Premier African Minerals - £1.76m Placing to fund operations at Zulu Lithium and Tantalum Project
This morning it has been announced that the Southern Africa focused Premier African Minerals (LON:PREM) has handled a Placing of 190.2m new shares at 0.925p each.
The £1.76m funds raised through CMC Markets UK add to the ongoing optimisation operations of the group’s Zulu Lithium and Tantalum Project in Zimbabwe.
CEO George Roach stated that:
"Work on optimisation of the plant and process control procedures to achieve nameplate throughput will remain the sole focus of Zulu.
Mining operations continue to encourage with both grade and ore body definition meeting our expectations.
At the same time, exploration activities outside of the current mining operations have identified additional spodumene dominant pegmatites not included in the resource currently being mined.
Similarly, our joint venture partner at our Mutare Project (as announced on the 25 April 2022) has indicated to us that early trenching has uncovered substantial pegmatites and we look forward to reporting on results from that activity in the near future."
The company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium, and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration.
It also holds 5.0m shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world-class asset, and owns a 19% interest in MN Holdings Limited, the operator of the Otjozondu Manganese Mining Project in Namibia.
Sheldon Modeland at Shore Capital recently considered that despite wet season delays in the construction of the Zulu Plant, that when commissioned it will demonstrate Zulu’s potential to produce lithium concentrate.