Prospect Resources finalizes acquisition of Mumbezhi Copper Project in Zambia

Prospect Resources Ltd has finalized the transaction to acquire 85% of shares in the Mumbezhi Copper Project in the Zambian copper belt.

Prospect Resources managing director Sam Hosack says Zambia is the leading jurisdiction for exploration and development of mining activities in sub-Saharan Africa.

Apparently, Prospect Resources Limited is an Australian mineral exploration and development company focused on critical battery and electrification metals opportunities.

It has a team based in Harare, Zimbabwe and is leveraging its specialist skill set to identify, source, execute and build the next wave of battery and metals electrification projects in sub-Saharan Africa.

From 2016 until early 2022, Prospect focused on the exploration and development of its flagship Arcadia Lithium Mine project in Zimbabwe. Her team led Arcadia’s development from initial discovery, through resource definition, early-stage technical and economic assessment, final feasibility study, offtake agreements, pilot plant operation and strategic project financing process.

As part of the strategic financing process, we received a very attractive offer to sell Arcadia from Zhejiang Huayou Cobalt, which was ultimately accepted. This transaction closed in April 2022 and resulted in the sale of our 87% interest in Arcadia for approximately $378 million in cash.

Zwnews