Premier African Minerals Raises £500,000 to Support Operations at Zulu Lithium and Tantalum Project in Zimbabwe
London-listed Premier African Minerals has completed a share subscription to raise approximately £500,000 before expenses through the issuance of new ordinary shares.
In addition, the company settled £100,000 worth of supplier invoices by issuing new ordinary shares, helping to preserve cash while meeting outstanding obligations.
Premier said the funding is crucial to maintaining essential operational activities across the group and at its Zulu Lithium and Tantalum Project in Zimbabwe.
The capital will primarily support ongoing operational requirements, including the installation and commissioning of a 15 to 20 tonne-per-hour flotation plant supplied by Yantai Xinhai Mining Machinery.
The plant is expected to improve processing efficiency and enable the Zulu project to produce concentrate at commercially viable grades and recovery rates.
According to Premier CEO Graham Hill, the funding will help sustain operational momentum at the project.
“This funding provides important working capital to support ongoing operational requirements at Zulu and the continued progress of the installation and commissioning of the Xinhai flotation plant,” Hill said.
“Maintaining the momentum we have created in advancing the flotation plant is vital as we move toward stable operations and a positive future at Zulu.”
Hill added that the company’s board remains focused on stabilising operations and advancing the project toward consistent production.
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