Economy FDI MEGA DEALS

Prospect Resources - Arcadia & Good Days Lithium Projects

www.miningreview.com February 28, 2018
In progress
Oct 2019

Arcadia leads Zimbabwe’s mega mine projects

www.herald.co.zw October 09, 2019

Zimbabwe’s foremost lithium mining venture, Arcadia Lithium Project, is expected to go into production within 18 months of financial closure agreements amid revelations a list of development finance institutions has already agreed to fund the project.

May 2019

Prospect Resource’ Offtake Partner , Sinomine Begins Lithium Hydroxide Plant Construction

https://kalkinemedia.com May 17, 2019

On 17th May 2019, Prospect Resources announced that the Company’s offtake partner and major shareholder, Sinomine Resource Group Co., Ltd commenced construction (on 6TH May 2019), of a battery grade lithium hydroxide plant and a significant expansion to its existing battery grade lithium carbonate plant.

Dongpeng New Materials Co., Ltd, Sinomine’s wholly owned subsidiary, started with the phase 1 of its expansion plan focused on development of the 15,000 tpa battery grade lithium hydroxide plant at Dongpeng’s existing facility in Xinyu City, Jiangxi Province, with expected completion by August 2020. The Lithium Carbonate Equivalent (LCE) of this lithium hydroxide output is approximately 23,000 tpa. Prospect’s offtake agreement with Sinomine makes up approximately 64% of the lithium hydroxide plant’s total annual LCE requirements to reach capacity.

Mar 2019

Arcadia Lithium Project to start June

www.zimbabwesituation.com March 10, 2019

Latest Project Milestones: - Construction of the $165m mine process plant is set to begin in June 2019, and expected to be commissioned in November 2020. - Government recently granted the mining project special economic zone (SEZ) status, which naturally entitles it to various tax exemptions. - Completed preliminary work on site such as the contractors’ camp and fencing, but the bulk of the construction is expected to follow. - Production was expected to commence in the last quarter of next year.

Mar 2018

Arcadia Lithium Project Progress

www.mining-technology.com March 20, 2018

The Arcadia lithium project is considered to be one of the world’s biggest hard rock lithium resources.

Milestones: - The pre-feasibility study (PFS) of the project was completed in June 2017, while production is expected to start in the third quarter of 2018. - The project was selected as a priority project under govts Rapid Results Initiative (RRI) in January 2018. - The project is being developed in two phases, with the first phase involving the construction of the mine and the concentrator. The second phase will involve expansion of the mine site. - Prospect Resources commissioned a lithium carbonate pilot plant in February 2018. - Prospect Resources entered a conditional placement and off-take agreement with Sinomine.

Feb 2018

Prospect buy 70% of the Good Days lithium project

http://businessdaily.co.zw February 28, 2018

Prospect Resources has extended its lithium resource base in Zimbabwe by acquiring Barrington Resources' Good Days lithium project.

Milestones: - Prospect has drilled the known mineralised pegmatite zone to verify the historic geological model and undertaken two phases of soil sampling to identify other areas which may host economic lithium pegmatites. - Results confirm the prospectivity of the greater area. - The company intends to commence with a follow up exploration programme focusing on defining a JORC reportable Mineral Resource and generating material for metallurgical testwork.