Vusumuzi Dube
Rutendo Nyeve, Sunday News Reporter
PREMIER African Minerals Limited owned Zulu lithium mine has secured five million pounds of additional funding from Canmax Technologies which is expected to facilitate increases in production capability as well as enhancing the company’s target of revenue generating production by November 2023.
Premier African Minerals Limited is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe.
The company confirmed the latest development in a statement on Wednesday describing it as confirmation of Canmax’s commitment towards the success of Zulu lithium mine.
“Premier African Minerals Limited, is pleased to announce a conditional subscription for new ordinary shares by Canmax Technologies Co., Ltd to raise £5 million before expenses at an issue price of 0.35 pence per new ordinary share for the ongoing Zulu Lithium and Tantalum Project Pilot Optimisation where the Company is targeting revenue generating production by November 2023.
“The Subscription, together with the Placing funds (as announced on 25 August 2023) funds remaining expected operational expenditure and any shortfall in remedial expenses not met by the plant supplier for first revenue forecast for November 2023. Subscription further not only confirms the commitment of Canmax, Premier largest shareholder, to the ultimate successful of Zulu, but is intended to facilitate increases in production capability,” reads the statement.
Commenting on this development, Premier African Minerals Chief Executive Officer Mr George Roach said:
“Our interests are aligned; our intentions are clear. Zulu must produce now, and we must look to expand the capacity. We deeply appreciate this Subscription, that is as positive a statement of support and alignment as we could ever have asked for,” he said.
Premier African Minerals has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company has accepted a share offer by Vortex Limited for the exchange of Premier’s entire 4.8 per cent interest in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, for a 13.1 per cent interest in the enlarged share capital of Vortex. Vortex has an interest of 36.7 per cent in Circum.
In addition, the Company holds a 19 per cent interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
@nyeve14
Online Reporter