Zimbabwe lithium project wins the Mining Indaba’s investment battlefield competition

CAPE TOWN (miningweekly.com) – Junior mining company Prospect Resources has won the 2019 Mining Indaba Investment Battlefield for its lithium project located in Zimbabwe.

Prospect Resources executive director Harry Greavesscooped the first prize at the Investing in African Mining Indaba, in Cape Town, after pitching the project to a panel of judges made up of leading analysts and investors.

“The Arcadia lithium project represents Prospect’s flagship project. It is one of two mines in the world which can supply the highly profitable ceramics industry,” said Greaves.

Prospect Resources was chosen as the most promising of 22 junior mining companies which participated in the competition. They included explorers and developers in battery metals, bulk and base metals, precious metals, and energy minerals. The competition is open to mining companies with a market capital of up to $50-million.

Orion Minerals CEO Errol Smart was the runner-up for his Prieska zinc/copper project, located in South Africa’s Northern Cape, one of the most prospective base metal districts in the world.

“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.

Among several prizes, Greaves won a free exhibition stand, three free passes and a ten-minute speaking slot at next year’s Mining Indaba.

The important role of junior and emerging miners has also been recognised by the Minerals Council South Africa, which said it was “simply delighted” by the second-place achievement of Smart, who is the chairperson of the Minerals Council’s Junior and Emerging Miners’ Leadership Forum.

During a media briefing at the Mining Indaba, the Junior and Emerging Miners’ Desk at the Minerals Council said junior and emerging miners generated R54.4-billion in revenue and spent R55.5-billion in 2018, despite challenging times faced by the industry as a whole.

“Developing this important component of the mining industry is key to growing and sustaining the mining industry in future,” the Minerals Council said.