Shares in Premier African Minerals plunged 40% on Monday after the company declared force majeure at its Zimbabwe lithium mine, citing a defect at its processing plant.
plunged 40% on Monday after the company declared force majeure at its Zimbabwe lithium mine, citing a defect at its processing plant.
Premier said it issued a force majeure notice to Canmax on June 25 because milling problems at its recently completed plant had affected production plans. The plant contractor was working to resolve the problem, it added. Triggering a force majeure clause in contracts allows certain terms of an otherwise legally binding agreement to be ignored because of unavoidable circumstances.
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