Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has provided an update on its Zulu lithium and tantalum project in Zimbabwe, alongside announcing a £2 million fundraising initiative. Chief executive George Roach shared insights into the project's progress, particularly in addressing design issues to enhance the efficiency of material processing at the floatation plant. Modifications to the plant's plumbing are underway, aimed at resolving challenges in the flotation section and improving recovery rates, marking a critical phase before commissioning.
The company has successfully raised £2 million through the issuance of new shares and secured a $300,000 working capital facility with a local lender in Zimbabwe. According to Roach, these funds are earmarked for covering the mining operation's significant expenses, including diesel for power generation and mining costs. This financial boost is timely as the project moves towards achieving a production rate of over 70,000 tonnes per month.
Investors are encouraged to monitor upcoming milestones, especially those related to the flotation process enhancements expected to increase production tonnages. Premier African Minerals remains committed to overcoming the final hurdles at the flotation plant to meet its production targets. For more details on the project's progress, visit https://www.premierafricanminerals.com.
