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(Sharecast News) - Premier African Minerals said on Tuesday that a creditor had issued a writ of execution over movable property at its Zulu lithium and tantalum project in Zimbabwe, escalating a dispute linked to an outstanding court judgment.
The AIM-traded miner said JR Goddard Contracting issued a writ of execution for movable property at Zulu Lithium through the High Court of Zimbabwe, seeking to realise about $2.2m.
It followed a notice of demand disclosed on 10 December, which sought payment of $2.3m ahead of enforcing a previously stayed judgment of $2.5m.
Premier said communication between the parties remained open and ongoing, adding that it believed that, subject to the financial position at Zulu Lithium, any movable property attached under the writ could be recovered through agreement on further payment arrangements with the creditor.
At 1616 GMT, shares in Premier African Minerals were down 32.25% at 0.02p.
Reporting by Josh White for Sharecast.com.
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