Chronicle EditorIn our story titled “Lithium producer exports to Australia”, published in our business section on the 20th of December 2018, we erroneously reported that the Arcadia Lithium Project being undertaken by Prospect Resources, an Australian-listed African mining firm, was a joint venture with Government.
It has come to our attention that the State has no ownership in the business, which is expected to have an initial investment of $165 million.
“Prospect Resources and its Arcadia Lithium Project is not a joint venture with the Government.
“Arcadia is 87 percent owned by Prospect Resources with the remaining share owned by local Zimbabwean investors.
“The Government is supportive of our project as it will stimulate the economy but they do not have a financial position in the company,” said Mr Nicholas Rathjen, general manager of corporate affairs at Prospect Resources.
We sincerely apologise for any inconvenience that the error might have caused to Prospect Resources, shareholders and stakeholders. — Editor.
derick.khumalo