Harare – African lithium developer, Prospect Resources Ltd has announced the dual listing of the Company’s shares on the Frankfurt Stock Exchange and will be trading under the code “5E8.”
The Company, whose shares are also listed on the Australian Stock Exchange (ASX:PSC), flagship project is the 87% owned Arcadia Lithium Project located on the outskirts of Harare, Zimbabwe.
“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 Company said in a circular on Friday.
The Frankfurt Stock Exchange is the world’s third largest exchange-trading market, behind the New York Stock Exchange and NASDAQ.
More than 50% of the total trades on the Frankfurt Stock Exchange are conducted through investors in countries outside of Germany.
The Arcadia Lithium Project which is considered to be one of the world’s biggest hard rock lithium resources provides Prospect with a globally unique position to be the only lithium producer that will produce both spodumene and petalite.
The Arcadia lithium project is estimated to produce an average of 75,000 tonnes per annum of spodumene and 155,000tpa of petalite concerntrates during its 20-year mine life, effectively positioning the Company to be the largest petalite producer in the world.
Prospect’s Managing Director, 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 & ceramic end user customers,” he said.
“We see Europe as a core region in Prospect’s capital market and product marketing strategy.”
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Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, email@example.com and firstname.lastname@example.org.