Proactive Investors - Run By Investors For Investors

Cadence Minerals given more time to carry out due diligence on Zulu lithium project

The recent elections in Zimbabwe have caused some “unexpected interruptions” so Premier MInerals has agreed to give Cadence until September 14 to carry out its due diligence
due diligence file
Cadence agreed in principle to take up to a 30% stake in Zulu earlier this summer

Cadence Minerals Plc (LON:KDNC) has been granted more time to carry out its due diligence on the Zulu lithium and tantalum project in Zimbabwe.

Back in June, Cadence signed a conditional heads of terms agreement with Premier African Minerals PLC (LON:PREM) to acquire up to a 30% stake in Zulu for up to US$5.1mln.

READ: Cadence set to invest in Zulu

The plan is that the investment will fund the definitive feasibility study of the project, where a scoping study last year revealed a lithium concentrate net present value (NPV) of US$127mln and lithium carbonate NPV of US$718mln.

Before finalising the deal, Cadence wanted to carry out its due diligence on Zulu but the recent elections in Zimbabwe have caused some “unexpected interruptions” so Premier has granted Cadence an extra 20 days to cast its eye over the project.

The due diligence period is now due to run until September 14.

View full KDNC profile View Profile

Cadence Minerals Plc Timeline

Related Articles

A diagram of Arafura's integrated neodymium-praseodymium supply strategy
February 11 2019
The project has the potential to be a competitive low-cost source of NdPr oxide for the clean energy industry.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use