Premier African Minerals (Premier) has signed a non-binding Letter of Interest (LOI) with Glencore International regarding the potential sale of spodumene concentrate from its Zulu Lithium and Tantalum Project in Zimbabwe.
The LOI outlines preliminary terms for a future binding agreement, contingent on the Zulu Project meeting specific production standards, particularly in grade and volume. Premier aims to finalise the binding agreement within the next three months, with support from Canmax Technologies.
Located approximately 80 km from Bulawayo, the Zulu Project is one of Zimbabwe’s largest undeveloped lithium-bearing pegmatites, covering 3.5 km² across 14 mineral claims. It holds significant potential for lithium and tantalum production.
This potential deal with Glencore follows Premier’s earlier amendments to its Offtake and Prepayment Agreement with Canmax Technologies. Initially signed in August 2023, the agreement committed Premier to deliver 48,000 tonnes of spodumene concentrate to Canmax, which had prepaid $34.6 million (252.116 million yuan) to support the construction and commissioning of Zulu’s processing plant. Further modifications were made in December 2024.
Premier African Minerals CEO George Roach expressed appreciation for the efforts leading to this stage, stating, “Premier appreciates enormously the commitment and persistence from all to get us to this point. Our focus is now firmly set on the final completion and optimisation of the spodumene float section.”
Beaumont Cornish, authorised and regulated by the UK’s Financial Conduct Authority, is acting as Premier’s nominated adviser for this transaction.
