Prospect Lithium to assist communities

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By Staff Reporter

PROSPECT Lithium Zimbabwe (PLZ), which owns Arcadia Lithium Mine in Mashonaland East, says it will this year upgrade roads, construct schools blocks and create jobs in Goromonzi as part of its social corporate responsibility programmes.

The company, which is wholly owned by the Shanghai Stock Exchange-listed Zhejiang Huayou Cobalt Co, said it was geared to improve the lives of communities in the area it is working on lithium resources development.

This, it said, would be achieved through working together with communities around the mine, adding its relations with the people were sound and cordial.

PLZ said it would address inadequate educational facilities at Vhuta Primary School by constructing an additional block of classrooms, administration block and detached teachers cottage.

On addressing unemployment in the area, the Chinese firm committed to “engage employees from within the surrounding communities as per employment register to be compiled by the CSR Team (Including Sub-contractors)”.

When Huayou Cobalt took over 100 percent of PLZ in April this year, it had about 50 employees and expects to engage over 500 direct workers when the company becomes fully operational.

Thousands more jobs would be created downstream.

The company said they are going to replace Kubatsirana Clinic transformer, upgrade Atlanta and Vhuta roads, construct incomplete block clinics in the area, supply medications, including antiretrovirals (ARV), complete mothers’ waiting shelters and residential houses for visiting doctors.

They also said they are going to sink communal boreholes, partner non-government organisations (NGOs) to deal with the issue of child abuse and put up a cattle dipping Infrastructure.

Huayou Cobalt Co is a high-tech enterprise founded in 2002 and listed at the Shanghai Stock Exchange with a market capitalisation of around US$20 billion.

The company has been maintaining a solid financial performance for the last three years.

They had total assets of approximately US$7.7 billion, net assets of approximately US$3.5 billion, with a debt-to-asset ratio of 54.32 percent.

It is headquartered in Tongxiang, China, and specialises in the R&D, manufacturing and sale of Li-ion battery and cobalt materials.

“Huayou has developed strong and reliable manufacturing facilities in China and is devoted to developing EV metal resources around the world and providing quality cathode material products to tier-one players and customers all over the world,” the company said