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Why Goldman’s sees copper as an alternative to crypto

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Cryptocurrencies are an alternative to copper — not gold — when it comes to hedging against inflation, according to Jeff Currie, global head of commodities research at Goldman Sachs.

Inflation is rising as the global economy recovers from the effects of the Covid-19 crisis as central banks keep monetary policy historically loose and demand outstrips supply on multiple fronts. The U.S. Federal Reserve’s preferred inflation gauge, the core personal consumption expenditure index published Friday, increased 3.1% in April from a year earlier, exceeding expectations.

Gold and crypto have been deemed as hedges against rising prices, with crypto bulls in some cases championing bitcoin as a modern-day replacement for bullion. Inflation hedges aim to protect the investor against a fall in the purchasing power of money due to rising prices.

Gold prices have risen almost $200 since the beginning of April to hit a four-month high, fuelled by a weakening U.S. dollar and an increase in demand on the back of rising inflation expectations.

Meanwhile, cryptocurrencies have been on a wild ride. Bitcoin, for instance, is up more than 25 percent in 2021 but down more than 25 percent over the past three months.

Speaking to CNBC’s “Squawk Box Europe” on Tuesday, Currie said investors should not see digital currencies as a substitute for gold when looking at inflation hedges.

“You look at the correlation between bitcoin and copper, or a measure of risk appetite and bitcoin, and we’ve got 10 years of trading history on bitcoin — it is definitely a risk-on asset,” Currie said. He noted that bitcoin and copper act as “risk-on” inflation hedges, compared with gold, which is viewed as a safe haven, or “risk off.”

Copper surged to all-time highs in mid-May before suffering a sharp decline toward the end of the month, only to rebound again last week.

“There is good inflation and there is bad inflation. Good inflation is when demand pulls it, and that is what bitcoin hedges, that is what copper hedges, that is what oil hedges,” Currie said.

“Gold hedges bad inflation, where supply is being curtailed, which is … focused on the shortages on chips, commodities and other types of input raw materials. And you would want to use gold as that hedge,” he added.

In a note Monday, Goldman Sachs suggested that commodities broadly remain the best inflation hedge for investors looking for protection from a potential downturn.

In the note, Currie’s commodities research team noted that since stocks price in forward expectations for earnings and growth, they are a good hedge of “anticipated inflation.” However, once inflationary expectations become imminent enough to suggest central banks may be forced to hike interest rates, equities cease to be as to be as useful as an inflation hedge, they argued.

“Commodities are spot assets that do not depend on forward growth rates but on the level of demand relative to the level of supply today,” the note said.

“As a result, they hedge short-term unanticipated inflation, created when the level of aggregate demand is exceeding supply in the late stages of the business cycle.” — CNBC.

 

 

Chinese firm expedites Zim energy park project

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A Chinese firm, Tsingshan Group, is looking to speed up the setting up of a multi-million dollar Energy Park in Hwange, Matabeleland North Province, which will see the construction one of the biggest coke battery facilities in Africa, Business Times has established.

The energy park in Hwange, which will entail a 1.3m tonne coke battery and a 500 megawatts power station, is expected to play a huge role in supporting Tsingshan’s proposed multi-million carbon steel plant in Mvuma.

The Chinese firm has since completed the construction of a 150 000 tonne coke battery plant while construction of an additional 150 000 tonne coke battery plant has since resumed.

It is understood that before the end of this year, Tsingshan will commence construction of a third 1m tonne per annum coke battery, which will be the biggest in Africa.

“In terms of the project, the three coke battery plants will be housed into an area which will be called the Tsingshan Energy Park, which will house a capacity of 1.3m tonnes of coke production,” Mines and Mining Development minister, Winston Chitando said.

He added: “What will also happen is that in that energy park, it will house a 500 Megawatts (MW) power station and interestingly all that 500 MW power station will be entirely for the use of Tsingshan. The power station will be housed in that Energy Park.

Since the signing of the Memorandum of Understanding (MOU), with the government, Tsingshan has moved with speed to implement its vision in the spirit of the MOU.”

Top executives from the Tsingshan Group are expected to visit Zimbabwe in July for high-level engagements with President Mnangagwa’s government.

 

 

ZIMASCO, Portnex dispute set for arbitration

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A dispute between Zimbabwe’s biggest integrated ferrochrome producer, ZIMASCO and South African firm Portnex International is set to be resolved through an arbitration process, Business Times can report.

