Premier African Minerals Ltd on Tuesday provided an update on progress being made at the Zulu project.
The African-focused metals and mineral project developer said sales of concentrate on hand at the Zulu lithium and tantalum project are due to commence on an ex-mine gate basis. Although, sales of the lower-grade concentrate are conditional on the findings of independent laboratory analysis currently underway in South Africa.
In recent months, the company has added modifications to the Zulu project and taken action to protect the water supply amid the ongoing drought in Zimbabwe.
In addition, as previously announced, the need for a conditioning tank was identified to improve the feed rate at Zulu.
Chief Executive Officer George Roach said: ‘Premier sincerely hope the conditioning tank will be the last plant modification and on that note, the board remains confident regarding the prospects for Zulu and we note that... [Zulu] has cost the company the better part of $75 million, and neither this nor the deemed valuation of Zulu agreed with our take-off partner is reflected in our current market capitalisation.’
The conditioning tank delivery and commissioning remains on track for completion during the week beginning July 10.
Premier African shares were up 5.1% to 0.11 pence each in London on Tuesday afternoon.
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