- April 16, 2021
- Posted in LOCAL
Due to the continuously rising demand for battery-grade lithium, the need for high purity lithium raw materials is going to increase, Zimbabwean businessman and Prospect Resources Managing Director Sam Hosack has said.
In batteries, lithium is used for manufacturing cathodic materials: LiCoO2, LiFePO4, Li2MnO4, among others. The process of purifying lithium to high grade needed in the manufacturing of batteries will need raw materials in the production of other high purity lithium compounds.
“As demand for battery-grade lithium continuous to rise, so does the need for high purity lithium raw materials,’’ Hosack said.
Through his company, Prospect Resources Hosack is convinced that the firm’s Arcadia Lithium Mine in Goromonzi was on the right track to aid in the satisfaction of battery-grade lithium.
The Managing Director said that his company through the support it has been receiving from the government of Zimbabwe it was eager to contribute immensely to the President’s Vision for the mining industry to achieve US$12 Billion by 2023.
“I am very focused and have been for a number of years on the battery minerals complex this project is right in the sweet spot, being lithium,”
“I’ve also spent my career developing mining businesses in the lowest cost quartile and looking at Arcadia, I think that’s a huge attraction too. This project sits firmly in the bottom quartile.
“Lastly there’s the historical element. I am a Zimbabwean, and there’s a lot of history I have with the country which makes me feel it is an easy jurisdiction to develop a project in. That’s been backed up by huge support from the government.” Prospect managing director Hosack said.
Hosack said his company was looking forward to high production. The production drive will help the country become one of the largest lithium producers, currently, it is the fifth-largest with only one mine operating, Bikita Minerals.
Prospect Resources is aiming to start its pilot production project during the first half-year of 2021 according to Hosack.
“We are very comfortable with the jurisdiction, and our goal is to get this thing into production.”
“We have publicly stated that we will produce first product before June 30 from our pilot plant – that is well underway,” he said.
Prospect resources own 70 percent with an opportunity to grow to 87 percent is advanced. Funding conversations are ongoing and an optimised feasibility study is underway to assess a staged development plan of a 1.2 million tonne per annum output later broadening to the 2.4Mtpa outlined in an earlier study.
“We have also stated that in the third quarter we will be able to publish the results of the independent optimized feasibility study also well underway.
“Lastly, we intend to go through to a final investment decision for project funding at the end of this year. On the basis, we can achieve all of those I think it’s clear that we are indeed urgently tracking this thing towards production.” Hosack said.