluate the economics of developing:
- An open pit mine and processing facility to directly produce spodumene and petalite concentrate (Concentrate Sales Option); and
- A processing facility for a lithium carbonate plant (Lithium Carbonate Option)
Results of the Scoping Study demonstrate excellent potential for developing a robust, low capital cost lithium project with low operating costs, strong cash flow generation capacity and significant upside potential through further Resource growth.
Scoping Study (Concentrate Sales Option) Highlights:
-- Target annual production of 84,000 tonnes of spodumene concentrate and 32,500 tonnes of petalite concentrate
Hot Features
Premium
-- Pre-tax Net Present Value ("NPV") of US$127 million (10% discount rate)
-- Pre-tax Internal Rate of Return ("IRR") of 86%
-- Gross Revenue of US$1 billion (US$800/tonne spodumene concentrate price and US$400/tonne petalite concentrate price over Life of Mine
-- Initial Capital Cost of US$64 million -- C1 Operating cost of US$486 per tonne of concentrate -- Peak Funding Requirement US$38 million -- 2-year payback (After-tax from the start of production) -- Robust mine plan derived from Mineral Resources Estimate -- Initial 15+ year mine life at an average strip ratio of 5.5:1 -- Significant potential for additional mineralization close to the Main Zone
The Scoping Study identifies a target production of 84,000 tonnes of spodumene concentrate and 32,500 tonnes of petalite concentrate per year for an initial 15-year life of mine ("LOM") to be the most appropriate option. The significant exploration potential already identified close to the existing Resource base, together with the fact that mineralisation is open at depth and on strike, and the new zones identified and described in the Company's announcement dated 6 August 2017, indicate significant potential for a substantial increase in life of mine and production targets.
The Scoping Study assessment of a pre-tax NPV10 value of US$127M is based on prices of US$800/t spodumene and US$400/t petalite concentrate prices respectively. Analysis conducted as part of the Scoping Study to test Zulu project's sensitivity to the spodumene and petalite concentrate price highlights the potential for an uplift in value when current spodumene prices are applied. The results of the Scoping Study are set out in Table 1 below.
Table 1 - Zulu Project Scoping Study Results (concentrate sales option)
Zulu - Economic Summary Unit Value --------------------------------------------------- ------ ------- Life of Mine (LOM) Years 15 --------------------------------------------------- ------ ------- Spodumene Concentrate Sold tonnes 1,146 --------------------------------------------------- ------ ------- Spodumene Concentrate Price (LOM Average) US$/t 800 --------------------------------------------------- ------ ------- Petalite Concentrate Sold US$ 445 --------------------------------------------------- ------ ------- Petalite Concentrate Price (LOM Average) US$/t 400 --------------------------------------------------- ------ ------- Gross Revenue US$ 1,095 M --------------------------------------------------- ------ ------- LOM C1 Operating Costs Total US$ 773 M --------------------------------------------------- ------ ------- LOM C1 Operating Cost Per tonne of concentrate US$/t 486 --------------------------------------------------- ------ ------- Royalties US$ 17 M --------------------------------------------------- ------ ------- Product Transportation US$/t 85 --------------------------------------------------- ------ ------- Initial Capital Cost (including a 30% Contingency) US$ 64 M --------------------------------------------------- ------ ------- Taxes US$ 60 M --------------------------------------------------- ------ ------- NPV and IRR (Concentrate Sales Option) (Notes 1,2) --------------------------------------------------- ------ ------- Discount Rate % 10.0 --------------------------------------------------- ------ ------- Pre-Tax NPV US$ 127 M --------------------------------------------------- ------ ------- Pre-Tax IRR % 85.9 --------------------------------------------------- ------ ------- Pre-Tax Payback Period Years 2.0 --------------------------------------------------- ------ ------- After-Tax NPV US$ 92 M --------------------------------------------------- ------ ------- After-Tax IRR % 65.0 --------------------------------------------------- ------ ------- Peak Funding Requirement US$ 38.4 --------------------------------------------------- ------ ------- Operating Margin % 27.7 --------------------------------------------------- ------ -------
Note 1: The NPVs are shown for the gross value of the Zulu Project.
Note 2: All NPV values extracted from the Scoping Study have been rounded to the nearest whole million.
Note 3: Source - Scoping Study.
