(Alliance News) - Premier African Minerals Ltd on Wednesday said that it has agreed to acquire a portfolio of assets in Zimbabwe and Mozambique from Lithium Consolidated Mineral Exploration Ltd.
The miner said it has entered into a conditional sale and purchase agreement to acquire a portfolio of hard-rock lithium assets located in Zimbabwe and Mozambique from Li3, following Li3's strategic shift to focus on its Australian based projects.
Premier has conditionally agreed to purchase the Li3 African projects for a gross consideration of AUD150,000, around GBP82,411, which will be satisfied through the issuance of new shares.
"These properties in Zimbabwe are completely complementary to our existing operations and may have potential for small scale early production, something very important to our company, as much as adding to our lithium inventory. The project in Mozambique has recently been identified as being potentially prospective for other mineralisation including gold," said Chief Executive George Roach.
The stock closed down 0.6% at 0.099 pence on Wednesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Premier African Minerals (PREM)