Modern Mining

Prospect Resources, a company listed on the ASX, has been announced as the winner of the 2019 Investment Battlefield competition at the Mining Indaba for its Arcadia lithium project located on the outskirts of Harare in Zimbabwe.

Prospect wins accolade at 2019 Mining Indaba

Prospect’s Harry Greaves presents on the Arcadia project.

Executive Director Harry Greaves accepted the award after pitching the project to a panel of judges made up of 25 leading analysts and investors. “The Arcadia lithium project represents Prospect’s flagship project” he said. “It is one of two mines in the world who can supply the highly profitable ceramics industry.”

A DFS on Arcadia has confirmed the technical and financial viability of a 2,4 Mt/a development able to deliver average annual concentrate production of approximately 212 000 tonnes of 6 % spodumene, 216 000 tonnes of 4 % petalite and 188 000 lb of 25 % tantalum. The mine will be a conventional open-pit operation with the ore treated in a standard conventional hard-rock pegmatite processing plant.

The project, which will cost US$165 million to develop, has a LOM revenue of US$2,93 billion, generating average annual LOM pre-tax cash flows of US$104 million per annum.

Prospect Resources was selected as the most promising of 22 junior mining companies who participated in the Battlefield, which included explorers and developers in battery metals, bulk and base metals, precious metals, and energy minerals. The competition is open to mining companies with a market capital of US$50 million or below.

The finalists in the competition were Prospect; Orion Minerals ,which is developing the Prieska zinc-copper project, located in South Africa’s Northern Cape; Theta Gold Mines (previously Stonewall Resources), which has a portfolio of gold assets in South Africa’s Mpumalanga Province, and Avenira, whose flagship asset is the Baobab phosphate project in Senegal. Orion was selected as the runner-up to Prospect.

“The Investment Battlefield, now in its third year, is Mining Indaba’s way of supporting and promoting the junior mining industry across Africa,” said Caroline Werner, Investor Relations Manager of Mining Indaba.

Among other things, the winner receives a free exhibition stand and 10-minute speaking slot at Mining Indaba 2020; promotion in the post-event report as the winner of the Investment Battlefield (a half-page write up as the hottest emerging mining investment opportunity in 2019); and three free passes to attend Mining Indaba 2020.

Photo courtesy of Mining Indaba.

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Title: Editor
Name: Arthur Tassell
Email: mining@crown.co.za
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