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Takeover Of Goromonzi-based Arcadia Lithium Mine Attracts Investors For Prospect

Takeover Of Goromonzi-based Arcadia Lithium Mine Attracts Investors For Prospect

The Australia Stock Exchange (ASX)-listed Prospect Resources, which is propping up Zimbabwe’s lithium rush, said yesterday it is attracting high-end investors following the multi-million-dollar takeover of Goromonzi-based Arcadia Mine about two years ago.

Prospect Resources, which is developing Step Aside lithium mine near Arcadia, sold its first asset to Chinese investors two years ago in a US$378 million deal.

In this quarter, Arcadia will ship its first resource after five years of exploration and mine development, NewsDay reported.

Sam Hosack, CEO and Managing Director, stated in a message to investors that the company would focus its efforts on utilizing the Step Aside resource, helped by a fund of US$21 million. He said:

The successful completion of our Arcadia transaction continues to attract first-rate partners seeking development partners, putting the organisation in a leading position to capitalise on the mineral-rich sub-Saharan region.

His report included findings from Prospect’s first exploratory drilling campaign at Step Aside during the quarter.

The project is a single claim with a total area of about 100 hectares within the Harare Greenstone Belt, west of the Mashonganyika Fault, and is eight kilometres north of Arcadia Lithium Mine.

Prospect owns the claim outright.

Prospect said it had cash reserves of over A$30.3 million (US$21.47 million), placing it in a good position to operate during the current year.

In Zimbabwe and the larger sub-Saharan African region, the company is targeting mining projects involving raw materials for batteries and electrification.

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