PALM BEACH, Florida, January 24, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Cobalt as well as Lithium are two of several materials continually growing more and more popular in the production of innovative and new rechargeable power sources. Electric vehicle manufacturers are seeking new opportunities to leverage the benefits of cobalt in their rechargeable batteries. At present, just over 40% of the cobalt production is used in Lithium-ion cells. In the new era of batteries, cobalt is preferred because it has a high energy density. This lends to the longer run time that consumers prefer when it comes to their smartphones, laptops, and other devices. Miners in the industry are in a prime position to take advantage of the continued global focus on ethically sourced cobalt to supply the exploding demand for lithium/cobalt based batteries primarily for use in electric vehicles. Looking ahead to 2018, the dynamics between an increasing demand forecast and supply constraints are set to continue. The dominant trends in 2018 are expected to be tight supply and increasing demand leading to higher prices, driven by rising demand primarily from the EV industry. Today's active miners with current developments in the market include: LiCo Energy Metals Inc. (OTC: WCTXF) (TSX-V: LIC), eCobalt Solutions Inc. (OTC: ECSIF) (TSX: ECS), Glencore plc (OTC: GLNCY) (LSE: GLEN), Sociedad Química y Minera de Chile S.A. (NYSE: SQM), Katanga Mining Limited (OTC: KATFF) (TSX: KAT).
LiCo Energy Metals Inc. (OTCQB: WCTXF) (TSX-V: LIC.V) is pleased to report assay results for drill holes TE17-04 and TE17-05 completed on the Teledyne Cobalt Property, located 6 km northeast of Cobalt, Ontario. The current drill program was designed to confirm and extend the existing known mineralization along strike and up and down dip.
A summary of the most significant results of the recent drill core assays are:
- TE17-05 2.32% Co over 4.00 m from 126.5 to 130.50 m, including 21.9% Co over 0.36 m from 127.64 to 128.00 m
- TE17-04 1.82% Co over 6.00 m from 138.00 to 144.00 m, including 5.06% Co over 1.75 m from 141.25 to 143.00 m, and 18.70% Co over 0.15 m from 141.64 to 141.79 m.
- TE17-05 1.70% Co over 6.00 m from 136.00 to 142.00 m.
"LiCo is very encouraged by these higher-grade results for the Teledyne Cobalt Project," says Tim Fernback, President & CEO of LiCo. "These are the highest grade results that have been intersected to date on either LiCo's Teledyne or Glencore-Bucke Properties that LiCo has drill tested to date."
On the Teledyne Cobalt Property, the Company completed a total of 11 diamond drill holes totaling 2,200 m in the fall of 2017.The results and drill hole collar information for diamond drill holes TE17-04 to TE17-05 are summarized in Tables 1 & 2 that can be seen at: http://www.marketnewsupdates.com/news/wctxf.html
In other mining industry news and developments:
eCobalt Solutions Inc. (TSX: ECS.TO) (OTCQX: ECSIF) has made significant progress in identifying strategic off-take partners for its clean cobalt concentrate. The Company has signed multiple Letters of Intent (the "LOIs") with reputable firms across different markets and cobalt supply chains. Due diligence is currently in progress as the Company works towards negotiating definitive terms in parallel with continued advancement of the Idaho Cobalt Project ("ICP"). With rapidly growing market demand, eCobalt's clean cobalt product has garnered a significant amount of interest providing further support for the Company's decision to produce a cobalt concentrate from the ICP. The ICP is the only environmentally permitted, near-term primary cobalt deposit in the United States, positioning eCobalt to capitalize on the strengthening fundamentals of the cobalt market.
Glencore Plc (OTC: GLNCY) (LSE: GLEN.L) is one of the world's largest diversified and vertically-integrated commodity producers, processors and traders. In 2017, the company announced it has purchased from subsidiaries of Fleurette Properties Limited ("Fleurette") the Fleurette group's remaining 31% stake in Mutanda Mining Sarl and an approximate 10.25% stake in Katanga Mining Limited. Mutanda is a high grade copper and cobalt producer, with its operations located in the province of Lualaba in the DRC. As of December 2016, Mutanda production was at an annualized production rate of above 200 ktpa. of copper cathodes and 24 ktpa of cobalt in hydroxide. Katanga operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt.
In a report published by Investor's Business Daily, Sociedad Química y Minera de Chile (NYSE: SQM), can now expand its production at one of the biggest sources of lithium, thanks to an agreement announced recently with a Chilean economic development agency. The agreement with the agency, Corfo, ends a years-long spat over SQM's royalties related to that location, Salar de Atacama, a massive salt flat in Chile that also holds some of the world's largest supplies of lithium. The government alleged that SQM had been underpaying royalties connected to its lease on that location, and said the company had run afoul of environmental rules, according to Reuters.
Katanga Mining Limited (OTC: KATFF) (TSX: KAT.TO) through its subsidiary, Kamoto Copper Company SA, engages in the copper and cobalt mining and related activities in the Democratic Republic of Congo. It is involved in the exploration, mining, refurbishment, rehabilitation, development, and operation of the Kamoto/Mashamba East mining complex; the Kamoto Oliveira Virgule copper and cobalt mine; T17 open pit and T17 underground mines; various oxide open pit resources; the Kamoto concentrator; and the Luilu metallurgical plant.
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