The dispute emanated from lease agreement debts running into millions of United States dollars.

Portnex and ZIMASCO, which operates furnaces in Kwekwe, chrome ore claims in Shurugwi, Guinea Fowl, Lalapanzi and Mutorashanga, entered into a five-year US$12m lease deal, which saw the South African firmoperating ZIMASCO’s Western plant in Kwekwe.

In addition to leasing furnaces, ZIMASCO also provided Portnex with support services on a cost recovery basis.

The support services include laboratory, weighing, sizing and crushing, transport, security, and secondary metal recovery.

Also, ZIMASCO, allowed its mining contractors to supply chrome ores from ZIMASCO’s claims to Portnex’s Western plant furnaces.

However, the lease deal expired last year, resulting in ZIMASCO reclaiming its Western Plant operations.

In fact, Portnex stopped operating the plant in 2019, citing operational challenges, before its lease expired in December 2020.

Consequently, there have been disagreements on the amount that Portnex owes ZIMASCO.

Well-placed sources at ZIMASCO told Business Times that a private arbitrator is set to be appointed to resolve the matter.

“There is a continued disagreement on how much Portnex owes Zimasco considering that some of the debts were accrued when the exchange rate was at 1:1. The matter had to be submitted before the courts for arbitration,” one source at ZIMASCO told Business Times.

It is understood that Portnex had intentions to purchase ZIMASCO’s three furnaces at Western plant.

But, due to the acrimonious relationship that existed between the two parties, Zimasco has decided to take back control over its Western operations after the expiry of the lease agreement.

There have also been disputes over the company’s alleged failure to pay rentals to ZIMASCO.

At one time ZIMASCO accused Portnex of having failed to fulfil its obligations under a lease agreement.

Portnex, on the other hand, had felt cheated saying ZIMASCO did not disclose that the company was heading for judicial management, under Reggie Saruchera of Grant Thornton after its indebtedness to banks and creditors shot up to about US$65m in 2015 from US$38m in 2009.

Consequently, ZIMASCO stopped operations in 2015 leading to the switching off of its furnaces at the Kwekwe refinery.

Three of its furnaces were, however, leased to Portnex in a US$12m lease agreement.

In 2018, ZIMASCO however exited from receivership in 2018 after posting a US$160m in turnover and a profit of US$45m.

At one time, the plant had to be shut down after Portnex failed to settle electricity power obligations.

Portnex took the case to the courts.

ZIMASCO is a unit of China’s Sinosteel Corporation.

120 year chart shows copper price supercycle only starting

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While hedge funds have gone soft on copper, the metal continues to trade within striking distance of all-time highs, but whether this is as good as it gets or just the beginning of a supercycle for the bellwether metal is far from settled.

The uberbull camp – led by Goldman Sachs – has seen its ranks grow and the predictions of inveterate contrarians like Goehring & Rozencwajg Associates of $30,000 copper no longer seem outlandish.

Copper and mining’s central role in the green energy transition has been well documented and as BMO’s Colin Hamilton put it with exquisite understatement in a recent report:

“Copper has rarely been a market short in confidence about future fundamentals.”

With the demand picture going from rosy to crimson, the bulls have seized upon long-standing issues around copper supply to buttress their arguments.

Falling ore grades (G&R has a convincing argument that porphyries, responsible for 80% of global supply, are nearing a reserves cliff), decades of underinvestment in exploration and development, and the vexing role of scrap have underpinned price expectations for a long time.

Voodoo Chile, Perumania, copperbelt tightening

To these factors, add the spectre of an unfavourable investment environment – to put it mildly – in Chile under a new constitution and left-leaning government. Goldman says some 1 million tonnes of future supply from the country could be in danger.

In Peru, the lurch leftward could make Chile’s proposed 75% royalty rates at today’s copper price look market friendly. If the frontrunner in presidential elections promises not to nationalize mines but would rather negotiate, you know how far the goalposts have shifted.

The Democratic Republic of Congo (DRC) has gone from 96,000 tonnes in 2007 to 1.3 million tonnes last year, and thanks to Ivanhoe and Zijin’s Kamoa-Kakula and greenfields like Deziwa, will soon overtake China as the no. 3 producer (that is if you don’t consider the DRC a de-facto mining province of China).

