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"Exciting news from #Zulu! The extensive refurbishment of the mill is steadily approaching its final stages, bringing us closer to a fully operational facility."
https://www.linkedin.com/posts/stark-resources_zulu-zuluplant-mining-activity-7107682500730109952-f_rc?utm_source=share&utm_medium=member_desktop
Canmax didn't win this auction in the end. They were outbid at USD579 million (!)
I guess this factored in to the decision to reinstate the deal with prem a day or so later.
https://www.yicaiglobal.com/news/two-lithium-mines-in-chinas-sichuan-sell-for-bumper-prices
http://ggzyjy.sc.gov.cn/jyxx/002005/002005002/20230816/ba6246c9-fd0e-4574-b125-9c3f2291fb48.html
IGood to have some clarity at least. Now to see how Canmax and Stark handle things.
I don't think 1,137 tons per month is profitable especially taking into account repayments. Long term is good though.
Nobody is talking about the options/dilution that is scheduled to happen on May 31st, so I wonder if that will be another shock to the price.
The share is on a knife-edge between producing thousands of tonnes of lithium with abundant cashflow and flailing trying to get the production working while leaking cash, possibly having to repay all the mine expenses in 99 days.
We got to the point where the CEO should update the market on which way it's going but instead he announced another placing.
"Raymond, we all know there will be no more placings as they are now complete with no more, they were tiny 1% dilution, in just 1 post you've managed to look a complete fool, congrats."
Bear in mind 325,000,000 nil price options are exercisable on May 31st
Basically they need to ship spodumene in the next 10 days. Maybe there's a pile of it waiting to go but there's no RNS (how much, what grade?) so from my point of view we're gambling.
400 staff on site will burn through cash quickly.
If they are producing at the planned minimum of 4000 tonnes per month then it's all great.
i've just sold up as i'm about to buy a house and the short term risk was too high.
i'm pleased to see the price hasn't actually dropped much though. i'm sure it's going up long term if they can start pumping out shipments (and communicate this to us properly)
anyway, thanks for ***************. maybe i'll name a wing after you.
Don't forget there are several providers for daily satellite imagery so you can keep of the Zulu site that way. For example here's a timelapse of the last year: https://www.planet.com/stories/1-year-at-zulu-lithium-rxBLTU74R
This is huge news. The lithium carbonate plant would be a 400km rail journey away in Mpinga. (instead of 800km to Beira then on to a boat).
The Registered office for ODX at companies house has changed away from Alva suggesting the conditional sale is proceeding.
https://twitter.com/phil_sss/status/1421058546301538304
Prem are doing everything they need to in the right order. Of course this is a share that frequently jumps up 10-20% so there's a bunch of people who want to push the price down when they can and profit.
I've posted this before but mining is an essential service in Zimbabwe and exempt from some lockdown provisions: https://miningzimbabwe.com/mining-an-essential-service-exempted-from-some-lockdown-provisions/
Mining has been declared an essential service in Zimbabwe and exempted from the current Covid lockdown rules
https://miningzimbabwe.com/mining-an-essential-service-exempted-from-some-lockdown-provisions/
GR spoke in an interview about using a Laser Induced Breakdown Spectroscopy device on site (presumably handheld) so they should have a good idea about the lithium content of those cores pretty soon. It's great because they can feed that back in and make rapid decisions on where to drill etc.
Prem posted a video to twitter to accompany the RNS: https://twitter.com/Premafrimin/status/1415327846093008899
Looks like fantastic progress and already pegmatite out of the ground with the equipment to test it arriving next week.