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Premier African's oversubscribed placing 'a reflection of the quality of Zulu'

George Roach, chief executive of Premier African Minerals Limited (LON:PREM), tells Proactive's Andrew Scott the value attributed to their Zulu lithium project in Zimbabwe was higher than expected in a scoping study.

Consultant Bara worked on two options at Zulu: just to produce a concentrate; or for Premier to build its own lithium production plant.

Bara estimated a value of US$127mln for a 15-year open cast operation mining a concentrate of spodumene and petalite, the source ores for lithium.

A funding to raise working capital to pay for the scoping study and further exploration was heavily oversubscribed, with Premier pulling in £1mln at 0.4p compared to an original target of £500,000

Quick facts: Premier African Minerals Ltd

Price: 0.07 GBX

AIM:PREM
Market: AIM
Market Cap: £8.79 m
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