eBusiness Weekly
Business Writer
Prospect Resources says it has successfully completed its rights issue to raise approximately 2 million Australian dollars (US$1,3 million) for its Zimbabwe-based Arcadia lithium project.
In a video posted on the company’s Twitter handle Prospect’s managing director Sam Hosack told shareholders that the Arcadia asset had not been changed by events happening globally.
He said the asset is in a unique position as it is the only lithium asset that will produce both the electric and glass markets.
Meanwhile Hosack said talks with Afreximbank for debt finance for the Arcadia lithium project have gone at a frustratingly slow pace, which is being exacerbated by the global finance upheavals caused by the coronavirus pandemic.
He, however, said completing the debt finance remains a focus area going forward.
“As the world gets back to normal, we expect that progress with Afreximbank will accelerate,” said Hosack.
Prospect is an ASX listed lithium company based in Perth with operations in Zimbabwe.
Prospect’s flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe.
The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by
Prospect’s experienced team is focusing on near term production of petalite and spodumene concentrates.
Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines.
Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses.
