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Premier African Minerals Ltd - Zimbabwe-focused tungsten producer - Signs amendment to offtake and prepayment agreement, previously agreed with Canmax Technologies Co Ltd in August 2022. This restores the working arrangements between Premier and Canmax and the force majeure and default notices have been withdrawn. Amendments include a revised product supply schedule in respect of the prepayment of $34.6 million plus accrued interest, and a revised hybrid pricing agreement. Premier and Canmax will share in the profit from production by Canmax of lithium hydroxide from SC6 supplied by Premier. Operations at the Zulu lithium and tantalum project have been temporarily halted to allow for the installation and commissioning of the mill from RHA Tungsten. This is expected to be completed during early autumn. Plant optimisation is ongoing and, largely as a result of the delays in resolving plant issues, Premier needs immediate funding. As a result, it elects to draw down on the entire £2 million amended facility entered into with George Roach, announced on August 9. Current stock price: 0.52 pence, down 13% in London on Tuesday 12-month change: up 38% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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