eBusiness Weekly
Oliver Kazunga
LONDON-listed Premier African Minerals Limited, which is developing the Zulu lithium and tantalum project near Bulawayo, has announced an operating loss of US$4,891 million in the half-year ended June 30, 2022.
The mining concern has attributed the loss to the ongoing definitive feasibility study and exploration work being conducted at the Zulu lithium mine in Insiza district, Matabeleland South.
In April this year, Premier announced the completion of an agreement with investors to raise US$15,7 million it needed to finance a Definitive Feasibility Study (DFS) for the project.
The company’s chief executive officer, George Roach, said the first six months’ activity of the year under review have been extensively reported as post financial year-end events in the firm’s annual financial statements released a few months ago and in various interim announcements.
“The group incurred an operating loss of US$4,891 million for the period.
“This is due to the on-going definitive feasibility study exploration work being conducted at the group’s Zulu lithium mine in Zimbabwe for the period.
“Cash at hand as at June 30, 2022 was $10,197 million,” he said.
During the period under review, Premier, which is a multi-commodity and natural resource development firm, focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe, received continued financial support from its shareholders.
Regarding the Zulu project, Roach noted: “I am happy to provide further updates particularly in regard to Zulu Lithium Private Limited.
“This includes commencement of construction activities at site; acceleration of assay results that should see an upgrade to the resource confidence level in the coming months; preparation for mobilisation of the first plant components transportation to site.”
He said completion of current phase of exploration drilling with total meterage now drilled at Zulu exceeds 35 000 metres.
“At this time, anticipated commissioning date remains quarter January 1 of 2023 and within budget, which is fully funded.”
Last year, the diversified mining group that has project which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, made a placement of £1 million for the DFS.
