20 Sep Lithium developer Prospect Resources targets European markets with Frankfurt listing
Prospect Resources has made a secondary listing on Germany’s Frankfurt Stock Exchange as the Zimbabwe-based lithium developer looks to gain greater exposure to European end user markets.
The firm, already listed on the Australian Stock Exchange, will trade under the ticker ‘5E8’ on the Frankfurt exchange. Prospect’s Arcadia Lithium Project is set to become Africa’s first large-scale source of battery-grade lithium concentrates.
In an ASX announcement, Prospect said the Frankfurt listing will open up a key market for ultra-low iron petalite – a product which will be produced alongside lithium spodumene and tantalum concentrate at Arcadia.
“Prospect now has access to new clients and capital markets and will gain greater liquidity and exposure to many more retail and institutional investors,” said managing director Sam Hosack.
“This also places us in the European region that is home to some of the largest glass and ceramic end user customers. We see Europe as a core region in Prospect’s capital market and product marketing strategy.”
Prospect will start construction and commissioning Arcadia once it secures the US$163 million in funding required for the project, having attained mining and environmental approvals from the Zimbabwe government.