Premier African Minerals ( (GB:PREM) ) has shared an announcement.
Premier African Minerals Limited announced that the Ethiopian Ministry has revoked the Mining and Licence Agreement for Circum Minerals Limited, despite a state of Force Majeure being in place. Circum has declared a dispute, which will be resolved through arbitration, and has engaged Boies Schiller Flexner for this purpose. Premier, which holds a 13.1% interest in Vortex Limited, the entity with a 36.7% stake in Circum, remains optimistic about the property’s potential and hopes for the restoration of the agreement. This development could impact Premier’s operations and market positioning, given its investment in Circum.
More about Premier African Minerals
Premier African Minerals Limited is a multi-commodity mining and natural resource development company focused on Southern Africa, with projects including RHA Tungsten and Zulu Lithium in Zimbabwe. The company has a diverse portfolio encompassing tungsten, rare earth elements, lithium, and tantalum in Zimbabwe, as well as lithium and gold in Mozambique, ranging from brownfield projects with near-term production potential to grassroots exploration.
YTD Price Performance: -22.50%
Average Trading Volume: 982,577,617
Technical Sentiment Signal: Buy
Current Market Cap: £13.01M
See more data about PREM stock on TipRanks’ Stock Analysis page.