- African lithium developer Prospect Resources (PSC) has signed an offtake agreement with the largest distributor of ultra-low iron petalite in Europe, Sibelco N.V
- The seven-year agreement is for up to 100,000 dry metric tonnes of high quality, ultra-low iron petalite concentrate every year
- Now, all of Prospect’s 2019 definitive feasibility study petalite production for the first seven years is covered by offtake agreements
- On the market today, Prospect is up 25 per cent and is trading for 22.5 cents per share
African lithium developer Prospect Resources (PSC) has secured a new long-term offtake partner, Belgium-based Sibelco N.V, for its Arcadia Lithium Project on the outskirts of Harare in Zimbabwe.
The seven-year agreement is for up to 100,000 dry metric tonnes of high quality, ultra-low iron petalite concentrate every year.
Now, all of Prospect’s 2019 definitive feasibility study petalite production for the first seven years is covered by offtake agreements.
Managing Director Sam Hosack is pleased that it has signed an offtake agreement with Sibelco.
“Sibelco is the largest distributor of ultra-low iron petalite in Europe and possibly the world and we believe that this is the largest ultra-low iron petalite offtake agreement ever signed,” he said.
“Sibelco is a global industrial minerals business, with an annual turnover of some €3.5 billion (around A$5.7 billion). Once in production, Prospect is expected to be the largest ultra-low iron petalite producer in the world,” he added.
Earlier this month, Prospect announced Arcadia achieved a lithium to iron ratio that is suitable for the premium glass and ceramics market.
On the market today, Prospect is up 25 per cent and is trading for 22.5 cents per share at 12:06 pm AEST.