Prospect Resources signs MOU with Sibelco
African lithium developer, Prospect Resources Ltd is pleased to announce that it has entered into a Memorandum of Understanding with SCRSibelco N.V for the offtake of Arcadia’s ultra-low iron petalite product.
Memorandum of Understanding
The purpose of the MOU is to provide an exclusive period of time for the parties to negotiate and execute a Binding Offtake Agreement for Arcadia’s ultra-low iron petalite product. The MOU contemplates signing the Binding Offtake Agreement by 1 June 2020.
Whilst 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.
Prospect’s 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 an annual turnover of some €3.5 billion. Once in production, Prospect will be the largest ultra-low iron petalite producer in the world.”
Lithium
Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature, it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of all metals, a key property in its role in lithium-ion batteries.
About Sibelco
Sibelco is a global industrial minerals solutions company. Sibelco 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 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 speciality minerals such as petalite. https://www.sibelco.com/