HARARE — Premier African Minerals announced on Wednesday that it is pursuing a lithium concentrate supply agreement with commodities giant Glencore Plc, aiming to resolve a $35 million debt linked to a failed offtake deal.
The London-listed miner operates the Zulu lithium project in Zimbabwe but has missed several production targets due to ongoing technical issues with its spodumene concentrator.
These delays have left Premier unable to meet the terms of a prepayment agreement with major shareholder Canmax Technologies, resulting in significant outstanding debt with interest.
“Premier has entered into a non-binding letter of interest with Glencore International regarding the possible purchase of spodumene concentrate,” the company said in a statement.
Glencore has declined to comment on the potential transaction.
