Business
Zulu Lithium Project Pilot Plant
Zulu Lithium Project Pilot Plant.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n 24 June 2022 \n \n \n Premier African Minerals Limited\n \n \n \n \n \n \n \n \n \n Zulu Lithium Project Pilot Plant\n \n \n \n Premier African Minerals Limited (\"Premier\" or the \"Company\"), is pleased to announce that it has entered into a Marketing and Prepayment agreement in the form of a binding Heads of Terms with\n Suzhou\n TA&A Ultra Clean Technology Co., Ltd (\"Suzhou TA&A\") that will allow Premier to establish a large-scale pilot plant at Zulu Lithium and Tantalum Project (\"Zulu Project\") to produce SC6 from Q1 2023 (\"Agreement\").\n \n \n \n \n \n Highlights\n \n \n \n \n \n ·\n Target annual production from pilot plant of 50,000-ton SC6\n \n \n ·\n Take-off for target production committed to Suzhou TA&A\n \n \n ·\n Pre-purchase of production pays complete US$35 million construction cost\n \n \n ·\n Minimum price undertaking for first 50,000-ton production underwrites repayment capability\n \n \n \n \n \n \n \n \n George Roach, CEO commented\n \n ,\" I am pleased to be able to confirm that after our RNS of 13 June 2022, Premier has concluded a binding Heads of Terms in respect of a Marketing and Pre-Payment Agreement for the Zulu Project. Whilst full detail is set out below, the net effect of this is the immediate commencement of construction activities at the Zulu Project intended to see first shipments before 31 March 2023 and a steady build up in production to circa 48,000 ton of SC6 per annum.\n \n \n It is important to note that this is a pilot plant facility and will produce SC6 only in the first phase. Three by-product streams will be stock-piled and will go to inventory, pending completion of additional test-work and additional plant. These products are a tantalum concentrate in a magnetic fraction, a petalite rich mixed ore and a mica/lepidolite concentrate that is likely to contain Caesium and Rubidium. That this may be immediately saleable remains a possibility.\n \n \n The prepayment is expected to fully fund the construction phase and is interest free provided first shipment occur by 31 March 2023. At present SC6 pricing, the pre-payment is expected to be fully liquidated inside of twelve months.\"\n \n \n \n The Pilot Plant\n \n \n \n The pilot plant to be commissioned will utilise state of the art sensor-based ore sorting technologies that will...