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PROSPECT RESOURCES LIMITED — Capital/Financing Update 2018
May 15, 2018
65617_rns_2018-05-15_cdb85d77-8b78-4d3b-8b48-8ab6bcccd980.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 16 MAY 2018
Prospect Resources appoints DRA to Arcadia Lithium Project
Prospect Resources Limited (ASX: PSC) (Prospect, the Company) is pleased to announce that it has appointed global engineering firm, DRA to provide engineering services and upfront design for their flagship Arcadia Lithium Project, located 38kms east of Harare, Zimbabwe.
The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is rapidly being developed by Prospect’s experienced team. The 1.2Mtpa process plant will produce saleable lithium concentrate of both spodumene and petalite.
“We believe that DRA is the perfect partner for Prospect to align with on the Arcadia Lithium Project. Their broad capabilities, 15-year track record in gold, platinum, diamonds and lithium in Zimbabwe and team of highly skilled engineers and designers provide an invaluable service offering to Prospect Resources Limited,” said Harry Greaves, Executive Director of Prospect Resources Limited.
The project begins with engineering planning, design and scope clarification which will culminate in a baseline document for the project. Certain long lead time items have been ordered with additional equipment orders due to be issued imminently. Site preparations have commenced including land clearing in preparation for the pre-stripping to get under way and for the tailings dam to be built.
Paul Howard, Senior Vice President Origination (EMEA) of DRA said, “Our historical relationship with Prospect’s management team makes DRA a logical fit for the Arcadia Lithium project and one which we are excited to be a part of. It is DRA’s future expectation to assist in battery mineral projects, which will help develop sustainable battery powered transport solutions, and contribute to a greener environment. This will be particularly positive when it comes to the reduction of greenhouse gasses.”
The engineering and design portion of the project is valued at approximately R5.3m. The entire project is expected to be completed and in production by the second quarter of 2019.
In addition, in co-operation with the Ministry of Mines and Mining Development, the Company is expecting His Excellency, The President of Zimbabwe, to officiate at the ground-breaking ceremony of the Arcadia Mine. The Company is awaiting confirmation of a date when His Excellency is available, at which time we will make an announcement and extend invitations to all shareholders to attend.
Prospect Resources Limited | ACN 124 354 329
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Phone: +61 8 9217 3300 | Email: [email protected] W: prospectresources.com.au
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ASX ANNOUNCEMENT 16 MAY 2018
About Prospect Resources Limited
Prospect Resources Limited (ASX:PSC) is an Africa-focused battery minerals company based in Perth with operations in Zimbabwe, and exploration activities in Zimbabwe and the DRC.
Prospect’s flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe. The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near term production of spodumene and petalite concentrates.
For further information, please contact:
Hugh Warner Harry Greaves Prospect Resources Prospect Resources Executive Chairman Executive Director Ph: +61 413 621 652 Ph: +263 772 144 669
About DRA
DRA is a highly successful and credible diversified global engineering, project delivery and operations management group, with an impressive +30-year track record. Known for their collaborative approach and extensive experience in project origination and delivery, as well as turnkey operations and maintenance services, DRA delivers optimal solutions that are tailored to meet clients’ needs. With expertise in the areas of geology, mining, mineral & metals processing, water, energy, agricultural engineering and infrastructure, DRA delivers truly comprehensive solutions. With 12 global offices, DRA offers flexible engineering & operations management services worldwide.
For more information, visit www.draglobal.com
Enquiries: Christo Visser Senior Vice President Origination (Global Support) [email protected] Ph: +61 402 901 555
Prospect Resources Limited | ACN 124 354 329
Suite 6, 245 Churchill Ave. Subiaco WA 6008 | Phone: +61 8 9217 3300 | Email: [email protected] W: prospectresources.com.au
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