President Mnangagwa will officiate a ground-breaking ceremony for the Arcadia lithium project on 28 November 2018.
Arcadia’s ground-breaking ceremony has been announced following the release of the project’s Definitive Feasibility Study (DFS) on 19 November 2018.
The results of the DFS outlined that the mine is expected to generate a life of mine revenue of US$2.93 billion and an average annual EBITDA of US$106 million with a 12-year mine life.
The ground-breaking ceremony signifies a key milestone in Prospect’s path forward to finance, develop and produce lithium at Arcadia.
It also demonstrates the strong government support for Prospect Resources’ direct foreign investment into Zimbabwe, as we build the largest lithium mine in Zimbabwe.
“The ground-breaking ceremony is an important moment for the company, as it symbolises Prospect’s transition from an explorer into an emerging global lithium resource company,” says MD, Sam Hosack.
“The company is honoured to be hosting His Excellency President Mnangagwa and the government dignitaries, media, Sinomine, staff and the local community to view the site before it is active, and not available to the public.”