15th Aug 2023 16:35
Premier African Minerals Ltd - Zimbabwe-focused tungsten producer - Signs amendment to offtake and prepayment agreement previously agreed with Canmax Technologies Co Ltd in August 2022. This restores the working arrangements between Premier and Canmax and the force majeure and default notices have been withdrawn. Amendments include a revised product supply schedule in respect of the prepayment of USD34.6 million plus accrued interest, and a revised hybrid pricing agreement. Premier and Canmax will share in the profit from production by Canmax of lithium hydroxide from SC6 supplied by Premier.
Further, says operations at the Zulu Lithium and Tantalum Project have been temporarily halted to allow for the installation and commissioning of the mill from RHA Tungsten. This is expected to be completed during the early autumn. Plant optimisation is ongoing and, largely as a result of the delays in resolving the plant issues, Premier needs immediate funding. As a result, elects to draw down on the entire GBP2 million amended facility entered into with George Roach, announced on August 9.
Current stock price: 0.54 pence
12-month change: up 35%
By Jeremy Cutler, Alliance News reporter
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