Premier African Minerals is set to acquire a portfolio of assets in Zimbabwe and Mozambique from Lithium Consolidated Mineral Exploration Limited (Li3).

An agreement for the transaction is already in place, the miner has confirmed.

Premier African Minerals’ projects in Sub Saharan Africa are targeting minerals include tungsten, lithium and tantalum, and rare earth elements as well as potash and limestone.

The diversified mining firm said it has entered into a conditional sale and purchase agreement to acquire a portfolio of hard-rock lithium assets located in Zimbabwe and Mozambique from Li3, following Li3’s strategic shift to focus on its Australian based projects.

Premier has conditionally agreed to purchase the Li3 African projects for a gross consideration of AUD150,000, (circa GBP82,411), which will be satisfied through the issuance of new shares.

“These properties in Zimbabwe are completely complementary to our existing operations and may have potential for small scale early production, something very important to our company, as much as adding to our lithium inventory,” said Premier chief executive George Roach while commenting on the development.

“The project in Mozambique has recently been identified as being potentially prospective for other mineralisation including gold.”