Premier African Minerals Secures Funding for Zulu Lithium and Tantalum Project
Aim-listed Premier African Minerals has announced plans to raise £2.48 million to advance its Zulu lithium and tantalum project. The funds will be utilized for direct operating expenses at Zulu, including final payments for equipment, mining costs, and day-to-day operations.
CEO George Roach emphasized the importance of this funding, stating that it ensures the startup of plant operations at Zulu. The company remains focused on its objective and targets to commence production by next week, pending suppliers meeting their obligations.
Premier has expanded its mining operations to optimize ore delivery and address any remaining issues with the sorting process. Despite delays in equipment delivery impacting cash resources, the installation of the mill at Zulu has been completed.
While engaging with Zimbabwe-based lenders for additional working capital, Premier acknowledges the necessity of demonstrating production from Zulu to secure further funding. However, the company is confident that production commencement will attract working capital facilities.
With the subscription funding in place, Premier anticipates starting production at Zulu by late February. The company expects additional funding options to materialize once production is underway, ensuring its financial stability for future operations.
