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George Roach, CEO of Premier African Minerals, was downcast yet defiant in a call with shareholders today, as shares in his London-listed company went into freefall. The company announced that it has missed key production deadlines and declared force majeure at Zulu Lithium, sending its stocks down almost 50%. Premier completed the pilot plant in
The offtake and prepayment agreement entered into previously between Premier African Minerals and Canmax Technologies – formerly known as Suzhou TA&A Ultra Clean Technology – might be off the table if an addendum to the original agreement is not entered into before June 25. In accordance with the terms of the agreement entered into on August 3 last year, Premier was required to supply product by May 30. Canmax now has the right to terminate the agreement, whereupon Premier will need to enact repayment of the prepayment amount plus interest in full within 90 days.
Some of these companies’ projects have started production and are expected to build up to a combined annual output of nearly 1,5 million tonnes of lithium concentrates over the next year.
Employees charge lithium ion batteries for a Hamba electric motorcycle at a solar-powered recharging station in Wedza, Zimbabwe, 22 May 2020. Picture taken May ...
Penny stocks are volatile investments. This lithium mining company has seen its share price collapse after growing rapidly in recent years.