In addition to considering the sale of spodumene and petalite concentrates, a secondary option of selling lithium carbonate was evaluated. This option entails the transportation of spodumene and petalite concentrates from the mine to a lithium carbonate plant in Bulawayo. The operating and capital cost of the lithium carbonate plant was added to the evaluation. Operating costs were estimated at US$2,100 per tonne Li CO and capital costs were estimated at US$130 million for the plant. The results of this option are set out in the table 2 below.
Table 2 - Economic Summary Lithium Carbonate Option
Zulu - Economic Summary (Lithium Carbonate Option) (Notes 1,2,3) Unit Value ----------------------------------------------------------------- ----- ------ Initial Capital Cost (including 30% contingency) US$ 238 M ----------------------------------------------------------------- ----- ------ Li CO Sales Price US$/t 15,000 ----------------------------------------------------------------- ----- ------ Pre-Tax NPV10 US$ 719 M ----------------------------------------------------------------- ----- ------ Pre-Tax IRR % 80 ----------------------------------------------------------------- ----- ------ Post-Tax NPV10 US$ 524 M ----------------------------------------------------------------- ----- ------ Post-Tax IRR % 63 ----------------------------------------------------------------- ----- ------ Payback Period Years 2 ----------------------------------------------------------------- ----- ------ Peak Funding Requirement US$ 178 M ----------------------------------------------------------------- ----- ------ Operating Margin % 61 ----------------------------------------------------------------- ----- ------
Note 1: The NPVs are shown for the gross value of the Zulu Project.
Note 2: The initial capital cost for the Lithium Carbonate Option includes the capital cost for the Concentrate Sales Option.
Note 3: All NPV values extracted from the Scoping Study have been rounded to the nearest whole million.
Note 4: Source - Scoping Study.
George Roach, Chief Executive Officer of Premier, commented:
"We are extremely pleased with the results of the Zulu Scoping Study. This is an important milestone and the results exceed our expectations, reflecting the quality of the asset and the potential of the Zulu Project. The Scoping Study shows that there is an opportunity to develop a robust, low capital cost lithium mine with low operating costs. Strong prices for spodumene concentrates and sustained demand for high-grade petalite, coupled to compelling forecasts for the lithium market, support our confidence in the future of this project.
"The Company considers the Scoping Study economics for both the concentrate sales option as well as the lithium carbonate plant option are attractive and is firmly of the view that additional detailed study work and exploration in and around the existing Resource base will further enhance the value of the project. The Main Zone remains open in several directions and the adjacent high-potential prospects at the New Zone and other outcropping pegmatites represent excellent targets for additional lithium mineralization as demonstrated by the strong surface and drilling results returned to date.
"We look forward to building on the strong momentum we have established over the past year with continued ongoing project optimisation and study work, drilling to increase Resource confidence as well as various corporate initiatives focused on partnering and funding for the development of the Zulu Project. A further detailed summary of the various technical inputs to the study are provided below."
Zulu Project Scoping Study
Mineral Resources
Premier reported the Zulu Mineral Resource Estimate on 6 June 2017. The 2017 Mineral Resource Estimate for Zulu is based on the drill hole logging and sample assay databases of Premier on the Zulu Lithium Project as at 1 June 2017 and the geological and structural interpretation undertaken by Mr. Wolfgang Hampel.
Table 3 - Zulu Mineral Resource Estimate as estimated in the 2017 Resource model and published on 6 June 2017
Category Gross Net attributable Operator
------------ --------------------------------- --------------------------------- ---------
Tonnes Grade Contained Tonnes Grade Contained
(millions) Li 0 Li 0 (millions) Li 0 Li 0
% in tonnes % in tonnes
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Mineral
Resources
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Measured - - - - - -
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Indicated - - - - - -
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Inferred 20,112,736 1.06 213,195 20,112,736 1.06 213,195 Premier
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Total 20,112,736 1.06 213,195 20,112,736 1.06 213,195 Premier
------------ ------------ ------ ----------- ------------ ------ ----------- ---------
Notes:
1. Premier is the operator of the Zulu Lithium and Tantalum Project. 2. Premier currently holds 100 per cent. interest in Zulu. 3. Mineral Resources which are not Mineral Reserves have no demonstrated economic viability. 4. The effective date of the Mineral Resource is 01 June 2017.