Inspired by Indonesia’s success with raw nickel bans, the central African nation reinstated its concentrate export waiver system, creating another choke point in an already tight global supply chain.

Zambia, closing in on 1mtpa, cannot be far behind.

Crude but effective

Imagine if these resource nationalism developments in copper were happening in global oil markets; where would crude be trading now?

It’s worth repeating that Chile is not the Saudi Arabia of copper, it’s the Saudi-Iran-Iraq-Emirates of copper.  And Peru the Russia. And Congo, Nigeria and Angola combined.

And it’s not as if oil workers in Saudi Arabia are wont to strike or local communities regularly blockade oilfields in Russia or that offshore rigs can be swarmed by artisanal  diggers.

(And just to draw that analogy out a bit further, the irony of course is that copper is the metal that’ll rid us of fossil fuels.)

All of which makes a purported White House policy of relying on other countries to supply metals to the US because “it’s not that hard to dig a hole. What’s hard is getting that stuff out and getting it to processing facilities,” seem particularly short-sighted.

But that’s a story for another day, perhaps for 2022 or 2024.

Froth flotation

Roskill attempted to answer the question ‘is copper entering a new supercycle?’ with a virtual copper summit last week.

Neal Brewster, chief economist at the fast-growing metals and chemicals research firm headquartered in London, presented a graph that puts copper’s current rally in perspective. A 120-year long perspective.

The chart not only shows some correlation between copper and oil prices and with it broader inflation, but also with nationalization and privatization trends for natural resource assets through the decades.

Bears’ most convincing argument that the copper market is already too frothy, is a slowdown in China as Beijing withdraws post-pandemic stimulus and steers its economy away from breakneck fixed investment-led growth in copper intensive sectors like the electrical grid, housing and transport.

Even in a similar scenario to the one that terminated the most recent supercycle where weakening Chinese demand conspired with an investment surge in new supply, the graph suggests the rally may have legs for a few years yet.

And on top of that in real terms copper has traded higher than today during at least five periods.

Click on chart for full size image

Mining.com

Zimbabwe in bid to clear mining project proposals

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ZIMBABWE has started clearing project proposals for the mining industry as part efforts to ensure the sector effectively contributes to the country’s economic development.

Processing of mining proposals for claims, exploration and prospecting has been a challenge for companies in the mining sector.
The move has seen government accruing a huge backlog which requires concerted efforts for the benefit of mining entities.

Responding to inquiries about the backlog, the Deputy Minister of Mines and Mining Development, Honourable Polite Kambamura outlined efforts to clear outstanding project proposals.

“We are doing our best to ensure that there is progress as we seek to achieve the intended efforts of the ease of doing business in Zimbabwe and therefore create that basis for increased activities,” said the Deputy Minister.

Government has identified the mining industry as one of the key pillars for economic development with players in the entire value chain meeting this week to chart the way forward regarding operational efficiency.

 

ZBC Newsonline

Gold Output Declines By 29% – Chamber Of Mines

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THE  Chamber of Mines  has attributed the decline in gold output in 2020 and the first quarter of this year to the havoc caused by the Covid-19 pandemic among other constraints.

Giving oral evidence to the Mines and Mining Development Parliamentary Portfolio committee Monday, ZCM chief executive (CEO) Isaac Kwesu said 2020 and the first quarter of 2021 had seen a decline of 29% in gold.

However, Kwesu highlighted constraints such as power outages, inadequate capital especially foreign currency, delays in payments by the Reserve Bank of Zimbabwe’s subsidiary, Fidelity Printers, pricing, sanctions imposed by the West against Zimbabwe, and discrepancies in the foreign exchange rates were also some of the glitches affecting gold production in Zimbabwe.

“In 2020, gold accounted for 40% mineral exports whilst 25% contributed to formal mining employment. Over half a million people were also benefiting from the sector as every dollar generated created US$3,00. Gold earnings circulate more than any other form of export,” said Kwesu.

According to the ZCM CEO; “Operating in a Covid-19 environment had affected the operations in most gold mines. In 2018, gold was at its peak compared to other previous years where it realised 35 tonnes although 2019 to 2021 we have seen a decline of 29% of gold in deliveries to Fidelity Printers.”

However, portfolio committee members questioned the ZCM and the Zimbabwe Mining Development Corporation (ZMDC) officials on why the country was experiencing an increase in gold leakages following the arrests of several people smuggling gold outside Zimbabwe.

