Arcadia Lithium Project
The Arcadia Lithium Project represents PSC’s flagship Project. Since acquiring the project in mid-2016, PSC has progressed the project from discoveries to an updated DFS in a 3 years period.
Dec 2019 Mandated Lead Arranger Appointed
Afreximbank Mandated to Arrange US$143M Debt Facility
- Afreximbank to arrange and syndicate a US$143m project finance debt facility
- Afreximbank to provide US$75m of the facility
- Afreximbank is one of the largest African development banks with significant experience financing projects in Zimbabwe
Dec 2019 Updated DFS
Prospect Resources Updates Arcadia Definitive Financial Study
African lithium company, Prospect Resources Ltd (ASX:PSC, FRA:5E8) (“Prospect” or “the Company”), is pleased to advise that it has updated its DFS on the 2.4 million tonne per annum (Mtpa) development of its flagship 87% owned Arcadia Lithium Project (“Arcadia” or “the Project”) in Zimbabwe. The results reinforce the Project’s financial and geological merits, positioning the Company as a leading lithium producer to both the chemical and technical markets.
Prospect’s Managing Director Sam Hosack said “The material upgrade to our DFS on a base case of a 2.4 Mtpa development of the Project is a significant achievement. The DFS results position the Company to secure a key role in the expanding global lithium market and validates my belief that Arcadia is Africa’s leading lithium project with respect to its scale, grade, economics and management team. These outcomes demonstrate Arcadia’s ability to rapidly payback project finance.”
Nov 2019 Ore Reserve update
Prospect Resources set to upgrade project economics at Arcadia following significant increase in Ore Reserve
- Ore Reserve increased to 37.4Mt@1.22% Li2O, a 39% increase;
- Contains an estimated 457,000 tonnes of Li2O (1.12Mt of Lithium Carbonate Equivalent) and 10 million pounds (Mlbs) of Ta2O5;
- Upgrade reduces risks associated with grade control and orebody knowledge, with 30% of the Ore Reserve in the Proved category;
- Increased Life of Mine beyond 15 years based on a 2.4Mtpa operation; and
- Confirms Arcadia as the 7th largest global hard rock lithium asset
Mar 2019 Significant Project Economics Update
Value Engineering Program Delivers Significant Enhancements to Project Economics at Arcadia Lithium Project
Value Engineering undertaken successfully demonstrates that the Arcadia Lithium Project will be able to utilise High Pressure Grinding Rolls (HPGR) in its processing design
Feb 2019 Special Economic Zone Granted
Arcadia Lithium Project’s application for Special Economic Zone has been approved
The SEZ licence is valid for 10 years, with the ability to renew and extend the licence prior to expiry. A summary of the SEZ incentives includes:
Nov 2018 Maidan DFS Release
Arcadia Definitive Feasibility Study Confirms Leading African Lithium Project
Positive DFS on 2.4 Mtpa base case delivers investment metrics for project financing and development.
Aug 2018 Mining Lease Granted
Grant of Mining Lease over the Arcadia Lithium Mine
The Mining Lease covers an area of 1,031 hectares and encompasses some 57 Mining Claims owned by Prospect Lithium Zimbabwe. The purpose of a Mining Lease is to amalgamate contiguous mining claims under one licence, to simplify tenement management.
Oct 2017 National Project Status Received
- National Project Status is granted for 5 years
Jun 2017 Environmental License Received
Government Environmental and Investment Approvals Awarded for Arcadia Lithium Development
Arcadia’s Environmental Impact Assessment approved by the Zimbabwe Environmental Management Agency providing permission to develop and operate · Investment License awarded by the Zimbabwe Investment Authority to develop Arcadia providing fiscal and investment incentives
Dec 2017 Ore Reserve Update
Prospect Announces Significant Increase in Ore Reserve at Arcadia
Arcadia is the largest JORC Code reported lithium deposit in Africa – comprising ~808,000 000t contained lithium Li2O (~2,000,000t contained lithium carbonate equivalent – LCE)