Introduction of Arcadia Lithium Project in Africa

SHANGHAI, May 4 (SMM) – Arcadia mine is located in the Mashonaland region of Zimbabwe, backed up by mature and stable transportation system. Prospect Resources, a wholly-owned subsidiary of Huayou International Drilling, holds 100% equity in Arcadia. According to the announcement issued by Huayou Cobalt in December 2021, Huayou International Mining, a subsidiary of Huayou Cobalt, completed the acquisition of 100% equity in Prospect Resources for $422 million. According to the feasibility study report published in 2021, a facility with an annual ore processing capacity of 2.4 million mt will be built. The construction period is two years. After being completed, it will produce 147,000 mt of spodumene concentrate, 94,000 mt of technical-grade lithium permeable feldspar concentrate, 24,000 mtof chemical-grade lithium permeable feldspar concentrate, and 0.3 mt of tantalum concentrate per year. According to the JORC (2012) standard resource data of the Arcadia project released by Prospect Resources in October 2021, the project has a total ore volume of 72.7 million mt, with a lithium oxide grade of 1.06%, and contains 1.9 million mt of LCE.