Prospect Resources, an Africa-focused battery minerals company, has selected J.R. Goddard (JRG) as the earthmoving contractor for the Arcadia Lithium project in Zimbabwe.
Image: Lithium ingots with a thin layer of black nitride tarnish. Photo courtesy of Dnn87/Wikipedia.
The company expects JRG to immediately start mobilization of plant and equipment with an objective to break ground on the lithium project in the coming weeks.
JRG is engaged into large-scale earthworks, civil construction and infrastructure development.
Prospect said that it likely to secure a funding of more than $55m to execute the first phase of the Arcadia Lithium project which will see the company produce lithium concentrates for export by 30 June 2019.
Located about 38km east of Harare in the Highveld, the Arcadia Lithium Project is in close proximity with the Arcturus gold mine. Arcadia spans across more than 14 km2 and features some historical lithium and beryl workings within an existing agricultural area.
Prospect said that it is now in total control of the control of the design, build, commissioning and financing of the Arcadia lithium mine and concentrate plant having signed an off-take agreement last month.
The company said that Sinomine had made an equity investment of worth A$10m ($7.52m) in the Arcadia Lithium project. Sinomine had also agreed to pay an additional $10m as advance or lithium concentrates after the ball mill is bolted down, revealed Prospect.
The Australia-based Prospect had signed a seven-year off-take agreement with Sinomine that covers for nearly 70% or phase one production at the Zimbabwean lithium project.
The company, in a statement, said: “Prospect still has some 30% of the phase one supply to sign under off-take agreements. A number of international and domestic parties have made indicative offers to finance the mine and to acquire this off-take, including traditional bank lenders, battery makers and car manufacturers.”
Prospect is also looking to build a lithium chemical plant near the Arcadia lithium mine as it believes that it offers several benefits for both downstream consumers of lithium.