DR Congo: Prospect Resources to acquire 75% stake in Malemba Nkulu project
(Ecofin Agency) - Prospect Resource which operates the Arcadia lithium project in Zimbabwe, announced today July 9 it entered into an option agreement with J3 Mining to acquire up to 75% interest in the Malemba Nkulu lithium and copper-cobalt project in DR Congo.
The transaction is subject to a free 90 day due diligence period which ends next September 25. Concerned assets include two exploration permits covering about 455 km² in Manono district, about 400 km in North-East of Lubumbashi, in south eastern DRC.
CEO Hugh Warner (photo) said the acquisition of another lithium and cobalt-rich significant project fits with the company’s profile as it operates metals used in energy sector.
“Our team has reviewed numerous DR Congo cobalt and lithium projects over the past 12 months. We look forward to getting on the ground to begin exploration at Malemba Nkulu,” he said.
Prospect Resources plans to set a processing plant handling 1.2 million tons per annum to produce lithium concentrate at its flagship project Arcadia which is the largest JORC Code reported lithium deposit in Africa.