JOHANNESBURG (miningweekly.com) – ASX-listed Prospect Resources’ flagship lithium deposit has been identified as a priority mining development by Zimbabwe’s Office of the President and Cabinet.
The Arcadia lithium project has been selected following the new Zimbabwean government’s directive that the Ministry of Mines and Mining Development identifies certain projects under the rapid results initiative’s first 100 days programme.
“The lithium project has been identified as one of those key projects within Zimbabwe that can help turn around the economy. The board is encouraged by the strong support being offered by the government of Zimbabwe to fast-track Arcadia,” Prospect said on Wednesday.
The Perth-based lithium and gold miner is developing the Arcadia lithium project, on the outskirts of Harare, with an expected 18-month lead time to production with plant commissioning in the third quarter of 2018.
A 2017 prefeasibility study (PFS), confirming the project’s technical and financial viability to become a significant producer of spodumene, petalite and tantalite concentrates, showed a 15-year life-of-mine based on an ore reserve of 15.8-million tonnes grading 1.34% lithium oxide and 124 parts per million tantalum pentoxide.
The PFS anticipated production of 75 000 t/y spodumene concentrates, ramping up to 123 000 t/y and 155 000 t petalite concentrates and 88 000 lb/y tantalite concentrates over the mine life.
The PFS estimates cash costs of $260/t lithia concentrate produced and a low start-up capital expenditure of $52.5-million.