Aim-listed Premier African Minerals and Canmax Technologies have reached an agreement to amend and restate the offtake and prepayment agreement they entered into in August 2022. The amended agreement restores the working arrangements between Premier and Canmax and therefore the force majeure and default notices have been withdrawn by the respective parties.
Aim-listed Premier African Minerals and Canmax Technologies have reached an agreement to amend and restate the offtake and prepayment agreement they entered into in August 2022.
Under the terms of the amended agreement, the parties have agreed a new schedule for the supply of product for the advance purchase amount plus accrued interest by Canmax. The independent directors are said to have considered that the amended agreement provides an agreed timetable and process for the supply of product pre-purchased under the amended agreement with alternative arrangements in the event of a delay in delivery, resolves the dispute between Canmax and Premier, and provides a basis for the parties to work together to resolve the plant issues at Zulu and achieve all parties' production objectives.
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