Oliver Kazunga senior business reporter
PROSPECT Resources, developing the step-aside lithium project in Goromonji, has A$30.3 million (US$21.4 million) in cash to support future growth activities given its battery and electrified minerals strategy .
Last year, Prospect entered into an upfront cash consideration of US$377.8 million under a share sale agreement with China’s Huayou International Mining. His 87% stake in Prospect Lithium Zimbabwe is developing the Arcadia Lithium project, also in Goromonzi.
This transaction is the culmination of a strategic partnership process that Prospect has been undertaking since August 2021.
Following the successful completion of the transaction with Huayou International Mining, Prospect pledged to retain A$30-60 million to further the development of the Step Aside Lithium project.
The mining and exploration company said high-grade spodumene mineralization was also intersected at the wholly owned Step Aside Lithium project. There are now two of his high-quality lithium exploration assets making rapid progress in sub-Saharan Africa, including Namibia.
“It was another strong quarter for the company. We are well-positioned for the year ahead with clear and continued progress on our strategic objectives,” said Sam Hossack, managing director and chief executive officer of Prospect, on December 31, 2022. Appears in the company’s quarterly activity and cash flow reports for the periods ended.
He said the technical team is driving the company’s assets, while the corporate team is working elsewhere in sub-Saharan Africa to develop value through a process of identifying, evaluating, investing in, and promoting opportunities in batteries and electrified metals. We continue to focus on creating
Hosack said Prospect will be attending the Mining Indaba conference in Cape Town, South Africa earlier this month.
He said Mining Indaba is the perfect forum for prospects to advertise their qualifications and look for further opportunities.
“The successful completion of the Arcadia transaction continues to attract top-tier partners seeking development partners and positions the organization to take the lead in exploiting the mineral-rich sub-Saharan region.” said Hossack.
Prospect is a South African focused lithium and gold mining and exploration company headquartered in Perth, Australia with operations in Zimbabwe.
The company entered the Zimbabwe mining space in early 2012, looking for gold and other opportunities.