Circum Update
Ethiopian Ministry revoked mining licence for Circum; arbitration process initiated to restore licence.
- Premier's interest in Vortex 13.1%
- Vortex interest in Circum 36.7%
- Carrying value of Premier's Vortex interest US$501,000 (prior at 30 June 2024)
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Premier African Minerals Limited ("Premier" or the "Company") provides an update on Circum Minerals Limited ("Circum") following a shareholder update from Vortex Limited ("Vortex") which holds Premier interest in Circum following the share swap as announced on 10 February 2022. Vortex has an interest of 36.7% in the shares in issue of Circum.
Premier has been informed that the Ethiopian Ministry has revoked the Mining and Licence Agreement ("MLA") notwithstanding the fact that a state of Force Majeure has been in place at Circum since 20 September 2022.
Premier has been informed that Circum has declared a dispute and under the MLA this will be resolved through the process of arbitration and Boies Schiller Flexner have been engaged by Circum to act on this dispute. As at 30 June 2024, Premier's 13.1% interest in Vortex was held at a carrying value of US$501,000.
George Roach, CEO, commented, "This property has great potential, and we believe will become a producing mine. Based on the facts as they have been explained to Premier by Vortex, we believe that the MLA should in due course hopefully be restored to Circum."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.