PROSPECT Resources says it has completed a sale of its 87 percent interest in the Arcadia Lithium Project to a subsidiary of a new energy lithium-ion battery material producer, Zhejiang Huayou Cobalt Co.

As announced by Prospect on 23 December 2021, the Transaction was for a cash consideration of approximately US$377,8 million.

Following payment of US$26,8 million in Zimbabwean capital gains tax and US$8 million to Sinomine in relation to the termination of the offtake agreement between Prospect and Sinomine, US$342,9m was received on completion of the Transaction.