Prospect Resources Exits Zimbabwe After Selling Step Aside Lithium Project

Australian mining company Prospect Resources Limited has officially wrapped up its operations in Zimbabwe after completing the USD2.2 million sale of its Step Aside Lithium Project.

The company recently confirmed it had finalised a share sale and purchase agreement with Fatima Resources Pty Ltd, a private firm that has taken over Prospect’s Singapore-based subsidiary, Promin Resource Holdings Pte Ltd. Promin owns 90% of the Step Aside Lithium Project.

Prospect acquired the Step Aside asset in March 2022. The project sits roughly 8km north of the Arcadia Lithium Mine, which the miner previously offloaded to Chinese battery materials producer Zhejiang Huayou Cobalt in 2022.

According to Prospect, the deal includes an upfront payment ofUSD850,000, which has already been received, with a further USD150,000 expected six months after completion. The agreement also provides for an additional USD1.2 million, payable if the buyer reaches set milestones within two years. These conditions include securing binding offtake agreements, upgrading the mineral resource, or selling the project at a value exceeding USD5 million.

The sale marks the end of Prospect’s gradual pullout from Zimbabwe. The Step Aside project had been under exploration between 2022 and 2024, but the company scaled down activity as global lithium prices slumped. Prospect is now directing its attention to copper exploration projects in Zambia.

“We are pleased to have completed this sale agreement for the Step Aside asset,” said Prospect’s managing director and CEO, Sam Hosack.