HARARE, Apr. 28 (NewsDay Live) – Premier African Minerals Limited has raised about £1 million (US$1,34 million) through a subscription of new ordinary shares, while reporting steady progress at its Zulu Lithium and Tantalum Project.
The funds were raised at an issue price of 0,0136 pence per share, with 7,35 billion new ordinary shares to be issued, subject to admission. The shares will rank pari passu with existing stock.
Premier said the capital injection will support commissioning of the new Xinhai flotation plant, meet operating costs at Zulu, settle key creditor obligations and provide general working capital.
Located about 80km from Bulawayo, the Zulu project is one of Zimbabwe’s largest undeveloped lithium-bearing pegmatite deposits and ranks among the country’s top three lithium assets.
The company said construction of the spodumene flotation plant is progressing well, alongside upgrades to improve reliability and efficiency.
New electrical switchgear and control panels have been installed, with cabling complete and connections to plant motors at an advanced stage. Final on-site testing by the manufacturer is expected shortly.
Piping to the concentrate froth and tailings pumps is nearing completion, while installation of the primary air manifold for flotation cells is well advanced.
Premier added that further piping modifications are underway to improve plant performance and eliminate historical bottlenecks.
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Commissioning has begun across the crushing and milling circuits, with conveyor systems being brought back online. Testing of newly installed bypass chutes has also been completed successfully.
Earlier this year, the company finalised a contract with Xinhai Technology Processing subsidiary Thriving Engineering to supply and install the flotation plant at Zulu.
