5th Aug 2022 16:00
Premier African Minerals Ltd - British Virgin Islands-based minerals and metals project developer - Concludes definitive documents for the marketing and pre-payment agreement, and is in receipt of USD18.1 million.
Payment will go towards the Zulu plant fabricators and site contractors. Looking ahead, fabrication and site construction is underway, and commercial production is expected to start in the first quarter of 2023.
"I am pleased to confirm the signing of this agreement and the receipt of funds. Fabrication, site design and construction are underway and projected commencement of commercial production is now scheduled for quarter one of 2023. The pre-payment is expected to be fully offset against future shipments inside of twelve months at the prevailing SC6 pricing. We have recently appointed independent project and construction management teams to assist in ensuring compliance with timelines and budgets," says Chief Executive Officer George Roach.
Current stock price: 0.28 pence
12-month change: up 22%
By Dayo Laniyan; [email protected]
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