Underground mining tonnage is less than the monthly target of 6 000 and 3 700 is available on run-on-mine.
“This tonnage is expected to reach 6 000 tonnes during December 2017 and to continue at this rate or greater for the foreseeable future. Processing of this ore through the plant commenced on the 6th December 2017,” said the company.
The plant throughput is 700 tonnes per day and is being constrained by open pit operations.
Roach said Premier will stop funding RHA Tungsten after the end of 2017.
“Regardless of the performance at RHA during December 2017, Premier does not intend to provide any further finance to RHA for normal operations or capital unless RHA is trading profitably and then only for bridging finance,” he added.
National Indigenisation and Empowerment Board (NIEEB) which holds 51 percent of RHA Tungsten owes Premier $20 million and has not contributed any funds towards the project.
“Premier continues to accrue lease payments for the plant and equipment at RHA, which are solely owned by Premier on a fully secured basis,” added Roach.
Roach provided an unsecured $300 000 loan to RHA Tungsten in 2015, repayable by Premier. The loan has accrued $315 000 interests and Roach has notified the board that he wish to convert $100 000 into new ordinary Premier shares.-The Source
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