Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) confirmed the data of its rescheduled AGM and gave investors a brief update on the Zulu project, in Zimbabwe.
The company, in a statement after Wednesday’s market close, said the AGM would now take place on 11 November. It followed a delay due to a significant shareholder’s vote not being captured in the CREST system.
Regarding Zulu, the company noted that the project remains on hold, pending financial solutions and additional testing.
It pointed to recent test work indicates that minor adjustments to reagents could enhance spodumene grade and recovery at the project’s current plant setup. Fabricated inserts expected soon are anticipated to further improve these metrics.
Premier confirmed that it is in due diligence discussions with potential investors, and the site is prepared to return to production once financing is secured.
"The latest test work and the resource update recently announced together with all the running time on the plant, has once again confirmed that the remaining obstacle to production is to achieve grade and recovery through the spodumene section of the float plant,” chief executive George Roach said in a statement.
“The fix proposed by Enprotec and the reagent variation should now allow for continuous operations when proven. To this end, the company will seek when possible to bring the plant into operation for a limited period to prove this.”
He added: “A limited budget will be allocated for a short 3-to-5-day test run of the plant using ore already mined and ready to feed. This short run will also afford other parties the opportunity to access the plant.
“Throughout the challenges we have faced with this project, the facts remain that Zulu is a built mine with all the fundamentals in place which needs to be properly financed to be put into operation."