ASX listed African lithium developer Prospect Resources Ltd (ASX:PSC, Prospect, the Company), is pleased to advise that its 87% owned subsidiary, Prospect Lithium Zimbabwe (Pvt) Ltd, has received notification from Mr. Edwin Kondo the Zimbabwe Special Economic Zones Authority (ZIMSEZA) Chief Executive Officer that its application for Special Economic Zone (SEZ) status was successful and has been approved by the Zimbabwe Special Economic Zones Authority (ZIMSEZA) for its flagship asset, the Arcadia Lithium Project (Arcadia, the Project).
SEZ status at Arcadia provides Prospect with an extensive list of benefits that includes; tax relief and exemptions and the ability to hold and operate foreign currency accounts, as well as exemptions and reductions of costs & trade barriers associated with the import of raw materials and capital goods through to the exportation of the concentrates. The incentives and benefits to be received from the SEZ status, reinforces the financial outcomes of the Project outlined in the Definitive Feasibility Study (DFS).
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