Clancy Exploration has purchased a brand new cobalt exploration license in Morocco

July 23, 2018

Australian agency Clancy Exploration has been granted an exploration license to make use of a Moroccan cobalt mine, positioned in Bou Azzer (120 km south of Ouarzazate). The scenario is a Managem’s preliminary mine that has been full of life since 1928. It produces spherical 1 800 tons of Cobalt per yr together with 450 tons of tailings.

On July 22th of 2018, the company signed an settlement with the native Moroccan agency Chater SARL for a interval of three years (from the 12th of July 2018 to the 12th of July 2021), paying $50 000 to build up the cobalt mine’s extension known as «Bou Amzil Extension».

Clancy’s Chairman, David Lenigas, said in an announcement revealed on the company’s website online that «this could be a jewel of a model new license in Morocco’s principal cobalt producing space and offers Clancy speedy publicity to flooring very shut definitely to the western most shaft of the Bou Azzer Cobalt mine sophisticated. As it is a new acquisition, this license won’t be part of the land bundle that is perhaps shortly put to Clancy shareholders for approval. Hopefully, shareholders will approve the acquisition of the three completely different licenses in Morocco on the upcoming shareholders’ meeting, allowing Clancy to build up an enormous exploration play in one of many very important potential cobalt areas in Morocco».

In entire, the deal will worth the company $1 million in cash and the issue of 610 million shares, unfold out over 5 phases.