Chinese group Zhejiang Huayou Cobalt has earmarked $300 million to invest in the rapid development of the Arcadia project in Zimbabwe to include a lithium operation and processing plant.
Per a Reuters report this week, Zhejiang Huayou, one of the top cobalt producers in the world, recently completed a purchase of the hard-rock lithium property just outside of Harare from Australia’s Prospect Resources as well as other Zimbabwean minorities.
Huayou subsidiary Prospect Lithium Zimbabwe said in an update, according to the report, that it will develop the project rapidly in the coming year. The operation’s process plant is expected to have a capacity of 4.5 million tonnes of ore and production of approximately 400,000 t of lithium concentrate annually.
Arcadia should deliver first spodumene and petalite in 2023.