HARARE, October 31 (The Source) – Australian junior miner Prospect Resources said it has been granted national project status for its Arcadia Lithium project in Harare by the Zimbabwe government.
National Project Status is often applied to projects which have a large capital cost with a large portion of this cost being equipment and services not available in Zimbabwe.
Prospect is currently negotiating with potential investors to raise $55 million to construct a concentrate plant for its Arcadia lithium project in Harare.
In a statement on Tuesday company chairman Hugh Warner said Prospect would be exempted from paying duty on capital equipment over a five year period.
“National Project Status is another confirmation of the support we are receiving from the Zimbabwe Government to develop Arcadia. Our lithium deposit is covered by mining claims, our environmental approvals are in place and now we can add National Project Status which will help keep the upfront capital costs down,” said Warner.
“Once we settle off-take discussions and finance, we plan to begin construction of our Arcadia Lithium Deposit.”