The Premier African Minerals Ltd (LON: PREM) share price surged 10.2% after issuing an update about its Zulu Lithium and Tantalum mine operations. The company noted that it had completed the installation of the Mill, including all necessary feeds and discharge components.
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The lithium mining company also revealed that it had started the commissioning phase and expects to feed the first material through the Mill on Monday, 25 September 2023. The company will also resume open-pit mining to ensure the plant has adequate material for processing.
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Premier African Minerals said it would issue further updates regarding the mine and the milling process during the release of its interim results for the six months to 30 June 2023, which are scheduled to be published on 29 September 2023.
Given the brevity of today’s announcement, we can look at the company’s previous news releases to provide some context regarding its recent share price movements. The company revealed on 11 September 2023 that it had secured further funding for the Zuku mine.
PREM said that Canmax Technologies Co., Ltd. had confirmed it had received Chinese Regulatory Approval for its subscription, under which Premier has raised a further £5 million before expenses at an issue price of 0.35 pence per new ordinary share.
The funds raised from the subscription would be used to optimise the ongoing Zulu Lithium and Tantalum Project, as announced on 30 August 2023. Canmax Technologies is committed to funding the entire project and will continue subscribing to more shares until the committed amount has been raised and the project is complete.
George Roach, CEO, commented, “Subsequent to our update of 23 August 2023, I am pleased to confirm the completion of the installation of the Mill, including all necessary feeds and discharge components, pumps, control circuitry and grinding media requirements that are expected to support planned production of up to 1,000 tons per month of spodumene from November 2023 at Zulu. The commissioning phase is now planned to commence from today, with the first material expected to be fed through the Mill on Monday, 25 September 2023.”
Premier African Minerals (PREM) share price.
The Premier African Minerals (PREM) share price surged 10.20% to trade at 0.54p, rising from Wednesday’s closing price of 0.49p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.