UK Firm seeks U.S.$16m for Zim Lithium Mine

The Premier African Minerals Limited, which owns a lithium and tantalum operation in Matabeleland South Province in Zimbabwe is seeking a sum of US $16million to finance a Definitive Feasibility Study (DFS) for the project.

The London Stock Exchange listed resource group is developing the Zulu Lithium and Tantalum project in the Insiza District of Matabeleland South. Premier announced the completion of the subscription agreement by Suzhou TA&A, a China-based company principally engaged in the research, development, production and sale of anti-static ultra-clean products

“The company is pleased to confirm the completion of the subscription agreement by Suzhou TA&A Ultra Clean Technology Company Ltd, (Suzhou TA&A) to raise £12 million before expenses at an issue price of 0,4 pence per new ordinary share for the ongoing Definitive Feasibility Study (DFS) at Zulu,” said the resource group.

Recently, Premier received a non-refundable deposit by Suzhou as part of their conditional agreement. The group’s chief executive officer George Roach said: “I reiterate my welcome to our new shareholders and to Dr Lou Wei, and express my appreciation for the confidence in Premier and Zulu.

Resource definition 

“Premier has already taken steps to expedite issues associated with resource definition needed to complete mine optimisation and test work and we will continue to accelerate all aspects of the DFS underway.”

The subscription fully funds the completion of DFS that is underway at Zulu. Moreover, the subscription affords Suzhou additional rights such as the right to negotiate their future involvement and/or investment in support of the project. Among other expectations, Suzhou is also expected to be actively involved in the development of the DFS for the Zulu project.

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