HARARE – Zimbabwe’s Arcadia Lithium project has received a boost after shareholders of the parent company, Prospect Resources raised over 15 million United States dollars for expansion.
The Australian Stock Exchange listed mining firm, Prospect Resources, which is the key developer of Zimbabwe’s Arcadia Lithium project revealed in a statement new commitments from shareholders over fresh funding.
Under the initiative, the company states that the shareholders raised additional funds in new equity proceeds through buying over 45 million ordinary shares.
The company’s Managing Director, Mr Sam Hosack explains the importance of the new fund raising plan towards advancing development of the Arcadia Lithium Project in Goromonzi.
“We are very pleased with the strong support received for the placement as we look to accelerate the Arcadia Project,” said Hosack.
Mr Hosack also outlined how the funds will be used to facilitate growth in the future.
“We are working hard to complete the Direct optimised Feasibility Study on the Arcadia Project during the current quarter, this placement provides us with the flexibility to progress the project, select the best possible partner while also allowing us to pursue growth opportunities.”
Government projects Arcadia Lithium will generate half a Billion United States dollars annually by the year 2023.