Australian firm seeks financial partner for Acadia Mine
By Wellington Zimbowa
PROSPECT Resources is seized with securing a lasting financing partner for Arcadia Mine following its increase in shareholding to 87 percent, a deal worth around US$1 million.
The Australian Stock Exchange Limited Company’s board decided that interested parties will table partnership proposals in a competitive environment for Arcadia’s project after a considerate review of available funding options at the behest of wide responses from local and international bidders.
Thus the board is prioritising Arcadia development through partnerships to ensure more flexibility, while accelerating project implementation while limiting delays in its offset, said the company, in a statement.
Said the company managing director Sam Hosack: “…Excited with the interest from key players in the lithium sector and looking forward to working with Azure and Vermilion to find the right long-term partner for the funding and development of Arcadia Mine.”
Already, Azure Capital and Vermilion Partners have been duly elected to steer the project.
The company also revealed that Arcadia’s optimised feasibility study (OFS) was being steered on a dual-track basis by prominent engineering consulting group, Lycopodium Minerals.
Accordingly, two development conduits being evaluated through the OFS process were a two-stage development, to 2.4 Mtpa throughput, via progressive construction of two 1.2 Mtpa modules.
Through this plan, there is a guaranteed upfront capital pathway to production, enabling sufficient management of the project and the potential risks.
Prospect Resources is African focused ASX-listed lithium and battery minerals company identifying, exploring and developing assets in Zimbabwe.
Its flagship is the Arcadia Lithium Project located on the outskirts of Harare, in Zimbabwe, which represents a globally significant hard rock lithium resource being developed, while focusing on near-term production of spodumene, petalite and tantalum concentrates.