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(Kitco News) - Premier African Minerals (AIM: PREM) said today it has received a notice of termination from Canmax for spodumene concentrate produced at Premier's Zulu lithium and tantalum projects.
Canmax has a offtake and prepayment agreement with Premier.
Premier said it received a notice of termination from Canmax following Premier's declaration of force majeure last week. Force majeure was declared by Premier stating that the milling equipment was not usable and needed to be redesigned.
Premier CEO George Roach said he is seeking to resolve the issue.
"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," said Roach.
Premier African Minerals is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu lithium projects in Zimbabwe.
Premier has dropped 61% in the past five days.
