Premier African Minerals Posts US$19.7 Million Loss

Oscar J Jeke- Zim Now Reporter

Premier African Minerals has posted a net loss of US$19.7 million for the financial year ended December 31, 2024, deepening concerns over the company's financial viability as it continues to operate without generating revenue.

 The loss, down marginally from US$20.8 million in 2023, was driven by high operating costs, interest expenses, and the absence of commercial production at the company’s flagship Zulu Lithium and Tantalum Project in Zimbabwe.

The London-listed miner’s annual results, released this week, show no income from operations, while the cost of sales rose sharply to US$12.5 million from US$3.8 million the previous year—highlighting escalating production expenses despite the lack of revenue. 

Premier also reported administrative costs of US$4.6 million and finance costs of US$2.3 million, although both figures represent a decline from the prior year.

 The total comprehensive loss for 2024 stood at US$20.2 million.