🇿🇼ZimbabweSouthern Africa
Premier African Minerals raises US$1.02 million for Zulu lithium project
via NewsDay Zimbabwe5 min read
Premier African Minerals Ltd has secured approximately US$1.02 million £800,000 through a subscription for 4 billion new shares, priced at about 0.026 cents 0.02p each. This capital injection is intended to fund operational activities and general working capital for its Zulu lithium and tantalum project in Matabeleland South. The funding follows the recent announcement of the first production of spodumene concentrate from the project's newly commissioned flotation plant. The company plans to use these funds for ongoing optimization work on the plant and to refine operating parameters, providing "breathing room" to manage expenses and creditors as the project moves towards sustained commercial production. Managing director Graham Hill noted that while the flotation circuit is producing concentrate as expected and operational stability has improved, optimization efforts are continuing to ensure long-term success. The Zulu project is a key asset for Premier African Minerals and is under close scrutiny by investors due to past technical challenges and delays. The company's current focus is on improving concentrate quality and recovery rates to achieve consistent production from its significant lithium resource. The new shares are expected to begin trading on the AIM market on June 17.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
RioZim employees have approved a corporate rescue option, a move aimed at protecting their jobs. This decision comes amidst various economic and political developments in Zimbabwe, including a US$650 million investment vision reinforcing confidence in the country's long-term growth potential and efforts to secure a US$150 million African Development Bank loan to address debt default. Other news includes a surge in value-added exports, a narrowing trade deficit, and the FBC Holdings achieving ISO/IEC 27001:2022 certification.
Zimbabwe is pursuing a US$150 million loan from the African Development Bank AfDB to tackle its debt default. This initiative follows earlier discussions in April where authorities, led by Ncube, engaged with countries including the UK, Japan, and Germany to secure US$2.5 billion. The country is also focusing on economic growth, evidenced by a US$650 million investment vision and efforts to boost value-added exports, which have contributed to a narrowing trade deficit. Additionally, Zimbabwe is setting in motion plans for a US$25 million climate recovery boost. Other developments include the appointment of Rukweza as the Lithium Association of Zimbabwe chair and FBC Holdings achieving ISO/IEC 27001:2022 certification.
Must ReadZimbabwe is reportedly seeking a loan of US$150 million from the African Development Bank AfDB. This financial assistance is intended to help the country address its debt default situation. The information was published by AMH, an independent media house in Zimbabwe.