5. Mineral Resources for Zulu have been calculated using a cut-off of 0.5% Li 0 and classified according to SAMREC.
6. The Mineral Resource Estimate is based on information compiled by the Company and reviewed by Mr Wolfgang Hampel (as described further below).
The initial Maiden SAMREC Compliant Inferred Mineral Resource Estimate announced on 6 June 2017 amounted to 20.1 million tonnes @ 1.06 % Li O and 51 ppm Ta O using a cut-off grade of 0.5% Li O. Since the Maiden Mineral Resource Estimate, the geological model has been optimised as at least six new zones of lithium mineralisation have been discovered. A part of the Main Zone is now attributed to the New Zone. Drilling in the New Zone is ongoing and is expected to result in a massive increase in the overall tonnage.
The mining inventory in the Scoping Study is reported within a pit design which in turn is based on an economic confining "shell" generated in Deswik Suite of mine design software and based on the optimized geological model. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially affect the Resource Estimate used in the cash flow analysis. The tonnage of 13.7 Mt used in the selected optimised pit shell (shell 35) within the Scoping Study lies within the Maiden SAMREC Compliant Inferred Mineral Resource Estimate.
Mining, Processing and Production Plan
The current deposit is massive, surface outcropping, steeply dipping to the east with thicknesses ranging from approximately 5m to 30m.
The Project is based on open pit mining, extracting mineralised material and waste from an open pit mine utilising conventional drill, blast, truck and shovel methodology. Ore and waste will be blasted in 10m benches, after blasting and broken rock will be loaded into a haul truck for transport to the plant ore stockpile or an appropriate waste dump area. The plant will be situated to the south of the mining area while the waste dump areas will be situated to the west of the open pits.
Mining is planned to start in the shallow high-grade areas of the deposit and will preferentially mine high-grade portions of the resource as it becomes available with the deepening of the open pits. Production in the Scoping Study is planned to be 1 million tonnes per annum of ore plus associated waste. The average LOM strip ratio is 5.5 tonnes of waste per tonne of ore although this varies significantly during the mine life. The Mine Plan is set out in Table 4 below.
Table 4 - Zulu Project Mine Plan
Year Ore Tonnes Waste Total Strip Li O ROM
Tonnes Tonnes Ratio Grade
Mined
------ ----------- ----------- ----------- ------- ---------
1 692,946 2,307,054 3,000,000 3.33 1.39%
------ ----------- ----------- ----------- ------- ---------
2 1,000,000 3,328,669 4,328,669 3.33 1.26%
------ ----------- ----------- ----------- ------- ---------
3 1,000,000 3,998,038 4,998,038 4.00 1.04%
------ ----------- ----------- ----------- ------- ---------
4 1,000,000 4,570,436 5,570,436 4.57 1.05%
------ ----------- ----------- ----------- ------- ---------
5 1,000,000 4,451,801 5,451,801 4.45 0.99%
------ ----------- ----------- ----------- ------- ---------
6 1,000,000 8,157,290 9,157,290 8.16 0.77%
------ ----------- ----------- ----------- ------- ---------
7 1,000,000 8,188,684 9,188,684 8.19 1.01%
------ ----------- ----------- ----------- ------- ---------
8 920,470 7,079,530 8,000,000 7.69 0.88%
------ ----------- ----------- ----------- ------- ---------
9 1,000,000 9,080,216 10,080,216 9.08 0.63%
------ ----------- ----------- ----------- ------- ---------
10 1,000,000 1,859,864 2,859,864 1.86 0.80%
------ ----------- ----------- ----------- ------- ---------
11 1,000,000 3,343,077 4,343,077 3.34 0.90%
------ ----------- ----------- ----------- ------- ---------
12 1,000,000 7,319,865 8,319,865 7.32 0.71%
------ ----------- ----------- ----------- ------- ---------
13 1,000,000 7,367,208 8,367,208 7.37 0.60%
------ ----------- ----------- ----------- ------- ---------
14 1,000,000 3,759,535 4,759,535 3.76 0.64%
------ ----------- ----------- ----------- ------- ---------
15 135,404 1,550,901 1,686,305 11.45 1.17%
------ ----------- ----------- ----------- ------- ---------
Total 13,748,820 76,362,168 90,110,988 5.55 0.90%
------ ----------- ----------- ----------- ------- ---------
Metallurgical Test-work
During 2016 and 2017, a significant metallurgical test-work programme has been carried out by German based Dorfner Anzaplan GmbH ("Dorfner"), a leading authority in the field of lithium and speciality minerals processing and treatment. The test-work has formed the basis for the process flowsheet in the Scoping Study as illustrated in the Figure 1 link set out further below. The proposed flowsheet includes:
