Zhejiang Huayou Cobalt Co, has concluded the acquisition of Arcadia hard-rock lithium mine in Mashonaland East from Prospect Resources Limited.
According to a statement released by Prospect Resources Limited yesterday, the deal was concluded on Wednesday.
The environmental impact assessment for the project was renewed and the site of works plan was updated. Preparations for construction work would be started immediately.
Huayou executive vice chairperson George Fang confirmed yesterday that the company had acquired the Arcadia Lithium Project and was optimistic it would commence operations soon.
“With the support of the government, community and the joint efforts of all friends and Huayou, we strongly believe the project will successfully achieve commercial production as scheduled, make its contribution to the economy, create jobs, increase tax revenue, become a role model for Zimbabwe’s mining sector and a role model of Sino-Zimbabwe cooperation,” Fang said in a brief statement.