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Prospect considers DRC cobalt project

02 Feb 2018 12:21 GMT
Prospect considers DRC cobalt project

Johannesburg, 2 February (Argus) — Perth-based metal developer Prospect Resources is to add cobalt to its portfolio as it attempts to grow as a new energy metals provider in Africa.

It has acquired an option on the Tombolo Klippe project in south eastern Democratic Republic of Congo (DRC). Sampling identified two cobalt and two copper anomalies within the project area.

Prospect is already developing the Arcadia lithium project in Zimbabwe, which has the largest mineral resource of any lithium project in Africa. Its proven and probable ore reserve is 26.9mn t, estimated to contain 868,000t of lithium carbonate equivalent.

It has a conditional agreement with China's Sinomine Resource Exploration to develop Arcadia supply offtake output and possibly develop Africa's first battery grade lithium carbonate plan.

Surface exploration was undertaken at Tombolo, but Prospect will carry out further exploration. By reaching exploration milestones, it can acquire up to 50pc of the project from TSM Enterprises by February 2020 and the remaining 50pc a year later.

Several Australian companies are developing cobalt-copper projects in the DRC, which holds more than half of the world's cobalt reserves. These include Nzuri Copper and Cape Lambert Resources.

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