Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has provided an update on the Zulu lithium and tantalum project in Zimbabwe, alongside announcing a £2 million fundraising effort. Chief executive George Roach highlighted the company's progress in addressing design issues within the project, which is expected to enhance the efficiency of material processing for the flotation plant. Upcoming modifications to the plant's plumbing are anticipated to resolve remaining challenges, particularly in the flotation section, aiming to improve recovery rates as part of the project's final stages before commissioning.
In addition to these operational updates, Premier African Minerals has successfully raised £2 million through the issuance of new shares. This fundraising effort is complemented by a $300,000 working capital facility secured with a local lender in Zimbabwe. According to Roach, these funds are earmarked for working capital to support the mining operation's significant expenses. These include diesel for power generation and mining costs, as the project moves towards an anticipated production rate of over 70,000 tonnes per month.
Investors are being advised to monitor upcoming milestones, especially improvements in the flotation process that are expected to boost production tonnages. The company's focus remains on overcoming the final challenges of the flotation plant to achieve its production objectives. This development is crucial for stakeholders interested in the lithium and tantalum markets, as it signifies Premier African Minerals' commitment to advancing the Zulu project towards operational success. For more information on Premier African Minerals and their projects, visit https://www.premierafricanminerals.com.
