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Prospect Resources, Sibelco sign MoU over Arcadia project

Prospect Resources, Sibelco sign MoU over Arcadia project

ZIMBABWE-FOCUSED lithium miner Prospect Resources Limited has entered into a memorandum of understanding (MoU) with Sibelco N V aimed at promoting the start of Arcadia’s ultra-low iron petalite production.

BY TAFADZWA MHLANGA

In a statement, the company said the MoU will give the two parties a chance to negotiate and implement a binding offtake agreement for Arcadia’s ultra-low iron petalite product set to be signed on June 1 this year.

Prospect executive chairman Hugh Warner said: “I am pleased to announce that we have signed an Mou with Sibelco for Arcadia’s premium ultra-low iron petalite. Sibelco is the largest distributor of ultra-low iron petalite in Europe and possibly the world. It is a significant ‘blue chip’ European customer, with annual turnover of some €3,5 billion. Once in production, Prospect will be the largest ultra-low iron petalite producer in the world.”

While Prospect and Sibelco have agreed not to deal with any other party in relation to the supply of ultra-low iron petalite, nothing in the MoU prohibits Prospect from continuing discussions with the Uranium One Group.
Sibelco is a global industrial minerals solutions company and was founded in 1872, initially supplying silica sand from deposits in Flanders to Belgium’s major glass producers.

Sibelco is a privately owned family business, generating revenues of over €3,5 billion, operating 174 production sites in more than 30 countries and with a team of over 8 500 people.

Sibelco’s main products are silica, high purity quartz and specialty minerals such as petalite.

Headquartered in Perth, Australia, Prospect’s flagship unit is the Arcadia Lithium Project located on the outskirts of Harare.

Arcadia represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near term production of petalite and spodumene concentrates.

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NewsDay Zimbabwe

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