Russian energy giant in talks for stake in Zimbabwe’s lithium project

In a separate notice, Prospect says  a new definitive feasibility study extended the estimated mine life to 15.5 years from 12 years. Output over that period is expected at 173 000 tonnes per year of spodumene concentrate, 122 000 t/yr of petalite concentrate and 173 000 lbs/yr of tantalite concentrate grading 25% tantalite pentoxide.

Capital expenditure for the project has been reduced by 2% to US$162 million, while the pre-tax net present value has risen by 39% to US$710 million. The project’s payback period has been reduced by 12 months to 18 months.

Life of mine operating costs vary from US$268 per tonnes for spodumene concentrate to US$458/t for ultra-low iron petalite concentrate.

Arcadia was recently granted special development status by the government, which allow the company some tax breaks. The project was also given a five-year exemption from paying export tax on unprocessed lithium. The company also reached a power supply agreement to account for worsening power cuts.

Prospect estimates that the project’s implementation phase will take 18 months once funding has been finalised, with a further five months for commissioning.

Uranium One has a globally diversified portfolio of assets located in the United States, where it has sites in Arizona, Colorado and Utah, and also has operations in Tanzania and Kazakhstan. It is majority-owned by JSC Atomredmetzoloto, or ARMZ, the mining arm of Rosatom, the Russian energy agency.

Rosatom, which has been scaling up its African interests, has plans to double revenue from its overseas business from US$6.6 billion in 2018 to US$15 billion by 2024.- NewZwire

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