-- Crushing (3 stages)
-- Dense Media Separation ("DMS")
-- Cyclone
-- Milling
-- Flotation
-- Magnetic Separation
Figure 1. Proposed Flowsheet. To view the graphic, please open the link here: http://bit.ly/2zYDQZz
Both spodumene and petalite concentrates will be produced and the split between the products being 72% and 28% respectively and both concentrates are planned to be high-quality concentrates with low impurities with the following grades:
-- Spodumene >6% Li 0 -- Petalite 4% Li 0
Infrastructure
All required infrastructure to support the proposed mining and processing plant has been allowed for, this includes the following key elements:
-- Power Supply -- Water Supply -- Access Roads -- Tailings Dam -- Waste Rock Dumps -- Mine Infrastructure
o Site Roads
o Site Water Reticulation
o Site Power Reticulation
o Workshops
o Offices
o Warehouse
o Sewage Treatment
o Fuel Storage
o Explosives Magazine
o Accommodation Camp
The Zulu Project will require approximately 4 MVA of peak-load power for 1 million tonne-per-annum operation demand. A key infrastructure component is the supply of electrical power as this constitutes 6.5% of the total operating cost. The Zimbabwean Electricity Transmission & Distribution Company ("ZETDC") has indicated that sufficient capacity exists within the area in order to supply the operation.
Transportation and Logistics
The cost of concentrate transportation equates to US$84.80 per tonne of dry concentrate. This cost includes the road transport from site to Bulawayo, and from Bulawayo by rail to Durban, South Africa.
Operating Costs
Operating cost estimates reflect the current market environment in Zimbabwe. The mining costs are based on contract mining rates from reputable Southern African mining contractors. Process operating costs are based on best estimates by Bara Consulting.
Premier intends to fill as many positions as possible with local or Zimbabwean personnel, and in the long-term operate with a minimal expatriate presence on site.
A mining camp consists of accommodation for the personnel, offices, warehouses, maintenance facilities, and a medical centre operated by qualified personnel. The accommodation facilities can host up to 40 people. Accommodation for mining contractor personnel is the responsibility of the contractor and they have priced their estimate accordingly.
Power, diesel and transport costs have been sourced from local suppliers. LOM operating costs by cost area are shown in Table 5. The two major components within the LOM operating costs are contract mining/earthmoving (labour and consumables) at US$170 and processing at US$154 per tonne of concentrate respectively.
Table 5 - Life of Mine C1 Operating Cost
Area US$ (M) US$/t ROM US$/t concentrate -------------------------- -------- ---------- ------------------ Mining 270 19.66 169.82 -------------------------- -------- ---------- ------------------ Processing 245 17.82 153.88 -------------------------- -------- ---------- ------------------ Power-Water-Maintenance 95 6.92 59.77 -------------------------- -------- ---------- ------------------ General & Administrative 28 2.00 17.27 -------------------------- -------- ---------- ------------------ Product Transportation 135 9.82 84.80 -------------------------- -------- ---------- ------------------ Total C1 Operating Costs 773 56.22 485.54 -------------------------- -------- ---------- ------------------
Capital Costs
Table 6 below details the capital cost breakdown for the Zulu Project. The capital and operating cost estimates have been determined through the application of database costs and estimated costs. A majority of these costs were obtained from recent work undertaken through similar projects
Table 6 - Life of Mine Capital Costs
Capital Costs US$ (M) --------------------------------------- -------- Surface Infrastructure 15.0 --------------------------------------- -------- Processing Plant 24.4 --------------------------------------- -------- Mining 2.5 --------------------------------------- -------- Tailings Dam 5.6 --------------------------------------- -------- Indirect Cost (including Contingency) 16.6 --------------------------------------- -------- Total Capital Cost 64.0 --------------------------------------- --------
Pre-Financing Financial Analysis
The Project has been evaluated on both a pre-tax basis and after all Zimbabwean taxes, inclusive of government royalties.
