Prospect Resources has been announced the winner of the 2019 Investment Battlefield at the Mining Indaba in South Africa for its lithium project in Zimbabwe.
Behind Prospect in second place was ASX and JSE-listed Orion Minerals, which presented its Prieska Zinc Copper Project, located in the Northern Cape in South Africa. It was represented by another Zimbabwean, Walter Shamu, the company’s Chief Operating Officer.
Prospect Resources was selected as the most promising of 22 junior mining companies who participated in the battlefield, which included explorers and developers in battery metals, bulk and base metals, precious metals, and energy minerals.
Executive Director Harry Greaves accepted the award after pitching the project to a panel of judges made up of 25 leading analysts and investors.
“The Arcadia Lithium Project represents Prospect’s flagship project. It is one of two mines in the world who can supply the highly profitable ceramics industry,” Greaves said.
The competition is open to mining companies with a market capital of $50 million or below.
“The Investment Battlefield, now in its third year, is the Mining Indaba’s way of supporting and promoting the junior mining industry across Africa,” said Mining Indaba investor relations manager Caroline Werner.
Last year, Prospect broke ground at its Arcadia mine near Harare, expected to produce 2.4-million tonnes of ore a year. This came after results of a definitive feasibility study confirmed that the mine would be profitable, with forecast life of mine revenue of US$2.93 billion and average annual EBITDA of US$106 million over a 12-year mine life.
In December, Prospect shipped Africa’s first battery-grade lithium carbonate, as it stepped up efforts to produce and find markets for a compound that is in high demand for use in batteries.