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Foreign mining investors responding to Zimbabwe’s ‘come hither’ mantra



Beyond precious metals – platinum, gold and diamonds – foreign direct investment is also set to flow into the industrial minerals sector, with Australian-listed junior Prospect Resources currently engaged in financing negotiations for its 87%-owned Arcadia lithium mine, near Harare, the capital city. According to a definitive feasibility study completed in November 2018, the mine, whose development will require $163-million, will produce 212 000 t/y of 6% spodumene, 216 000 t/y of 4% petalite and 188 000 lb/y of 25% tantalum in concentrate over the envisaged 12-year life-of-mine, generating cumulative revenue of $2.93-billion. Both spodumene and petalite are lithium- bearing concentrates.

About 34% of production for the first seven years is already under offtake with China’s Sinomine and its subsidiary, Dongpeng, the Asian country’s largest petalite chemical converter.

A special economic zone was declared over the project area in February, affording the mine significant concessions, including the right to operate exclusively in foreign currency.