Founded in 1984, as a partnership between Charles Tennant & Co. (Canada) Ltd. and a local inventor-entrepreneur, Prospec's purpose was to develop a new and unique method of xanthate production.

Due to the local supply of carbon disulfide, a main ingredient of Xanthate production, the plant was built in Fort Saskatchewan, Alberta beginning with an annual capacity of 250 MT.

In 1989, Prospec diversified to include the production of Alkyl Thionocarbamates and Alkyl Xanthogen Formates. Soon thereafter, the facility was producing 5000 MT of Xanthate, 600 MT of xanthogen formate and 500 MT of thionocarbamates.

In 1994, Charles Tennant & Co. (Canada) Ltd. became the sole owner of Prospec Chemicals.

In 1997, Prospec Chemicals became ISO 9002 and ISO 14001 certified, the first company to do both at the same time.