Newly Aim-listed Explorer Focusing on Zimbabwe Tungsten, Rare Earths
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- Category: Tungsten's News
- Published on Thursday, 20 December 2012 11:12
Colleted by Chinatungsten Online-The initial focus of aspirant multi-commodity natural resource asset developer Premier African Minerals, which this week raised £1.5-million on admission to the London’s Alternative Investment Market (Aim), is tungsten and rare-earth-elements exploration work in Zimbabwe.
The £6.7-million-market-cap company, which also has mineral projects in West Africa, intends operating as an explorer with a difference.
"We will not operate as a traditional junior exploration company,” says Premier African Minerals CEO George Roach, a former UraMin luminary.
Since 2007, the company has been establishing a diversified portfolio of in-demand commodities that have a potential to be fast-tracked into mines.
Premier African Minerals says that it will use the funds raised from the placing of 75-million shares at 2p a share to assist in the funding of project development activities, with the initial focus being on continuing exploration work at the former operating RHA tungsten mine and the Katet rare-earth-elements project, both in Zimbabwe.
Former Falconbridge geologist Bruce Cumming is technical director and Pamela Hueston is finance director.
The company is intent on acquiring RHA-like assets that have the benefits of historical exploration, reduced geological risk and the potential for rapid advancement.
Shore Capital Stockbrokers Limited is broker to the company and Cairn Financial Advisers its nominated adviser.
The company’s flexible approach to value creation embraces strategic joint ventures, disposals, development of projects to production by the group itself, or spin-offs to new entities.
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