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Prospect Resources signs MOU with Sibelco

By Business Reporter – Thursday 30 April 2020

HARARE (Mining Index) – PROSPECT Resources Ltd (ASX: PSC, FRA:5E8) has entered into a Memorandum of Understanding (MOU) with SCRSibelco N.V (Sibelco) for the off take of Arcadia’s ultra-low iron petalite product.

The MOU provides an exclusive period of time for the parties to negotiate and execute a Binding Offtake Agreement for Arcadia’s ultra-low iron petalite product. The MOU contemplates signing the Binding Offtake Agreement by 1 June 2020.

Sibelco is a global industrial minerals solutions company. It is the largest distributor of ultra-low iron petalite in Europe and possibly the world.

As a significant ‘blue chip’ European customer, with annual turnover of some €3.5 billion, Sibelco’s main products include silica, high purity quartz and speciality minerals such as petalite.

Whilst Prospect and Sibelco have agreed not to deal with any other party in relation to the supply of ultra-low iron petalite, nothing in the MOU prohibits Prospect from continuing discussions with Uranium One Group.

“I am pleased to announce that we have signed an MOU with Sibelco for Arcadia’s premium ultra-low iron petalite,”

“Once in production, Prospect will be the largest ultra-low iron petalite producer in the world,” said Hugh Warner, Prospect’s Executive Chairman.

Founded in 1872, initially supplying silica sand from deposits in Flanders to Belgium’s major glass producers, Sibelco is a privately owned family business, generating revenues over €3.5 billion, operating 174 production sites in more than 30 countries and with a team of over 8,500 people. ENDS//

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