By Alois Vinga
PREMIER African Minerals Limited has downplayed the effect of Canmax Technologies agreement termination in respect of the supply arrangement between the two companies.
Premier is advancing the sizable Zulu Lithium and Tantalum Project in Zimbabwe.
In addition, the Company has an interest in MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia.
The mining firm was required to supply spodumene concentrate to Canmax by May 30, 2023, but did not deliver as agreed.
On the next deadline of 25, 2023 the firm did not meet the deadline once more prompting the issuance of the force majeure notice to Canmax, suspending all obligations under the agreement.
In an update this week, the London listed miner said it had received a notice of termination by Canmax but downplayed its impact.
Premier African Minerals chief executive officer, George Roach hinted the notice of termination requiring repayment by Premier of around $34,6 million within 90 days, cannot be met currently adding that Canmax might dispute the grounds of the force majeure.
“The company has been advised that this notice of termination has no force or effect. Premier has repeatedly extended an invitation to Canmax to attempt to resolve this situation as set out in the Agreement, and does so again, now, and publicly,” he said.
Meanwhile, Premier’s shares experienced an upward momentum as it reiterated the latest move from partner Canmax in the escalating dispute.
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