Prospect Resources Ltd has completed the acquisition an 85% interest in the Mumbezhi Copper Project on Zambia’s Copperbelt.

Prospect Resources Managing Director Sam Hosack says Zambia is a leading jurisdiction to explore and develop mining operations in sub-Saharan Africa.

Apparently, Prospect Resources Limited is an Australian-based mineral exploration and development company focussed on opportunities in critical battery and electrification metals.

It has a team based in Harare, Zimbabwe and is applying its specialist skillset to identifying, acquiring, progressing and building the next wave of battery and electrification metals projects across sub-Saharan Africa.

From 2016 through to early 2022, Prospect was focussed on the exploration and development of its flagship Arcadia Lithium Mine Project in Zimbabwe. Its team progressed Arcadia from initial discovery through resource definition, early-stage technical and economic evaluation, definitive feasibility study, offtake agreements, pilot plant operation and a strategic project financing process.

As part of the strategic financing process, we received a highly attractive offer from Zhejiang Huayou Cobalt to sell Arcadia, which was ultimately accepted. Completion of this transaction took place in April 2022 and saw the sale of our 87% interest in Arcadia for approximately US$378 million cash.