Premier African Minerals advances Zulu lithium and tantalum project, raises £2 million
London, UK
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April 16, 2024 03:20 AM Eastern Daylight Time
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) chief executive George Roach provides an update on the Zulu lithium and tantalum project in Zimbabwe alongside news of a £2 million fundraising.
Roach told Proactive's Stephen Gunnion the company has made progress in addressing some design issues within the project, enhancing the efficiency of material processing for the floatation plant. Roach detailed upcoming modifications to the plant's plumbing, expected to resolve remaining challenges, particularly in the flotation section, aimed at improving recovery rates. These modifications are part of the project's final stages before commissioning.
In addition to operational updates, Premier African Minerals has raised £2 million through the issuance of new shares, as well as a $300,000 working capital facility with a local lender in Zimbabwe. Roach said the funds are designated for working capital, supporting the mining operation's considerable expenses, including diesel for power generation and mining costs, as the project advances towards an anticipated production rate of over 70,000 tonnes per month.
Investors are advised to look for upcoming milestones, particularly improvements in the flotation process expected to enhance production tonnages. The company remains focused on resolving the final challenges of the flotation plant to reach its production goals.
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