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Premier African Minerals acquires lithium assets in Zimbabwe and Mozambique

The AIM-quoted firm is acquiring Lithium Consolidated's Zimbabwe and Mozambique assets for A$150,000, paid in shares.

Premier African Minerals Ltd - Premier African Minerals acquires lithium assets in Zimbabwe and Mozambique

Premier African Minerals Ltd (LON:PREM) has struck a deal to acquire hard-rock lithium assets in Zimbabwe and Mozambique.

In a statement after Wednesday’s close, the company announced the deal with Lithium Consolidated Ltd, which is switching focus to Australian assets.

It sees Premier pay A$150,000 gross consideration, to be paid in new Premier African Minerals shares.

"These properties in Zimbabwe are completely complementary to our existing operations and may have potential for small scale early production, something very important to our company, as much as adding to our lithium inventory,” said George Roach, Premier chief executive.

READ: Premier African Minerals updates on Otjozondu stake plan

“The project in Mozambique has recently been identified as being potentially prospective for other mineralisation including gold."

In Zimbabwe, the company is picking up 1,500 hectares of licences within the Mutare Greenstone Belt located close to the eastern border with Mozambique.

The company noted that the area has been deemed to be prospective for LCT-type pegmatites which have historically mined for beryl and tantalite, and, elsewhere in the region are being explored for tantalite and lithium.

Meanwhile, in Mozambique, the company acquires a 100 hectare block within the ‘Alto Ligonha Pegmatite Province’ (ALPP), which is in the Zambézia Province of northern Mozambique.

The area is said to be well known for its gemstone producing pegmatites, historically yielding beryl.

Quick facts: Premier African Minerals Ltd

Price: 0.0725 GBX

AIM:PREM
Market: AIM
Market Cap: £9.11 m
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