Premier African Minerals Raises £1.2m to Restart Zulu Lithium Project in Zimbabwe
London-listed Premier African Minerals has raised about £1.2 million before expenses through the issue of 27.52 billion new shares to support the planned restart of operations at its Zulu lithium and tantalum project in Zimbabwe.
The funds will provide additional working capital for the potential remobilisation of mining activities and the restart of the processing plant.
Premier said the funding would allow it to move directly towards restarting processing, representing a shift from its previous plan to build a larger run-of-mine stockpile before recommencing operations.
The company will initially process about 13,000 tonnes of ore already available on the run-of-mine pad, with an initial operating campaign targeted at approximately 15 days.
During the campaign, Premier will assess plant stability, throughput, recoveries and product quality, with a particular focus on producing consistent spodumene concentrate.
Managing Director Graham Hill said the progress achieved during the previous operating period had given the company confidence to proceed with the restart.
Additional blasted ore remains available within the project’s exclusive prospecting order and could be moved to the run-of-mine pad to extend operations, subject to satisfactory plant performance and the availability of further working capital.
Premier said the results of the initial campaign would provide greater visibility on the plant’s operational performance and guide decisions on continued processing, mining activities and future funding.
Personnel, diesel, reagents and other consumables are being mobilised, while supplier engineers are expected on site to support the restart and further optimisation of the spodumene flotation plant.
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