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Prospect Resources hints on plans to prospect for rare earths in Zimbabwe

By Business Reporter – Tuesday 31 March 2020

HARARE (Mining Index) – LITHIUM explorer, Prospect Resources Limited (ASX:PSC, FRA:5E8) has hinted its intention to prospect for rare earth elements (REE) in Zimbabwe.

In its half-year financial report ended 31 December 2019, the lithium giant noted ‘The potential for Rare Earth Elements (REEs) has also never previously been assessed.’

In November last year, United Kingdom (UK) based Rainbow Rare Earths, through its local subsidiary Rainbow Zimbabwe acquired 10 mines in northern part of Zimbabwe to prospect for rare earth metals.

Global demand for REEs has grown significantly in recent years, driven by increased use of rare earth permanent magnets in key markets including electric vehicles (EVs), renewable/green technologies, military equipment and various high-tech consumer electronics such as computer memory, DVDs, rechargeable batteries, cell phones, catalytic converters, magnets and fluorescent lighting.

In addition to its Arcadia lithium project, Prospect has phosphate and gold projects.

The Chishanya Phosphate Project is one of 5 known phosphate bearing carbonatites in Zimbabwe. Having been explored by a number of companies since the 1950’s including Anglo American and Rhodesia Chrome Mines Ltd, the deposit is a series of un-exploited phosphate bearing, apatite-magnetite lenses in carbonatite located near Birchenough Bridge, Manicaland.

The Penhalonga Gold Project situated in the Mutare Greenstone Belt is one of the richest gold belts within Zimbabwe. ENDS// 

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