Chronicle Editor
Oliver Kazunga, Senior Business Reporter
PROSPECT Resources, which has a lithium project being developed in Zimbabwe, has announced the dual listing of its shares on the Australian and Frankfurt Stock Exchanges.
The company recently signed a power agreement with African Continental Minerals (ACM) for the supply of up to 20MW of electricity to its Arcadia lithium project on the outskirts of Harare.
In a statement, Prospect expressed pleasure in announcing the dual listing on the Frankfurt Stock Exchange.
“Prospect is pleased to announce the dual listing of the company’s shares on the Frankfurt Stock Exchange.
“The company’s shares will trade under the code ‘5E8’,” it said.
It said the Frankfurt listing expands Prospect’s investor reach and increases the company’s exposure to European markets, which is one of the largest regions consuming ultra-low iron petalite in the glass and ceramics market.
The Frankfurt Stock Exchange is the world’s third largest exchange-trading market behind the New York Stock Exchange and NASDAQ.
More than 50 percent of the total trades on the Frankfurt Stock Exchange are conducted through investors in countries outside of Germany.
Prospect’s managing director Mr Sam Hosack said: “Prospect now has access to new clients and capital markets and will gain greater liquidity and exposure to many more retail and institutional investors.
“This also places us in the European region that is home to some of the largest glass and ceramic end user customers.
“We see Europe as a core region in Prospect’s capital market and product marketing strategy.
“The Frankfurt listing also overcomes time difference and account issues for European retail investors.” — @okazunga
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