ASX-listed Prospect Resources’ flagship lithium deposit has been identified as a priority mining development by Zimbabwe’s Office of the President and Cabinet.
Conferment of priority status on the Arcadia lithium project follows the new Zimbabwe government’s directive that the Ministry of Mines and Mining Development identify certain projects under the rapid results initiative’s first 100 days programme.
Zimbabwe’s new President, Emmerson Mnangagwa, is intent on making the country an attractive invesment desination.“The lithium project has been identified as one of those key projects within Zimbabwe that can help turn around the economy. “The board is encouraged by the strong support being offered by the government of Zimbabwe to fast-track Arcadia,” Prospect said last week.
The Perth-based lithium and gold miner is developing the Arcadia lithium project on the outskirts of Harare, with an expected 18-month lead time to production and plant commissioning in the third quarter of 2018.
A 2017 prefeasibility study (PFS), confirming the project’s technical and financial viability to become a significant producer of spodumene, petalite and tantalite concentrates, showed a 15-year life-of-mine based on an ore reserve of 15.8-million tonnes grading 1.34% lithium oxide and 124 parts per million tantalum pentoxide.
The PFS anticipated production of 75 000 t/y spodumene concentrates, ramping up to 123 000 t/y, and 155 000 t petalite concentrates and 88 000 lb/y tantalite concentrates over the mine life.
The PFS estimates cash costs of $260/t lithium concentrate produced and a low start-up capital expenditure of $52.5-million.