ASX-listed Prospect Resources hits 11-year high on lithium project stake sale

Prospect Resources

23/12/2021 24:53

** Shares of Africa-focused lithium miner Prospect Resources
 PSC.AX  rise as much as 26.8% to A$0.970, their highest since
February 2011 
    ** Co enters binding agreements to sell its 87% stake in the
Arcadia lithium project in Zimbabwe to cobalt supplier Zhejiang
Huayou Cobalt Co  603799.SS  for $377.8 mln in cash  
 urn:newsml:reuters.com:*:nASX65ztq7
    ** Says it anticipates the transaction to complete in late
Q1 or early Q2 of 2022
    ** About 14.1 mln shares change hands, compared with the
30-day average of 4.8 mln shares 
    ** Stock posts biggest intraday percentage gain since August
2020 and extends gains to a sixth session 
    ** Stock has more than quadrupled in value this year, as of
last close 

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))