Premier African Minerals Limited has raised approximately £1,200,000 before expenses through a direct subscription to support the planned recommencement of operations at its Zulu lithium and tantalum project in Zimbabwe.
The company issued 27,5 billion new ordinary shares at an issue price of 0.00436 pence per share.
The net proceeds will provide additional working capital to support the restart, including the potential remobilisation of mining activities and restart of the processing plant.
Premier managing director Graham Hill said that the funding allows the company to move directly towards restarting plant operations. "This represents a change from our original plan, which was to build a larger ROM stockpile before recommencing processing," Hill said.
The immediate target is a 15-day operating campaign using approximately 13,000 tonnes of ore currently available on the ROM pad.
The campaign will focus on sustained plant operation, product quality, and recoveries. Personnel, diesel, reagents, and other consumables are being mobilised, with supplier engineers expected on site to support operations and optimise the spodumene flotation plant.
Following the initial campaign, the company will review operating results to determine the next phase of operations.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
