Chronicle EditorThandiwe Katinhimure, Business Reporter
AUSTRALIAN-listed mining company, Prospect Resources says it is ready to commence the exploration of Rare Earth Element (REE) at Chishanya carbonatite in the south-east of Zimbabwe.
Recently the company announced that it had raised $10 million for the Arcadia lithium project in Harare, making the exploration of the REE at Chishanya their second project in Zimbabwe.
“Prospect Resources is pleased to announce that it is preparing to commence exploration at its Chishanya carbonatite project in the south-east of Zimbabwe, with a focus on determining the Rare Earth Element (REE) potential of the site”, said the company.
REE refers to a group of 17 chemically similar elements, including the 15 elements in the Lanthanide series, and also scandium and yttrium because of their similar properties.
They do not occur naturally as metallic elements but occur in a wide range of minerals, including halides, carbonates, oxides, phosphates and silicates.
The project will be located at Dorowa in the Buhera district, south-east of the country and prospect holds 10 claims forming just over 220 hectares, covering most of the carbonatite complex.
“REEs are used in small quantities in a variety of high technology growth industries.
“They are used to make powerful permanent magnets for lightweight electric motors, phosphors for television monitors, catalysts for cars and chemical refineries, rechargeable batteries for hybrid and electric cars, generators for wind turbines, as well as numerous optical, medical and military devices,” said Prospect Resources.
It said many of the above applications were highly specific and their substitutes for the REE are unknown and thus the REE have acquired a level of technological significance much greater than expected from their relative obscurity.
Previous work carried out by the company at the project focused on identifying copper mineralisation as well as the phosphate potential within apatite, and has not been assessed before for its REE potential.
The company noted that research points out that the REE sector has been dominated for decades by China presently controlling over 90 percent of the world’s supply.
But as the market continues to grow steadily their dominance is slipping and there is recognised strategic benefit in discovering REE sources outside of China.
Prospects hopes that if the drilling programme indicates the presence of significant mineralisation at Chishanya hill, it will embark on an infill drilling programme to increase confidence in the resource.
@thandyfeminine
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