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Prospect Lithium Zimbabwe (PLZ) on Thursday said exports from Arcadia will commence in the near future.
The construction phase of the mine’s US$275 million processing facility commenced in May 2022 and ended in January 2023, reported <a href="https://www.theindependent.co.zw/local-news/article/200010457/lithium-miner-to-start-exports">The Zimbabwe Independent</a>.
In an address to staff to mark the first year of Prospect’s Chinese controlling shareholders at the mine, Prospect general manager Henry Zhu said:
<blockquote>
On the international market, the prices of lithium have gone down significantly in the last few months.
Work is being done on the ground for the company to start exporting products in the near future.
</blockquote>
Prospect chairperson George Fang said the commissioning of the plant will happen in due course. After that production will commence. Said Fang:
<blockquote>
We embarked on this journey last year, on April 20, 2022, when our parent company, Zhejiang Huayou Cobalt Company Limited, acquired the PLZ asset and began building one of the world’s most sophisticated plants for the processing of hard rock lithium mineral resources.
At inception, we called on local communities to take up employment opportunities and this prioritisation resulted in hundreds of people being employed from local villages and wards in Goromonzi District, while people with varying skills came from all over the country.
</blockquote>
Prospect is owned by Zhejiang Huayou Cobalt Company Limited.
Zhejiang Huayou is a new high-tech enterprise founded in 2002 and specializing in research and development, and manufacturing business of new energy Li-ion battery materials and new cobalt materials.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Pindula News

Lithium Miner To Start Exports "Soon"

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, <a href="https://www.newsday.co.zw/business/article/200006804/investors-flood-prospect-after-us378m-deal-as-asx-listed-resources-junior-fires-up-hunt-for-fresh-zim-fortunes">NewsDay</a> 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:
<blockquote>
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.
</blockquote>
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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Takeover Of Goromonzi-based Arcadia Lithium Mine Attracts Investors For Prospect

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