Prospect Resources ups stake in Arcadia Lithium Mine

By Stanley James

Prospect Resources is close to gaining full control of the Arcadia Lithium Mine after increasing its stake to 87 percent through a transaction worth one million United States dollars.

The Company announced in a statement that it bought 17 percent shares from another investor Farvic Consolidated Mines, thereby further consolidating its shareholding in the lithium project.

Prospect Managing Director Mr Sam Hosack, while confirming the development, reaffirmed commitment to the project.

“Indeed the transaction was concluded and we hope for further growth of the lithium production in the country as we eye or target for increased projects,” he said.

The Australian Stock Exchange listed firm says it is forging ahead with full scale mining and exploration of lithium at Arcadia in Goromonzi.

The project has also been identified by government as key in setting the tone towards the achievement of a US$12 billion mining industry by 2023.

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