20.9 C
Supported byspot_img

Cadence signs MoU to earn 10% of Austria cobalt mine

Member of Europium Groupspot_img
Supported byspot_img

Aim-listed Cadence Minerals has signed a binding memorandum of understanding with ASX-listed Clancy Exploration to earn an initial 10% interest in the high-grade Leogang cobalt-nickel sulphide project, near Salzburg, in Austria, through the issue of 73.7-million shares.

Under the terms of the MoU, Cadence has 14 days to complete the necessary due diligence and obtain board and regulatory approvals.

Cadence also has a six-month exclusive option to acquire a further 10% interest in Leogang by paying Clancy an additional A$1-million, either in cash or Cadence shares, or a combination of cash and shares, at the time of exercising its option.

Supported by

“Cobalt, lithium and rare-earth elements, have been identified as key strategic minerals in the rapidly expanding electric vehicle market, with cobalt, in particular, facing the challenge of limited current reserves,” Cadence chairperson Andrew Suckling noted.

He added that financial services provider UBS estimated that in a 100% EV world, there would be a 1.928% incremental demand in cobalt, which is second only to a 2.898% incremental demand in lithium.

“In Europe, the EV market is forecast to reach penetration rates of around 30% by 2025. Cobalt and lithium are critical to current battery chemistry and supply will have to increase substantially over the coming years.

“Cadence believes that, like the Cinovec lithium project, in which we have a 21% interest, Leogang is a potentially important and strategic source of cobalt in the heart of Europe’s new battery manufacturing region,” said Suckling.

Source: miningweekly


Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Guatemala revokes environmental license for Canadian-backed open-pit mine

The Guatemalan government has revoked the environmental license for a proposed open-pit mine near the border with El Salvador, citing multiple "anomalies," including forged...

Thailand’s $1.20 quadrillion mineral wealth: A catalyst for new industrial growth

Thailand is home to a treasure trove of mineral resources that could significantly boost its economy and spearhead the development of new industries. With...
Supported by
Supported by
Supported by
error: Content is protected !!