Prospect Resources Ltd. secured an exemption from export taxes on unbeneficiated lithium produced at its Arcadia lithium project from Zimbabwe's Ministry of Finance and Economic Development.

The exemption is valid for five years from the start of mining operations, according to a Dec. 6 announcement from the African company.

Under its definitive feasibility study estimates, the project was expected to deliver a net present value, discounted at 10%, of US$533 million with capital expenditure of US$163 million and operating expenditure of US$278 per tonne.