Kwesu admitted there was a worrying increase in leakages but failed to give specific responses on the rise saying the Chamber of Mines relied on government departments for information.

“Leakages may have contributed to the low output delivered to Fidelity Life Printers. We need competitive markets where producers can deliver their output,” he said.

NewZimbabwe

Govt must ensure communities benefit from resources in their area

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REVELATIONS by the Zimbabwe Anti-Corruption Commission (Zacc) that it has started investigating the black granite mining industry in Mutoko following reports that local authorities were being paid peanuts in taxes by mining companies make sad reading.

Mutoko Rural District Council claims that it is getting a paltry US$1 per tonne of black granite mined from the area.

This was revealed during a Youth Initiative for Community Development anti-corruption symposium held recently at Mutoko centre.

Zacc prevention and corporate governance acting general manager Munyaradzi Magiga said there was a need to investigate the granite mining industry to plug loopholes and ensure that communities benefit from their natural resources.

“We do have those with loads of money getting claims ahead of those who applied for the same for some time. It is disturbing to hear that the local authority (Mutoko) is getting a dollar per tonne of granite. Surely a dollar? We need to investigate and see if this is not corruption by multinational companies,” he said.

“The granite blocks are going out and we will never recover them. It is a pity that you see a school with thatched roofs near a granite mine, yet council is getting nothing.”

It is a crying shame that Mutoko is one of the poorest districts in the country despite being home to several granite mining companies.

The plight of communities that are not benefiting from natural resources in their areas has become commonplace in the country. The communities in the diamond-rich Chiadzwa are living in squalid conditions despite the availability of the precious stone.

That diamonds are being smuggled out of the area for the benefit of the politically-connected at the expense of the community is not only scandalous, but tragic.

That it took a national outcry for government to reverse the decision to boot out thousands of Chilonga villagers for a Dendairy project highlights the extent  of the neglect of most communities to the benefit of multinational
companies.

The Hwange community continues to live in poverty despite vast coal, gas, lithium, timber and wildlife resources.

That communities remain impoverished while companies get richas from their resources is a damning indictment on government.

President Emmerson Mnangagwa’s administration has spoken ad nauseum about its desire to improve the lives of the citizenry. Ensuring that communities benefit from resources in their area should be the first step towards improving the lives of local communities.

 

NewsDay

Zacc descends on granite miners

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THE Zimbabwe Anti-Corruption Commission (Zacc) says it has started investigating the black granite mining industry in Mutoko following reports that local authorities were being paid peanuts in taxes by mining companies.

Mutoko Rural District Council claims that it is getting a paltry US$1 per tonne of black granite mined from the area.

This was revealed during a Youth Initiative for Community Development anti-corruption symposium held recently in Mutoko.

Zacc prevention and corporate governance acting general manager Munyaradzi Magiga said there was need to investigate the granite mining industry to plug loopholes and ensure that communities benefit from their natural resources.

“We do have those with loads of money getting claims ahead of those who applied for the same for some time. It is disturbing to hear that the local authority (Mutoko) is getting a dollar per tonne of granite. Surely  a dollar? We need to investigate and see if this is not corruption by multinational companies,” he said.

“The granite blocks are going out and we will never recover them. It is a pity that you see a school with thatched roofs near a granite mine, yet council is getting nothing.”

Mutoko is one of the poorest districts in the country despite being home to several granite mining companies.

The granite blocks are exported to Europe, where they are processed into expensive building materials.

“The whole issue around the black granite is confusing. In Zimbabwe, the granite is being classified as quarry, but in Europe, it is a precious mineral. Our government should look into this matter and declare it a mineral,” said a villager.

The symposium was attended by local traditional leaders and youth representatives.

 

NewsDay

Mining companies working in rural communities should not neglect their CSR obligations

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A CRAGGY dusty road in Deka area in Hwange East constituency, Matabeleland North Province, that links the area to Hwange town and to two of the country’s tourist attractions Zambezi River and Victoria Falls via Jambezi is now a death trap because of its bad state which makes driving on the road a miserable experience.

According to villagers, mining companies are to blame because when they applied for a permit to operate in the area five years ago, they undertook to tar the road but nothing has happened to date.

The villagers argue that the mining companies’ activities are not only causing the roads to be impassable but are also polluting Deka River causing their livestock and fish to die on a daily basis.

A villager, Mr Allen Mwembe, said while the main road was in battered condition, the interior roads were even worse, with most of them remaining mere mud tracks.

“Cars now rarely pass by and soon we will be weaned off the whole district because of the lack of road. These mining companies operating in our area are the ones who are destroying the roads and discharge effluent into rivers without any action being taken against them despite the fact that our livestock and fish are dying on a daily basis,” he fumed.

Mwembe who was also part of the villagers that recently threatened to block miners from operating in the area accusing them of continued disregarding for their pleas said the company has done little or nothing to support community development initiatives.

Another villager Mrs Ester Mulango also lamented: “We cannot permit our livestock, roads and water sources to be threatened while the companies are making a lot of fortune. It’s very absurd to experience misery amid plentiful resources.”

The situation in Deka area reflects how some mining companies working in rural communities are neglecting their Corporate Social Responsibility (CSR) obligations by not investing in development resulting in constant clashes with the locals.

CSR has been suggested as one of the ways through which the difficulties associated with mining can be ameliorated. Many, however, view the few programmes rolled out under this programme as having done little in meeting the needs of the affected mining communities.

Mining companies should now accept that the communities affected by their operations need to have basic services like roads, water, health care, electricity and sanitation.

It is important to note that while mining continues to play a key role in the economic growth of several resource-rich developing countries like Zimbabwe, however, there is evidence that mining activities in rural areas in the country have failed to benefit ordinary citizens and gravely affected the human rights and livelihoods of communities.

Over the past few years, the lack of benefits from mining has prompted those who are most affected to stand up. A case in point, is the standoff pitting Dinde Villagers and Beifer Investment in Matabeleland North province over a proposed coal mining project.

In a bid to resolve the conflict Minister of State for Matabeleland North Province Richard Moyo called for an all-stakeholder dialogue meeting with companies and investors working in the district to compel them to honour their obligations.

Addressing villagers in Dinde recently, Minister Moyo said it was high time companies exploiting natural resources in the district meaningfully plough back into the community.

“Along Deka, there are a lot of mines operating there but they are adopting a wait and see attitude to see who will start repairing the road they have damaged. We also have schools there that need to be built or maintained to ensure education is accessible to children from the area. There is a need for these mining companies to work together with the communities from which they are operating to ensure that they also benefit from their natural resources. We want investment but our people should also benefit outside of employment opportunities,” said Minister Moyo.

There is need to ensure that benefits derived from a mine are distributed properly throughout the community, as a lack of distribution can be a risk for companies, through popular uprisings and protests by local people demanding greater benefits.

Communities across the country are increasingly learning and understanding their rights regarding mining and economic development, hence it is important for companies to understand and mitigate such potential social risks and avoid conflict around the mine.

This is particularly true when it comes to local communities that are negatively affected by mining and mostly insufficiently compensated.

According to Zimbabwe Environmental Law Association (Zela) deputy director Mr Shamiso Mtisi community based human rights training is a critical element in capacitating community groups and individuals to assert and claim their rights against non-state actors in the natural resources sector.

“The rights that community members should claim to enjoy are not different from universally accepted human rights. What is important is for community-based groups to be aware of these rights and be able to assert them. In this case, communities in mining areas should be able to assert their rights against the mining companies with regard to the right to work or employment, the right to food, health, shelter and education among others. These rights entail that even people in rural areas and mining areas deserve an adequate standard of living.

“Community groups in Marange and Mutoko have been using various strategies to claim some of these rights against mining companies. In particular, the Chiadzwa Community Development Trust and community-based groups in Mutoko North Constituency have been claiming environmental, economic, social and cultural rights against mining companies that have been extracting mineral resources. Zela has used various strategies such as community rights training meetings, educational campaigns, advocacy, litigation and conflict resolution to promote and protect these rights,” said Mr Mtisi.

The environmental damages caused by mining operations are severe and long-lasting as it negatively impacts on sustainable development.

Mining companies have been struggling to build and improve on the reputation that has been damaged by the environmental devastations and social disruptions caused by their operations. The world over, mining companies have left a legacy of pollution and environmental degradation.

Meanwhile, local mining companies such as Zimplats, Unki Mine and Mimosa Mining have managed to address the social problems in communities they are operating from and beyond through the initiation of social programmes and projects. The projects cover health, education, drilling of boreholes, road construction and agro-industrial projects among others.

In 2011, Government effected the indigenisation and economic empowerment programme, one of whose facets were community share ownership trust/ schemes (CSOT/S) aimed at ensuring that communities have shares in companies that exploit natural resources in their areas and use the proceeds from the shares to fund development projects in their respective areas.

CSOT/S were introduced after a realisation that local communities, whose natural resources are being exploited, must have a say through guaranteed shareholding in the companies operating in their areas. This is because those communities bear the environmental, social and economic costs of extraction.

On why some mining companies working in rural communities were neglecting their CSR initiatives, senior researcher at the Labour and Economic Development Research Institute of Zimbabwe Mr Prosper Chitambara said there was no policy framework to govern mining companies to embark on CSR initiatives especially in rural development.

“CSR initiatives are really not compulsory so companies can choose to undertake them or not. In other words, companies do it out of benevolence and probably to spruce up their corporate images. Most organisations who are doing these initiatives, are poorly co-ordinating them. There is a lack of close-knit integration between these CSR initiatives and the organisation’s overall business strategies, goals, purposes and values,” said Mr Chitambira.

He said there was need to address issues of leakages because a number of corporate organisations were being accused of illicit financial flows and also to lock-in value to ensure that at least there was a lot of beneficiation value addition especially in those areas where the minerals were being extracted.

“I think that is the whole essence of the Government’s thrust of setting up special economic zones so that at least communities where there are minerals, they can actually benefit from those minerals through value addition. By so doing they are actually helping in creating employment opportunities for the communities and also to lock in values not just within the communities but within the country. Once that is done, we are able to achieve sustainable development in these communities,” he said.

When it comes to employment opportunities, investigations by Chronicle established that local populations may benefit relatively less from mining activity than migrants, in part due to a skills mismatch that hinders their employment in some of the better-qualified mining jobs.

The limited employment opportunities offered to locals by mining activity may also explain why neighbouring districts may not appear to benefit from mining.

Lack of corporate social responsibility also places women and girls in mining communities to provide sexual services to men in return for assistance. According to a 2016-2019 report by Centre for Natural Resource Governance (CNRG) Zimbabwean women living in the country’s mining areas are a constant target of sexual abuse, domestic violence on top of having their rights to water and other basics taken away from them.

“Women in communities hosting natural resources like minerals and wildlife suffer land and water grabbing which renders them unproductive, thereby increasing their vulnerability.

“They also endure gender-based violence and have limited or no economic opportunities for them to transform their lives. A spike in child marriages and pregnancies has been witnessed in all areas with active extractive industries. This is also exposing women and the girl child to sexually transmitted infections and social problems,” the report reads in part.

As a recommendation, the Government should set up regulations to govern CSR especially in rural communities should where mining companies should undertake their CSR programmes on a household level.

 

The Chronicle

Prospect says ready to start pilot lithium production

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AUSTRALIA-LISTED mining concern, Prospect Resources, says it is ready to start production at its Arcadia Lithium project in the next coming weeks after taking delivery of pre-assembled pilot plant equipment last week.

The Arcadia lithium project, which is situated near Harare, is presently under development with the company indicating that machine installations were underway.

In a latest update on its Twitter handle, Prospect indicated that among other activities, it was installing a crushing unit and has updated its core shed while ore stockpile has been completed.

“DMS (Dense Media Separation) unit ready for operation and making its way to Arcadia. Ready to start production in the coming weeks,” it said.

Recently, Prospect announced that they were expecting to start shipping high grade petalite to Europe by the end of June.

At the Arcadia project, Prospect has announced that it would be producing petalite, which is technical grade and spodumene, (chemical) grade lithium samples.

The company has decided to focus the pilot plant on producing only technical grade petalite samples using dense media separation (DMS).

The alternative is in accordance with Arcadia’s existing feasibility study flowsheet rather than producing both petalite and spodumene samples using a flotation flow sheet.

The DMS feasibility study flowsheet has proved to have greater technical certainty than the flotation flowsheet. The Australia-headquartered mining company has already signed offtake agreements with buyers in Europe and other markets for its lithium output but must submit samples to determine whether its produce meets technical specifications.

To qualify petalite with potential customers the company must provide samples of up to 100 tonnes per customer.

 

The Chronicle