The Arcardia Lithium Project in Zimabawe will undergo major construction works that will generate over 1000 new jobs. This is after Huayou, a Chinese corporationmade the $372 million acquisition.
Huayou, a worldwide firm headquartered in Tongxiang, China, announced recently the acquisition of the Arcadia lithium project from Prospect Resources Plc and minority shareholders. Following the acquisition, the business stated that it would invest $300 million over the following year to develop the mine and build a processing plant.
Arcadia Lithium Project mine capacity
The Arcadia Lithium Project is located 38 kilometers from Harare and is an open put mine. It is considered to have the largest hard rock lithium resource in the world.
According to the firm, the mine would have a capacity of 4.5 million tonnes of ore per year, which translates to around 400 000 tonnes of lithium concentrate per year. Huayou’s large investment has the ability to drastically impact the local community and promote Zimbabwe’s economic growth. President Mnangagwa presided at the project’s groundbreaking event in April 2018, which fits in with his “Zimbabwe open for business” credo. Lithium is strategically important to Zimbabwe’s economy, and it is a critical component of the Second Republic’s goal of developing a US$12 billion mining industry by 2023.
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The mineral, whose popularity has skyrocketed in recent years due to rising demand in the manufacture of electric vehicles, is estimated to contribute $500 million by that time. Notably, mining, in general, is an important aspect of Zimbabwe’s economy, accounting for more than 75% of the country’s foreign exchange profits and at least 12% of GDP. Huayou’s Arcadia project is Africa’s most advanced lithium project, and it will significantly boost Zimbabwe’s standing as a major worldwide supplier of rechargeable lithium minerals, which is presently the world’s fifth-largest producer with a single working mine (Bikita Minerals).
Huayou stated that the Arcadia project would be executed with great attention to the essential environmental care to restrict harmful emissions to a bare minimum. The corporation has also vowed considerable expenditures on cutting-edge technology to generate lithium concentrate and has committed to ensuring that information is passed on to its staff. The Chinese battery minerals company stated that individuals from the local community and the surrounding area would be given preference for employment at the mining site in Goromonzi, 38 kilometres east of Harare.
