HARARE– Australian listed company Prospect Resources, recently received subscriptions for approximately 41.9 million new ordinary shares at A$0.155 per share to raise A$6.5m (US$5.03m) has completed 70% of its Engineering, Procurement and Construction (EPC) scope for the Arcadia Lithium Pilot Plant.
According to the company’s MD, Sam Hosack, this progress places the firm on course to achieve first shipment of high purity petalite by end Q2 CY2021.
“The company’s project team have now delivered approximately 70% of the works required to commence production at our Pilot Plant. Its pleasing to report development of the Pilot Plant remains on time and on budget, with Prospect on target to ship high purity petalite by the end of June 2021,” said Hosack.
In the same quarter the company is also expected to have the site power operational, to commission the crushing circuit as we as the Dense Media Separation (DMS) unit.
According to Hosack the company is in the process of mobilizing mining blast and mining contractors is expected to commence production this quarter as well as the shipment to port of the first shipment of high purity petalite product.
Hosack also revealed that “The Pilot Plan forms a critical part of our project development and market integration strategies and we look forward to providing key customers with high-value petalite product to complete their qualification requirements. Prospect is generating spodumene samples via an experienced third party laboratory, as downstream lithium chemical customers only require 2kg spodumene samples to qualify.”
The Arcadia Lithium project, which has a 15-20-year mine life, will cost an estimated US$52.5 million to develop.
Zimbabwe currently has four large projects, all of which are not fully financed. Prospect Resources (Arcadia) is the largest at an estimated 71Mt, Zimbabwe Lithium at 23Mt, Bikita Minerals 13.2Mt and Zulu Lithium at 20.1Mt.