On August 15th, Tianhua New Energy issued an announcement announcing the resumption and revision of the "Agreement on Purchase and Advance Payment" signed with Premier African Minerals Limited ("Premier"). The two parties agreed on the buyer's advance payment and accrued interest New product availability schedules and alternative arrangements in the event of delivery delays.
It is reported that in July 2022, Tianhua New Energy and Premier and its subsidiary Zulu Lithium Private Limited (hereinafter referred to as "Zulu") signed the "Acquisition and Prepayment Agreement" (hereinafter referred to as "Zulu") for the products of the Zulu pilot plant Prepaid Agreement").
According to the prepayment agreement, Premier will deliver 48,000 tons of lithium concentrate products to Tianhua New Energy every year, and the expected supply start date is between January 1, 2023 and March 31, 2023. At the same time, the company has paid the full amount of the prepayment to Premier in accordance with the prepayment agreement. The Zulu lithium mine project is located in Zimbabwe, Africa.
On May 25, 2023, Premier emailed and confirmed that "no products will be shipped before May 30, 2023". In response to these expected default risks, the company, in a spirit of good faith cooperation, conducted full discussions and consultations with the other party on subsequent cooperation matters, and agreed to advance the cooperation on June 25, 2023, but ultimately failed to meet the aforementioned deadline. Sign a new agreement.
Tianhua New Energy has formally notified Premier in writing on June 28, 2023 that it has decided to terminate the prepayment agreement and require the other party to fully repay the prepayment and its interest within 90 days. On June 28, Tianhua New Energy officially announced the termination of the offtake and prepayment agreement signed with Premier.
It is understood that Premier is one of the largest lithium miners in Africa, and it is also an overseas listed company in which Tianhua New Energy holds a 13.38% stake. Premier is listed on the AIM market of the London Stock Exchange, and its main business is mineral exploration and mining.
In March 2022, Tianhua New Energy signed a "Share Subscription Agreement" with Premier, invested 12 million pounds to Premier, and acquired 3 billion ordinary shares issued by Premier at a price of 0.004 pounds per share. The shareholding ratio is 13.38%, and it is the largest shareholder of Premier. At the same time, the listed company owns fifty percent (50%) of the underwriting rights* of Premier lithium concentrate products.
The main business of Tianhua New Energy is the research and development, production and sales of lithium battery materials, anti-static ultra-clean technology products and medical equipment. The company's lithium battery materials industry accounted for 93.53% of its revenue.
Tianhua New Energy stated that the signing of the amended agreement between the company and Premier is conducive to the company's guarantee and consolidation of the stable supply of upstream high-quality lithium concentrate raw materials, forming a stable and high-quality raw material supply system, which meets the needs of the company's daily business activities. There is no behavior that damages the interests of the company and all shareholders, and will not have a major adverse impact on the company's production, operation and business independence.
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