Premier African Minerals CEO George Roach
Aim-listed Premier African Minerals reports that Canmax Technologies has agreed that $3-million owed to it by Premier be carried forward.
The payments relate to Premier’s failure to deliver at least 1 000 t a month of spodumene concentrate from its Zulu lithium and tantalum project, in Zimbabwe, to Canmax in November and December 2023.
As a result, the interest rate for the outstanding balance of the prepayment amount will be increased to 12% a year, with effect from December 1, 2023.
"Premier is pleased that Canmax has elected to carry forward the monthly payments in respect of the non-delivery of product in the months of November and December 2023. The effect of this is that the monthly payment contemplated is rolled forward and clear indication that Canmax requires delivery of spodumene concentrate as soon as possible.
“Premier is deeply appreciative for the understanding and assistance Canmax has provided. And we remain committed to production in late February provided only that all commitments made by contractors are met,” says Premier CEO George Roach.