(Ecofin Agency) - Premier African Minerals clinched with Cadence Minerals a direct investment agreement worth $5.1 million for its Zulu lithium and tantalum project, in Zimbabwe. The completion of this investment will see Cadence acquire 30% stake in the project.

“This conditional HoT (ed: heads of terms) with Cadence underlines the value and potential of the Zulu project, with a post-investment value of $17-million, reaffirming Premier’s belief that the project is potentially one of the leading hard-rock lithium exploration projects on the London market,” said Premier CEO George Roach.

Let’s note that the Zulu project hosts 20.1 million tons of resources at 1.06% lithium oxide, and 51 parts per million (ppm) tantalum pentoxides. It is considered as the largest undeveloped lithium bearing pegmatite resource in Zimbabwe.

Louis-Nino Kansoun