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China, which is the leading consumer of lithium given its role in the manufacturing of lithium-ion batteries, has taken the lead in the scramble for the light metal in Zimbabwe.
Prospect halted exploration efforts at its Bikita Gem and Step Aside Lithium Projects, as the former yielded few results, while the latter was being prepped for sale.
In the firm’s annual financial results for the period ended September 30, 2024, the brick maker posted a loss of US$796 883 from a profit after tax of US$1,51 million.
The company had turned its focus to these lithium ventures after selling its flagship Arcadia Lithium Mine to Huayou Cobalt in 2022 for US$378 million.