Online Reporter
Nqobile Bhebhe [email protected]
Premier African Minerals Limited has welcomed President Mnangagwa’s approval of the transfer of Government shares in RHA Tungsten (Private) Limited to the Ministry of Mines and Mining Development, saying the move removes a major uncertainty and creates a clearer path for commercial discussions on reviving the mine.
The transfer shifts the Government’s shareholding, previously held by the Ministry of Industry and Commerce through the National Indigenisation and Economic Empowerment Fund to Mines Ministry under the stewardship of the Zimbabwe Mining Development Corporation (ZMDC).
The development comes at a time when global tungsten prices remain favourable, with Premier saying the clarification is timely as it has already begun receiving interest from potential investors regarding a possible transaction involving the asset.
In a statement, Premier said it had received official correspondence confirming the approved transfer of the Government shareholding.
The company said it is now handling the implementation of the transfer process and is working with the relevant parties to initiate and oversee the legal, financial and administrative steps required to execute and finalise the transaction.
According to the company, the correspondence also confirms that President Mnangagwa approved the transfer and instructed the relevant parties to immediately commence and oversee all processes necessary to give effect to the decision.
Premier African Minerals managing director Mr Graham Hill said the approval marked an important milestone for the project.
“Premier has now received direct written confirmation of the approved share transfer in relation to RHA Tungsten to ZMDC.
“This removes a key area of uncertainty and provides a clearer basis for Premier to progress commercial discussions on the future of RHA Tungsten.”
Mr Hill said the timing of the development was significant given prevailing market conditions.
“Given the current tungsten price environment and the level of initial interest we are seeing around a potential transaction, this clarification is timely.
“Premier remains committed to engaging constructively with ZMDC to assess and advance any transaction capable of delivering value for the Company and its shareholders through our holding in RHA Tungsten.”
The latest development is expected to accelerate engagements aimed at restoring commercial operations at the tungsten mine while positioning the project to attract fresh investment under a clearer ownership framework.
Tungsten is a strategic and high-value industrial metal prized for its exceptional hardness, heat resistance and high melting point
It is widely used in the manufacture of cutting tools, mining and drilling equipment, aerospace and defence components, electronics, automotive parts and energy technologies.
As countries increasingly seek secure supplies of critical minerals for advanced manufacturing and clean energy applications, demand for tungsten has remained firm, enhancing the commercial attractiveness of projects such as RHA Tungsten.
