HARARE-- The Zimbabwe Mining Affairs Board has granted Australian Securities Exchange-listed Prospect Resources a mining lease for its Arcadia lithium project situated about 38 kilometers east of the capital, Harare, and close to the long established Arcturus gold mine.
Prospect is a Southern Africa-focused lithium and gold mining and exploration company based in Perth, Australia, with operations in Zimbabwe. In 2017, the Zimbabwe government granted the company the National Project Status to develop Arcadia.
The project is the largest lithium deposit in Africa comprising 808,000 tons of lithium oxide.
The Mining Lease covers an area of 1 031 hectares and encompasses some 57 Mining Claims owned by Prospect Lithium Zimbabwe, the company said in a statement on Tuesday. Under provisions of the Zimbabwean Mines and Minerals Act, a mining lease is a perpetual licence, renewed annually.
The purpose of a Mining Lease is to amalgamate contiguous mining claims under one licence, to simplify tenement management.
As of last month, the company's laboratory at its Arcadia Lithium Project was fully functional in the metallurgical test work, which would be instrumental in the commissioning of the beneficiation plant.
The company also operates Sally Gold Mine and Prestwood Gold Mine, located in Gwanda, Matabeleland South province.
In April this year, Prospect raised 25 million US dollars to fund the construction of its mine and plant at the Arcadia lithium project. The entire project is expected to be completed and in production by the second quarter of next year.
Source: NAM NEWS NETWORK