Premier African Minerals Secures Funding for Zulu Project Improvements
Premier African Minerals Limited, a London Stock Exchange-listed mining and exploration company, has successfully raised £550,000 through a new share subscription to support ongoing operations and address challenges at its Zulu Lithium and Tantalum Project.
By Patricia Rwafa
In a press statement released on October 3, the company announced a subscription for 1,746,031,746 new ordinary shares to raise approximately £550,000 before expenses, at an issue price of 0.0315 pence per new ordinary share.
Following the announcement of Premier’s Interim Accounts on September 30, 2024, it remains critically important that Premier continues to support all essential operational requirements at both Premier and the Zulu Lithium and Tantalum Project (“Zulu”) while exploring a multi-option approach to advancing the project. This includes the possible sale of Zulu, either in its entirety, partially, or as a joint venture, or the potential installation of an additional spodumene float plant.
Regarding the installed spodumene float plant, it should be noted that one of several solutions under review would require increasing throughput beyond the original design capacity to match the surplus capacity of the cleaner cells.
At the same time, Premier African Minerals is engaged in negotiations that may lead to direct investment in Zulu.
The company is also pleased to report that it is in early discussions regarding payment options with a Chinese Engineering, Procurement, and Construction Management company that could install an additional spodumene float plant at Zulu.
George Roach, CEO, expressed confidence in the company’s progress and anticipated a successful resolution to the remaining challenges.
He stated that production at the desired grade and recovery levels would follow.
Roach further emphasized that ongoing negotiations for alternative solutions were progressing positively and were expected to yield favourable outcomes.
“We are making progress, and I do expect a resolution to this final problem, after which we expect to produce at the desired grade and design recovery. The alternatives mentioned are under active negotiation, and a satisfactory outcome should result,” he said.