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Prospect secures US$10M export finance facility for Arcadia lithium mine

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Prospect secures US$10M export finance facility for Arcadia lithium mine

Prospect Resources Ltd.'s Prospect Lithium Zimbabwe (Private) Ltd. unit secured a US$10 million export finance facility from the Reserve Bank of Zimbabwe through CBZ Bank Ltd.

The facility carries an annual interest rate of 7.5% and a capital repayment holiday of 12 months, following which monthly capital repayments are required to be made for 24 months until May 2021. The company can also repay the loan anytime before the final installment without penalty.

The company said Sept. 11 that the proceeds are earmarked to fund development at the Arcadia lithium mine in Zimbabwe, including the construction of the tailings facility, pre-strip of the mine site and building construction.