Prospect Resources Ltd says it has completed the sale of its 87% interest in the Arcadia Lithium Project to Chinese energy company Zhejiang Huayou Cobalt.
The US$377.8m transaction followed payment of US$26.8m in capital gains tax to Zimbabwe to which Prospect has received US$342.9m from the deal.
“Prospect Resources is pleased to advise that the sale of the Prospect group’s 87% interest in the Arcadia Lithium Project to Zhejiang Huayou Cobalt Co. Limited completed on 20 April 2022,” says the company.
Prospects adds that the transaction marks the next step in the company’s trajectory to a developer of lithium, battery, and electrification projects.
Zwnews
