Australian miner raises further US$5m for Zim

AUSTRALIA Stock Exchange (ASX)-listed mining firm, Prospect Resources is to sink a further US$5 million into Arcadia Mine following an overwhelming response to its fundraising initiative announced last week.

Arcadia is one of the most promising lithium projects in Zimbabwe, where at least four multinationals are at various stages of developing mines following a boom in demand on the international markets in the past six years.

Altogether, the mining houses are said to require about US$300 million to bring their operations to full capacity.

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