BREAKING: Arcadia lithium transfer to Chinese miner near completion

Prospect Resources

The sale of Arcadia Lithium mine to Chinese new energy lithium-ion battery material producer, Zhejiang Huayou Cobalt Co., Limited (Huayou) is near completion as Hoayou has been given the nod by the Chinese government to complete the transaction.

Rudairo Mapuranga

Huayou has notified Prospect that it has obtained the outbound investment certificate for the Transaction from the Ministry of Commerce of the People’s Republic of China (MOFCOM) required for completion of the Transaction.

Application for filing and registration by the National Development and Reform Commission (NDRC) has been submitted by Huayou. Once completing the filing and registration by NDRC, Huayou will apply for the relevant exchange registrations from a qualified bank supervised by the State Administration of Foreign Exchange (SAFE) and these confirmations are expected to be received in due course.

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As announced in December the Transaction for the sale of Prospect’s 87 per cent interest in the Arcadia Lithium Project (Arcadia) and associated intercompany loan to Huayou, for approximately US$377.8 million (A$528.4 million ) in upfront cash consideration will see the Chinese firm controlling 100 per cent of the Arcadia lithium mine.

Prospect Resources announced that the application for filing and registration by the National Development and Reform Commission (NDRC) has been submitted by Huayou. Once completing the filing and registration by NDRC, Huayou will apply for the relevant exchange registrations from a qualified bank supervised by the State Administration of Foreign Exchange (SAFE) and these confirmations are expected to be received in due course.

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