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Premier African Minerals booked a full-year loss after it struggled to develop its prospects in Zimbabwe.
Pre-tax losses for the year through December amounted to $7.8m, compared to losses of $19.6m on-year.
'2018 was disappointing with a number of achievements anticipated being stalled and generally due to circumstances not immediately under our control,' chief executive George Roach said.
'I look forward to the next 12 months as a year of potential regeneration and change and a return to value.'