The economic assessment was prepared using the expected capital and operating costs shown in Tables 5 and 6. Modelling incorporates fiscal aspects of the Zimbabwean mining law and conventions applicable to the Zulu Lithium Project, including:
-- 25% Zimbabwean corporate tax rate -- 2% Zimbabwean Government royalty (lithium)
The financial model was developed for a Base Case scenario using a long-term spodumene concentrate price forecast of US$800/t and long-term petalite concentrate price of US$400/t. Base Case results are shown in Table 7 together with the results of various sensitivity cases using various petalite and spodumene prices to demonstrate a measure of the sensitivity of the Project economics to changes in spodumene and petalite concentrate prices.
Table 7 - Zulu Economic Evaluation Concentrate Sales Option - Sensitivity Summary
Petalite Price Post Tax NPV Post Tax IRR Payback Period
(US$) (in US$M) (%)
--------------- ------------- ------------- ---------------
200 58.24 49.89 2.00
--------------- ------------- ------------- ---------------
300 74.91 57.60 2.00
--------------- ------------- ------------- ---------------
400 91.53 64.97 2.00
--------------- ------------- ------------- ---------------
500 108.12 72.12 2.00
--------------- ------------- ------------- ---------------
600 124.66 79.14 2.00
--------------- ------------- ------------- ---------------
700 141.25 86.06 2.00
--------------- ------------- ------------- ---------------
Spodumene Post Tax NPV Post Tax IRR Payback Period
Price (US$) (in US$M) (%)
--------------- ------------- ------------- ---------------
600 5.74 18.60 3.00
--------------- ------------- ------------- ---------------
700 48.74 45.28 2.00
--------------- ------------- ------------- ---------------
800 91.53 64.97 2.00
--------------- ------------- ------------- ---------------
900 134.19 83.13 2.00
--------------- ------------- ------------- ---------------
1000 176.88 100.72 2.00
--------------- ------------- ------------- ---------------
1100 219.50 118.04 2.00
--------------- ------------- ------------- ---------------
Zulu Project Upside Opportunities
The Scoping Study also identified a number of opportunities to further improve the economics of the Project and a work programme is planned to investigate these opportunities, including:
-- Undertake additional drilling to increase the level of confidence in the Mineral Resource Estimate
-- Further detailed metallurgical test-work to improve recoveries
The biggest impact on the Zulu Project value however is likely to be achieved through increasing the Mineral Resource base and thus the potential feed available to the Zulu processing facilities as evaluated in the current Scoping Study. Increasing the Mineral Resource base has the potential to increase the mine life and/or the scale of annual concentrate production contemplated.
The mineralisation in the Main Zone remains open in several directions and at depth and several nearby prospects within the Zulu license area, namely the New Zone, represent attractive targets for additional mineralisation. Premier is therefore committed to ongoing exploration and plans to drill test the significant targets identified from geology within the Zulu Project area over the next 18 months. If warranted by the exploration results, sufficient delineation drilling will be undertaken to quickly convert any mineralization discovered into Mineral Resources.
Zulu SAMREC Compliant Technical Report
The Scoping Study, the details of which will be set out in a technical report prepared in accordance with SAMREC, was led by the following Qualified Persons ("QP"), as such term is defined by SAMREC, each of whom is independent of Premier African Minerals Limited and have read and confirmed that this news release fairly and accurately reflects the contents of the Scoping Study:
-- Mr. A. D. Pooley (BEng (Hons) Mining Engineering, FSAIMM)
Andrew Pooley is the managing director of Bara Consulting Pty Limited. He has approximately 23 years' experience in the mining industry. This time has been split between production work in conventional and mechanised mines, project work and consulting. He has been involved in a significant number of large pre-feasibility and feasibility studies and has also been involved in the project management and implementation of several projects. Andrew Pooley is currently active in the following technical areas:
-- Project management. Management of multi-disciplinary teams conducting studies for new mining projects.
-- Feasibility studies. Mining design and detailed costing for various projects. -- Due diligence. Technical audit and expert opinion on existing mining operations.
Andrew holds the following qualifications and affiliations:
-- Honors Degree in Mining Engineering from Nottingham University in the UK (B.Eng. (Hons)).
-- Registered as a Professional Engineer (Pr. Eng.) with the Engineering Council for South Africa (ECSA).
