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    BREAKING NEWS
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    AfDB President Dr. Akinwunmi Adesina has underscored the significance of Africa Restraining its Reserves and Manufacturing Lithium Batteries for Electric Vehicles to be part of the Global Electric Vehicle Revolution
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    Arcadia Lithium Developer in Zimbabwe Prospect Resources Miners Spirited over Prices

    Posted On 05 Dec 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: Depositphotos

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Prospect Resources Plc, an architect of the Arcadia lithium project in Zimbabwe, asserts robust need from customers in battery, glass and ceramics markets will
    influence material advancements in global prices over the following periodic years. The company affirms that, current impetus packages in Europe around improving electric vehicle adoption and growth in these markets, firmly positions the EU to become the largest electric vehicle market and overtake China.

    Lithium (chemical grade or spodumene) is a key intake in the manufacture of electric car batteries and Zimbabwe, the world fifth largest producer, continues to profit once Arcadia (which becomes its second mine) commences production. In this regard, the mineral, which is available in Zimbabwe in limitless abundance, has been designated by the Government as one of the fundamental components of the enterprising target to thrive the mining sector into a $12 billion industry by 2023; with lithium accounting for $500 million.

    Mining contributes 60% of the annual foreign exchange inflows into Zimbabwe and the Government sees the sector fixing short to medium term growth. Averse this stage, the clean energy policies remain to increase impetus and in turn, boost the requirement for lithium to meet the growing global demand.

    Moreover, the company has approved off take agreements with global ogres in the production of glass and ceramics, for which petalite (technical grade lithium) is a major input. This, the Australia Stock Exchange (ASX) listed entity said, strengthens its strategy to commence near term production of high value petalite and spodumene near
    Harare, to take advantage of this rising market prices globally.

    “We have set ourselves clear targets in 2021, focused on rapid development of Arcadia to take full advantage of the lithium market resurgence,” asserted Prospect in a statement ratified by Managing Director Sam Hosack.

    Prospect announced its robust objective was high purity petalite and the recourse to vend into the glass and ceramics market, expanding this gives rise to the company unique and presents a long-term competitive advantage. The company has provided a Definitive Feasibility Study showcasing the strong financial capacity of the Arcadia project, finalized test work that materially enriched petalite comeback whilst also mitigating technical risk.

    Also, the company has endorsed an off take agreement with European industrial mineral leader Sibelco N.V further strengthening Prospect’s off take position. The minor lithium mining firm previously finished off a transformational capital raise exercise to fast track Arcadia as Africa’s leading lithium producer. In October, Prospect presented to
    investors a completely defined footpath to production. This was a key driver in the irresistible accomplishment of the capital raise, which enticed institutional investors.

    Prospect now has the reserves to promptly develop a pilot plant at Arcadia which will reproduce specimens that will illustrate Prospect’s financial and specialized purposes. Vastly honorably, it improves the project finance timelines as the company concentrates on a lower capital expenditure plant that allows for staged development of operations.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    10 Comments

    1. Mooya December 5, 2020 at 1:24 am Reply

      Thank you for signing me to new Africa news, newsletters. Lusaka Zambia. Mooya

      • New Africa Business News, Staff Correspondent December 5, 2020 at 1:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Sipho December 5, 2020 at 1:33 am Reply

      Hope Zimbabwe are equal partners in these deals and the great people of Zimbabwe be the main beneficiary. Cape town South Africa. Sipho

      • New Africa Business News, Staff Correspondent December 5, 2020 at 1:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Grace December 5, 2020 at 1:45 am Reply

      Thank you for reporting. These lithium should be for the government of Zimbabwe and her citizens be the sellers. Is not a good idea for foreign companies come and Lott these natural resources. I mean nationalize them all. Windhoek Namibia. Grace

      • New Africa Business News, Staff Correspondent December 5, 2020 at 1:47 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Erick December 5, 2020 at 1:53 am Reply

      I also agreed, is time to Nationalize all these companies that produce and sell our natural resources. Erick in Dar es Salaam, Tanzania

      • New Africa Business News, Staff Correspondent December 5, 2020 at 1:54 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Randy December 5, 2020 at 2:02 am Reply

      Yes, is time to keep all these natural resources that belongs to us, until we can account them all. Currently all these so call deals are not benefitting our continent and our people. Thank you for the report. Gaborone Botswana. Randy

      • New Africa Business News, Staff Correspondent December 5, 2020 at 2:06 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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