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(Alliance News) - Premier African Minerals Ltd on Friday reported that rising cases of Covid-19 are disrupting the drilling programme at its Zulu lithium project in Zimbabwe.
However the miner did note that drilling, forming part of a feasibility study, is underway at Zulu.
"Surging Covid-19 in the Southern African Development Community region is not helping at Zulu where travel and other restrictions are impacting the drilling programme. Despite this, the rigs continue to operate and our lab equipment is now only awaiting import clearance to Zimbabwe," commented Chief Executive George Roach.
Shares in Premier African Minerals fell 11% to 0.20 pence each in London on Friday morning following the announcement.
Ferndale, Wales-based Premier also provided an update on its RHA tungsten site in Zimbabwe, noting the completion of a new underground conceptual mine plan to assess the potential impact of returning RHA to production.
RHA could generate USD61 million of revenue between years 1 and 10 and a USD21 million pretax project cashflow, Premier African Minerals said. The estimated total net attributable tungsten resources at RHA is 3,826 tonnes.
The conceptual mine plan assessed an underground production rate of 6,000 tons per month, with a projected mine life of 10 years and indicated a peak funding requirement of USD2.5 million and a payback within 16 months.
By Will Paige; willpaige@alliancenews.com
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