-- Fellow in good standing of the Southern African Institute of Mining and Metallurgy (FSAIMM).
Qualified Person
The information in this announcement that relates to the Mineral Resource Estimate is based on data compiled and verified by Wolfgang Hampel.
Wolfgang Hampel, Senior Geologist with Premier African Minerals Limited has reviewed and approved this release to the extent that reference is made to the Zulu tenements. Mr Hampel has 26 years' relevant experience in the African, American, European and Asian exploration and mining industry and holds a Diploma in Economic Geology (Dipl.-Geol.) from the Technical University of Munich. He is a registered European Geologist (EurGeol), ndeg 1261, with the European Federation of Geologists. Mr Hampel has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined by the 2007 edition of the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC). Mr Hampel has reviewed and approved this announcement and the commentary above to the extent reference is made to geological resource and resource grade and accepts responsibility for the accuracy of the statements disclosed in this announcement.
Enquiries:
Premier African Tel: +44 (0)7734
Fuad Sillem Minerals Limited 922074
----------------------- --------------------------- -------------------
Michael Cornish/Roland Beaumont Cornish Tel: +44 (0)
Cornish Limited 20 7628 3396
(Nominated Adviser)
----------------------- --------------------------- -------------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0)
Mansfield Limited 20 7408 4090
----------------------- --------------------------- -------------------
Beaufort Securities Tel: +44 (0)
Jon Belliss Limited 20 7382 8300
----------------------- --------------------------- -------------------
Julia Kalcheva/Harriet Yellow Jersey PR Tel: +44 (0)778803
Jackson Limited 182
----------------------- --------------------------- -------------------
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 is fully committed to the development of its projects in Zimbabwe and has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration. In addition, the Company holds 5,010,333 shares in Circum Minerals Limited, 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$10.2 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.5 million ounces inferred resource Akyanga gold deposit in the DRC.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Glossary of Technical Terms:
"Indicated are economic mineral occurrences that
Resource" have been sampled (from locations
such as outcrops, trenches, pits and
drill holes) to a point where an estimate
has been made, at a reasonable level
of confidence, of their contained
metal, grade, tonnage, shape, densities,
physical characteristics.
"Inferred that part of a Mineral Resource for
Resource" which tonnage, grade and mineral content
can be estimated with a low level
of confidence. It is inferred from
geological evidence and sampling and
assumed but not verified geological
and/or grade continuity. It is based
on information gathered through appropriate
techniques from locations such as
outcrops, trenches, pits, workings
and drill holes that may be limited
or of uncertain quality and reliability
"Li(2) O" chemical formula of lithium oxide
"Lithium Carbonate is the industry standard terminology
Equivalent for, and is equivalent to, Li(2) CO(3)
(LCE)"
"Measured that part of a mineral resource for
mineral resource" which quantity, grade or quality,
densities, shape, and physical characteristics
are so well established that they
can be estimated with confidence sufficient
to allow the appropriate application
of technical and economic parameters,
to support production planning and
evaluation of the economic viability
of the deposit. The estimate is based
on detailed and reliable exploration,
sampling and testing information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes that
are spaced closely enough to confirm
both geological and grade continuity
"Mineral resource" concentration or occurrence of diamonds,
natural solid inorganic material or
natural fossilized organic material
including base and precious metals,
coal, and industrial minerals in or
on the Earth's crust in such form
and quantity and of such a grade or
quality that it has reasonable prospects
for economic extraction. The location,
quantity, grade, geological characteristics
and continuity of a mineral resource
are known, estimated or interpreted
from specific geological evidence
and knowledge.
"Pegmatite" an exceptionally coarse-grained igneous
rock, with interlocking crystals,
usually found as irregular dikes,
lenses, or veins, esp. at the margins
of granitic intrusions
"Petalite" the mineral name for lithium aluminium
silicate LiAl(Si4O10) an important
ore of lithium.
"ppm" means parts per million
"SAMREC" is the South African Code for the
Reporting of Mineral Resources and
Mineral Reserves
"Spodumene" the mineral name for lithium aluminium
silicate LiAlSi2O6 an important ore
of lithium.
"Ta(2) O(5) chemical formula of ditantalum pentoxide
"
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDDMMZMVGMGNZM
(END) Dow Jones Newswires
November 20, 2017 11:45 ET (16:45 GMT)
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