Surprise trading update is just the job for Robert Walters
The trading update was short and sweet. Liberum responded by increasing its target price.
Company
LON:PREM
Premier African Minerals Ltd is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe. The company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe and lithium and gold in Mozambique, encompassing brownfield projects with near-term production potential to grass-roots exploration.
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The trading update was short and sweet. Liberum responded by increasing its target price.
“Zulu is now justifying our belief that this is a tier 1 asset.”
Robert Walters sprang a pleasant surprise on the market with an unscheduled trading update.
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Consultant Bara worked on two options at Zulu: to just produce concentrate or for Premier to build its own lithium production plant
The FTSE 100 managed to turn away from earlier losses to edge slightly higher at the close
One hole from an ongoing drill programme intersected 24.8m at 8.04 grams per tonne (g/t) of gold (Au) from 201m
The index of blue-chip shares was up 4 points to 7,554 around 3.50pm
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Drilling results from the Zulu project continue to provide encouragement
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SSE may have rallied, but Centrica remained down in the dumps, after HSBC trimmed its price target for the British Gas owner to 190p from 202p.
The AIM-listed exploration and mine development company said the initial results support the existing geological and structural understanding of the gold deposit and further confirm Akyanga as an open-pit resource of over 2mln ounces
The FTSE 100 rose to within a couple of points of 7,500 after US markets opened higher
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The US Food and Drug Administration's sampling found some Listeria monocytogenes in Greencore's sandwiches
FTSE 100 closed over 66 points higher at 7,438 with budget carrier easyJet the top flyer
The RHA mine was boosted by better tungsten prices, and it then expects improvements in the coming months.
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Cyanconnode shares powered higher on news of its biggest ever order, which should provide a tonic after half-year results earlier this month showed revenue had almost halved
Completion is expected to take 60 days after which Premier said it will have no further liabilities or obligations
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Sterling's strength weighed on FTSE 100 stocks today
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"This increase in tonnes and grade of the underground mineral resources at RHA provides both higher confidence in these mineral resources at RHA and supports our long-term confidence in the mine"
The FTSE 100 fell 80 points to 7,215 on a good day for the sterling
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Premier African Minerals continues to make progress on its Zulu lithium project in Zimbabwe
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The mining junior will try to retain a stake in the limestone assets
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Premier’s deal may on the face of it look modest – it has acquired a 1% stake in Circum Minerals for US$1.36mln. But it says it now has a “meaningful” 5.2% interest in the company
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The FTSE 100 rose 63 points to 7,382 and the pound has slipped amid Brexit fears
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Premier is paying current holder GMP Securities US$520,000 in PREM shares for the additional 0.5% stake
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Significant visible lithium mineralisation zones was intersected in all holes.
The FTSE 100 index closed up 20.23 at 7,531, below the session peak of 7,533.74 and well above the day’s low of 7,511.71
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"We believe that the potential scale and size of Zulu is analogous to other world-class lithium enriched pegmatite deposits"
With an hour and a quarter of trading to go, the UK benchmark index was ahead 58 points at 7,430, just easing back from the afternoon peak of 7,438.90
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The additional 1% stake in Circum is costing Premier African roughly US$1.3mln
With an hour and a half of trading to go in London, the FTSE 100 index was 36 points higher at 7,404, albeit remaining below an early peak of 7,425.52
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Companies featured: HaloSource, Ascent Resources, Inspirit Energy, Clear Leisure, Safestyle, Nyota MInerals, IG Group, Polemos, Ortac Resources
Racing back from a brief suspension, Premier African continues to report good progress on a number of fronts
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From Telford to the Thames ... Michelmersh's bricks from its Blockleys plant in Telford will be used on one of London's most iconic structures
Premier African is moving rapidly towards cash generation
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The top-shares index pushed on again in the afternoon session despite an indifferent showing on Wall Street
Publication of the results was delayed by a few unexpected technical complexities
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The findings show that a commercial grade, high quality lithium mineral concentrate could be produced.
Risers & fallers: Record PLC pays out bumper dividends, EU Supply gets contract boost
Maiden resource confirms significant lithium and tantalum mineralisation at Zulu
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Some of the main risers and fallers in London at 3.45pm
Shipping of wolframite concentrate from Zimbabwe to Durban to start now permits have come through
FTSE 100 closed at 7,517 - up 2.81. points, or 0.04% and failed to make a record close
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Shares in InnovaDerma and Porta Communications have advanced while shares in Audioboom and Nyota Minerals have fallen
The plant has already exceeded the breakeven level of 3,000 mtu per month of wolframite
The FTSE 100 closed 15.52 down at 7,234 with Sainsbury's and mining shares under pressure