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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.

Quick facts: Cadence Minerals PLC

Price: 9.25 GBX

AIM:KDNC
Market: AIM
Market Cap: £11.96 m
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