https://www.miningweekly.com
PROJECT|Technology
PROJECT|Technology
project|technology

Addendum to offtake agreement between Premier and Canmax under negotiation

Premier CEO George Roach

Premier CEO George Roach

Photo by Creamer Media

6th June 2023

By: Darren Parker

Creamer Media Contributing Editor Online

     

Font size: - +

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.

Moreover, Premier has been accruing interest at 3.5% a year – subject to adjustment from time to time in accordance with the loan prime rate as published by the People's Bank of China – which will also be owed to Canmax.

Premier said on June 6, however, that it is in advanced discussions with Canmax pertaining to an addendum to the agreement.

This addendum will allow for an adjustment in the pricing mechanism, whereby both parties will equally share in the gross revenue from the sale of lithium hydroxide produced from spodumene supplied by Premier, after deduction of the production costs of both parties.

It will also allow for the further prepurchase of spodumene by Canmax from the Zulu lithium project, in Zimbabwe, to assist with ongoing operational costs associated with the revised timelines and expected production figures.

“I am deeply appreciative for the constructive discussion, further assistance, and confirmation of our relationship with Canmax,” Premier CEO George Roach said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
14th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.161 0.203s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: