One-on-One with Prospect Resources CEO Sam Hosack
In the realm of mining and exploration, Zimbabwe holds vast potential yet struggles with a key obstacle – funding a Mining Executive has said.
However, amidst this challenge, some individuals and companies have managed to build successful ventures that spearhead economic growth within the country. One such remarkable figure is Sam Hosack, the Chief Executive Officer of Prospect Resources. Mining Zimbabwe had the privilege of sitting down with him to delve into the projects his company is currently running and to gain insights into his take on the investment climate in Zimbabwe.
Known for his efficacy as a project builder, Hosack unequivocally believes that Zimbabwe possesses immense opportunities for new ventures and boasts a workforce rich in qualifications and expertise. Let’s get into it!
Can you please tell us about yourself and how you ended up in your position?
I am an Engineer by training who joined Prospect as CEO in 2018. Before Prospect, I held senior project and operations roles at a leading African and global miner, First Quantum Minerals (FQM) over a 14-year career. At FQM, I was shaped into a very effective project builder, in charge of driving the design, construction and delivery of major mine and infrastructure facilities across Africa, Europe, Central America and Australia. The depth and breadth of these demanding and challenging experiences shaped me as a professional and as a leader, with skills and experience that I utilise every day at Prospect as we grow the business.
What does it mean to be CEO at Prospect Resources?
It’s a great honour and responsibility to lead an organisation, and every day I spring into action to serve the team. I have really cherished partnering with the smartest and most experienced people in our industry and building a team that has fantastic credentials. The team challenges me, and in turn, I see my role being to ensure the team has the focus and resources they require to achieve our strategic goals. Holding the team and Board in balance is an important daily goal, bringing the best shareholder value from our work.
Prospect Resources has created a strong presence in critical minerals exploration. What do you seek to achieve as a company?
The Company recognises its competitive advantage and has embarked on a strategy of exploring and developing battery mineral commodities, principally in sub-Saharan Africa, applying the cash generated from the sale of our world-class Arcadia Lithium Project in 2022. Prospect is seeking to achieve the development of such projects into productive and economic mining operations, focused on lithium, rare earth minerals and copper. We see all these commodities as particularly important in the electrification transition, as the world seeks to move away from dependence on fossil fuels for its energy needs.
It is public knowledge that your company is currently conducting exploration at a 400-hectare land (Step Aside project) 8km North of the Arcadia lithium mine. Why did you choose this particular place and what was the potential like before you conducted the first phase of exploration?
The Step Aside Project is situated in a comparable geological position to the Arcadia Mine and as such, was always thought to be prospective for its lithium mineral potential. There were small defined pegmatites and anomalous lithium soil geochemistry defined back in 2018, long before the first phase of exploration drilling commenced at Step Aside in October 2022. What excites us about Step Aside is the high-grade lithium mineralisation, which whilst different to Arcadia has some unique advantages.
Your company has completed two phases of mixed RC and diamond drilling programs at the Step Aside project. How many holes have been drilled at current and what are the results like?
Prospect has now completed three phases of mixed RC and mainly diamond drilling at Step Aside since late 2022 for 17 RC and 76 diamond holes for a total of about 8,400 metres.
We understand that the fourth Phase drilling program is set to commence. How many holes are you targeting to be drilled and what are your plans after the phase 4 drilling program?
Phase 4 is set to commence in late January and will constitute about 2,000m of diamond drilling. A mineral resource estimate could then be estimated for the entire Step Aside Lithium Project.
The nation will be curious about your plans for the Step Aside project after exploration. Do you also intend to dispose of the project after a successful exploration phase as you did with the Arcadia lithium project?
The Prospect team have the credentials to fund and build a mine at Step Aside, however, the decision whilst being so near to Arcadia is whether we can justify a stand-alone mine. Typically in this scenario, the Arcadia mine would process Step Aside ores, in which case we will evaluate the best means to create value from our work.
What is your perspective on the investment climate in Zimbabwe and what policies do you think need to be adjusted for easy flow of mining business?
Get the full interview on the Mining Zimbabwe Mining Indaba Edition HERE