ASX-listed lithium project developer Prospect Resources has appointed independent investment bank Renaissance Capital as its financial and merger and acquisition adviser for the proposed sale of its 87%-owned Arcadia lithium mine, in Zimbabwe, to Uranium One.
Prospect and Uranium One in December 2019 signed a memorandum of understanding, giving Uranium One a 90-day exclusivity period to complete due diligence on Prospect and the Arcadia mine.
The parties agreed to negotiate Uranium One's possible equity investment terms in Prospect or its subsidiaries and offtake terms for at least 51% of Prospect’s future lithium production.
Prospect on July 6 said discussions with Uranium One were progressing well.