Prospect eyes European market for Zimbabwe lithium

Zimbabwe-focused battery minerals developer Prospect Resources has further listed on Germany's Frankfurt stock exchange to gain greater exposure to the growing European lithium market.

Already listed on the Australian Securities Exchange, Prospect sees its Frankfurt listing as an important development step for the Arcadia lithium project, which is aiming to become Africa's first significant producer of battery grade lithium concentrates. It is also considering downstream processing options.

Arcadia has an ore reserve of 26.9mn t grading 1.3pc lithium oxide. A definitive feasibility study indicates that it can produce 212,000 t/yr of spodumene concentrate grading 6pc lithium oxide, 216,000 t/yr of low-iron petalite concentrate and 188,000 lbs/yr of tantalum concentrate over an initial period of 12 years.

Europe has been targeted as a key market for Arcadia as it needs petalite concentrate for its glass and ceramics market and spodumene concentrate for its electric vehicle and energy storage market.

Prospect has an offtake agreement in place with China's Sinomine International Exploration for 34pc of Arcadia's first seven years of production. A scoping study is under way on the possible development of a lithium hydroxide plant in Zimbabwe.

Arcadia is considered to be development ready as mining and environmental approvals have been received from the Zimbabwe government. Funding arrangements for the $163mn project need to be completed before it can progress to construction and commissioning.