China’s Zhejiang Huayou Cobalt to buy Zimbabwe’s Prospect Lithium for US$422 million

Prospect Resources has announced that it has signed a binding agreement to sell its interest in the Arcadia Lithium Project for US$378 million to new energy lithium-ion battery material producer, Zhejiang Huayou Cobalt Co.,Ltd- CSR Group.

Commenting on the Transaction, Prospect Managing Director and CEO, Sam Hosack, said: “The entire Prospect team is delighted with this outcome. It is the culmination of a process that gained global traction and generated inbound interest amongst potential partners for the world-class Arcadia Lithium Project.

I would like to thank Huayou for their professionalism throughout the process and in arriving at this commercial outcome. My sincere gratitude also to the Government of Zimbabwe, and all relevant ministries, departments and authorities, without whose strong support we could not have attracted a counterparty of Huayou’s standing and experience. Lastly, I would like to thank our financial and legal advisers for their hard work and diligence to-date.

We look forward to working with Huayou and relevant stakeholders within the Government of Zimbabwe to satisfying the conditions precedent, with a view to closing the Transaction in late in Q1 or early in Q2 of 2022.



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