Premier African Outlines Zimbabwe Lithium Project Early Production Plan, Shares Fall

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LONDON – Shares in Premier African Minerals Ltd. fell Monday in early trading after the company said that it is considering an early production strategy for its Zulu lithium and tantalum project in Zimbabwe.

The mining exploration company said that, pursuant to test results, there exists clear potential for a large-scale pilot plant to produce spodumene concentrate only, stock piling tantalum and petalite for future processing. Such a plan could be in production in the first quarter of 2023, Premier African said.

Spodumene and petalite are two types of lithium ore.

“Premier is potentially following an accelerated programme of early production to exploit the current opportunity. There are identified risks and abatements inherent in this to a greater extent than may be the case following a fully developed DFS [definitive feasibility study],” Chief Executive George Roach said.

At 0742 GMT, shares were down 10% at 0.36 pence. – Market Watch