Prospect tying lose ends in Arcadia Lithium Project funding

Australian company Prospect Resources Limited has announced that it is in advanced talks with a number of African banks and other international financing institutions to fund its Arcadia Lithium Project, 35km east of Harare.

“Prospect continued discussions during the quarter and is now in advanced negotiations with a number of African development banks and other international
financing institutions regarding the possible project-financing of Arcadia,” Prospect said in a statement yesterday for the three month-period ended June 2019.

“Subsequent to the quarter end, the Reserve Bank of Zimbabwe (RBZ) approved Prospect’s acquisition of an additional 17% of the Arcadia Lithium Project from Farvic Consolidated Mines Pvt (Ltd) (Farvic) in accordance with the sale and purchase agreement dated October 3, 2018.

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