Premier African Minerals Limited Zulu Update (4056T)
November 14 2023 - 5:00AM
UK Regulatory
TIDMPREM
RNS Number : 4056T
Premier African Minerals Limited
14 November 2023
14 November 2023
Premier African Minerals Limited
Zulu Update
Premier African Minerals Limited ("Premier" or the "Company"),
provides this update on operations at Premier's Zulu Lithium and
Tantalum Project ("Zulu").
Zulu Update
Progress with the second stage and long-term solution to the
production delays at Zulu remains on track with the delivery of the
new ball mill still projected for December 2023 with the intention
of supporting full production from January 2024.
Stark International Projects Limited reports that there is a
steady improvement in both concentrate grade and plant performance
and the optimisation of the current plant configuration remains
ongoing following the installation of the interim solution of the
RHA mill at Zulu, but it is proving impossible to construct the
civil works required for the new mill at the same time as
continuing with present operations.
Premier is now considering an early cessation of current plant
operations with the longer-term goal of production at design
capacity not being unnecessarily delayed. The result is likely to
be that no shipments of concentrate will now be made in November
and December 2023.
Premier is consulting with its Offtake and Prepayment Partner in
this regard, who have several options under these circumstances
that include a requirement for an interim payment of US$1.5 million
in respect of each month when the product commitment is not met, as
fully described in the announcement of 15 August 2023.
Current mining and pit development operations will continue as
will exploration in the wider EPO region.
Construction of civil works is a major undertaking and timely
completion is essential to ensure the Company meets its medium- and
longer-term goal of production at full design capacity.
Shareholder Q & A
George Roach, upon his return from Zulu, will arrange a virtual
Questions and Answers session with shareholders. Further details
will follow on Premier webpage, however, please register your
interest with the Company at wilna@regentresources.co.za .
Market Abuse Regulation
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
The person who arranged the release of this announcement on
behalf of the Company was George Roach.
A copy of this announcement is available at the Company's
website, www.premierafricanminerals.com.
Forward Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan"
"planned" "will" or the negative of those variations or comparable
expressions including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth results of operations
performance future capital and other expenditures (including the
amount. Nature and sources of funding thereof) competitive
advantages business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors. A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions competition environmental and
other regulatory changes actions by governmental authorities the
availability of capital markets reliance on key personnel uninsured
and underinsured losses and other factors many of which are beyond
the control of the Company. Although any forward-looking statements
contained in this announcement are based upon what the Directors
believe to be reasonable assumptions. The Company cannot assure
investors that actual results will be consistent with such forward
looking statements.
Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA Tungsten and Zulu Lithium
projects in Zimbabwe.
The Company has a diverse portfolio of projects, which include
tungsten, rare earth elements, lithium and tantalum in Zimbabwe and
lithium and gold in Mozambique, encompassing brownfield projects
with near-term production potential to grass-roots exploration. The
Company has a ccepted a share offer by Vortex Limited ("Vortex")
for the exchange of Premier's entire 4.8% interest in Circum
Minerals Limited ("Circum"), the owners of the Danakil Potash
Project in Ethiopia, for a 13.1% interest in the enlarged share
capital of Vortex. Vortex has an interest of 36.7% in Circum .
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
Enquiries:
George Roach Premier African Minerals
Limited Tel: +27 (0) 100 201 281
Michael Cornish / Beaumont Cornish Limited
Roland Cornish (Nominated Adviser) Tel: +44 (0) 20 7628 3396
--------------------------- --------------------------
Douglas Crippen CMC Markets UK Plc Tel: +44 (0) 20 3003 8632
--------------------------- --------------------------
Toby Gibbs/Rachel Shore Capital Stockbrokers
Goldstein Limited Tel: +44 (0) 20 7408 4090
--------------------------- --------------------------
Ends
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUSSRROVUAAAA
(END) Dow Jones Newswires
November 14, 2023 06:00 ET (11:00 GMT)
Premier African Minerals (LSE:PREM)
Historical Stock Chart
From Apr 2024 to May 2024
Premier African Minerals (LSE:PREM)
Historical Stock Chart
From May 2023 to May 2024
