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Australian company Clancy Exploration has been granted an exploration license to exploit a Moroccan cobalt mine, located in Bou Azzer (120 km south of Ouarzazate). The location is a Managem’s initial mine that has been active since 1928. It produces around 1 800 tons of Cobalt per year in addition to 450 tons of tailings.
On July 22th of 2018, the company signed an agreement with the local Moroccan company Chater SARL for a period of three years (from the 12th of July 2018 to the 12th of July 2021), paying $50 000 to acquire the cobalt mine’s extension called «Bou Amzil Extension».
Clancy’s Chairman, David Lenigas, said in a statement published on the company’s website that «this is a jewel of a new license in Morocco’s major cobalt producing region and gives Clancy immediate exposure to ground very close indeed to the western most shaft of the Bou Azzer Cobalt mine complex. As it is a new acquisition, this license is not part of the land package that will be shortly put to Clancy shareholders for approval. Hopefully, shareholders will approve the acquisition of the three other licenses in Morocco at the upcoming shareholders’ meeting, allowing Clancy to acquire a significant exploration play in one of the most prospective cobalt areas in Morocco».
In total, the deal will cost the company $1 million in cash and the issue of 610 million shares, spread out over five stages.
