Premier African Minerals stock triples on Glencore deal talks

Premier African Minerals (LON: PREM) shares more than tripled on Wednesday after the company announced it was pursuing a lithium concentrate supply agreement with Glencore (LON: GLEN).The stock surged to 0.092p in late-morning trading, up from Tuesday’s close of 0.030p. By midday, it was up 80% at 0.056p, valuing the company at £25.3 million ($33.6 million).Premier, which operates the Zulu lithium-tantalum mine in Zimbabwe, said a potential deal with Glencore could help it resolve a $35 million debt owed to major shareholder Canmax Technologies. The debt stems from an offtake prepayment arrangement tied to a 2022 agreement that promised Canmax 50,000 tonnes of spodumene concentrate annually from Zulu, beginning May 2023.Repeated delays in bringing a spodumene concentrator online have prevented Premier from meeting production targets.The company is now looking to finalize a binding purchase agreement with Glencore within three months. If successful, Glencore would also support Premier in managing and repaying its outstanding obligations to Canmax and other creditors.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com