- August 7, 2020
- Posted in LOCAL
ZIMBABWE focused resource commodity company, Prospect Resources, which owns the Arcadia Lithium project says assaying results have confirmed that the company has potential to become the world’s only supplier of premium glass and ceramics market.
The mining concern is presently developing the Arcadia Lithium project, which is situated in Goromonzi near Harare.
In an update posted on the company’s website on Wednesday, the lithium producer said the spodumene and petalite product testing has confirmed that both products at Arcadia are suitable for the premium priced glass and ceramics market.
“The company is pleased to announce that both petalite and spodumene sample Inductively Coupled Plasma (ICP) results confirm lithium to iron ratios suitable for the premium glass and ceramics market.
“There are few mines in the world able to supply the premium priced, ultra-low iron, and technical market for spodumene or petalite.
“The suitability of the Arcadia Mine to supply both products to this coveted market is a win for the team,” it said.
The results confirmed that the Arcadia’s spodumene concentrate achieved an Iron Oxide (Fe2O3) level of 0,18 percent.
It said the result places Arcadia’s spodumene as one of the lowest iron products in the world — comparable to Talison Lithium’s Greenbushes mine.
“This not only places Arcadia’s spodumene as a premium product for the chemical market but presents an opportunity to sell an ultra-low iron spodumene and petalite blended product into the glass and ceramics market.
“We expect this blended product will achieve a premium price in the market because we can design the blend for each customer depending on their required lithium to iron ratio and therefore supply a finished product,” said the African lithium miner.
Prospect managing director Mr Sam Hosack was quoted as saying:
“The opportunity for Prospect to produce a technical grade ultra-low iron blended product of Arcadia spodumene and petalite, has the potential to deliver a fit for purpose product for glass ceramics customers and achieve higher sales prices.”
In January this year, Prospect announced that while the battery market is a key driver of lithium demand, the company will also remain focused on tapping into the glass and ceramics industry.
Recently, the lithium producer appointed AfreximBank as mandated lead arranger to arrange and manage the primary syndication of a US$143 million project finance debt facility.
The regional financier has proposed to fund and hold US$75 million of the facility.
The parties have also agreed a non-binding indicative debt facility term sheet.
It is believed that the Arcadia lithium project, which has been granted a Special Economic Zones status by the Government will create up to 10 000 jobs along the value chain.
Early last year, the Zimbabwe Special Economic Zones Authority (Zimseza) announced that the Arcadia lithium project was set to attract US$165 million in foreign direct investment with potential to generate an estimated US$3 billion income in the first 12 years of operation_The Chronicle