StockMarketWire.com - Premier African Minerals said it had signed a new management agreement with the National Indigenization and Economic Empowerment Fund of Zimbabwe.

The agreement was expected to see RHA Tungsten Private brought back into production without any further financing requirement from Premier.

Premier holds a 49% interest in the RHA mine and is the operator.

'Whilst it has been a long haul, I am very pleased to be able to report that we have signed a new legally binding agreement with NIEEF that includes a funding undertaking of $6m for RHA,' chief executive George Roach said.

'Use and application of these funds is expected to see RHA back in production later this year and allows for required upgrades that are expected to result in major operating cost reductions including electricity grid connection.'

'Premier retains ownership of the plant and equipment and is reappointed as the manager for a further five years with renewal thereafter.'


At 9:11am: [LON:PREM] Premier African Minerals share price was +0.01p at 0.12p



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