Premier African Minerals has raised £2 million at 0.17p ahead of the start proper of operations of processing at its Zulu lithium project in Zimbabwe.
Teething problems getting the plant started have delayed a ramp-up to full production but yesterday chief executive George Roach said it was in the ‘home stretch’.
Today Roach added: "The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant as described in our announcement of 10 April 2024.
“These changes expect to see the floatation plant able to accept the design tonnage and to remove the restrictions on potential spodumene concentrate production.
“The required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April 2024.”
CMC Markets is acting as placing agent in the placing, with the price a 19% discount to last night’s close.
Premier added it is talking with Zimbabwean lenders for working capital facilities and Zulu has now secured an interim working capital facility of US$300,000.