Welcome to the latest video on Premier African Minerals (AIM: PREM) where I review the latest RNS and George’s correction of a little shareholder misunderstanding.
https://youtu.be/kQpMFVnjBqI?si=YjvddfWBzR4JINto
George Roach, CEO commented, “Premier sincerely hope the conditioning tank will be the last plant modification and on that note, the Board remains confident regarding the prospects for Zulu and we note that at this time the development of Zulu, a complete mine, has cost the Company the better part of US$75 million, and neither this nor the deemed valuation of Zulu agreed with our take-off partner is reflected in our current market capitalisation.”
Shipment
The lower grade concentrates will now be sold (conditional on independent laboratory analysis underway in South Africa) on an ex-mine gate basis, free on truck from Zulu and payment will be made immediately once the conditions have been met. Zulu will not be expected to deliver production to port, nor will Zulu be required to outlay transport and shipping costs. This will provide a small cash flow benefit.
The Zulu Plant
It was only possible to optimise the floatation circuits when Zulu was able to feed the plant at design capacity. This was achieved only after our Zulu team was able to resolve the design deficiencies associated with classification of milled material. It is remarkable and a tribute to our Zulu team and Enprotec as OEM for the float plant, that the Company was able to identify this conditioning tank as essential and to have this ordered and expected to be installed and commissioned by 10 July 2024. Whilst the Company will review the overall plant in some detail in the Annual Financial Statements due for release on 28 June 2024, it would be remiss not to correct certain misunderstandings by some shareholders in respect of Zulu’s plant, pit development and water.
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