Business
Expansion of Australian Cobalt Interests
Expansion of Australian Cobalt Interests.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \nMetalNRG plc\n\n(\"MetalNRG\" or the \"Company\")\n\n24 August 2017\n\nExpansion of Australian Cobalt Interests\n\nMetalNRG plc (NEX:MNRG) the natural resource investing company quoted on the NEX Exchange Growth Market in London is pleased advise that the Company has added additional cobalt prospective ground to augment the original licence applications announced on 29 June 2017.\n\nThe additional ground will form a new project area to be named Palomino North, and materially increases the area under licence application.\n\nThe Company continues to examine, with its partners, additional cobalt opportunities in the area and therefore for commercial sensitivity reasons has limited the specific licence information revealed in this announcement. Further information will follow at the appropriate time.\n\nLicence areas included have been selected utilising historic work undertaken on the properties which has demonstrated cobalt prospectivity notably through the identification of high grade stream sediment results. Moreover, the licence application area has been secured following the statutory reduction in ground holding by another company who themselves were focused on the development of non-cobalt opportunities.\n\nThe Company can also confirm that MetalNRG Australia Pty Limited has now been incorporated and going forward this will act as the repository for future acquisitions and ultimately, on granting of licences, for the housing of Palomino and Palomino North projects.\n\nPaul Johnson, Chief Executive Officer of MetalNRG commented: “Work has been continuing throughout the summer in Australia to process the original applications announced on 29 June 2017, to add to those interests with equally or more prospective additional ground and to establish our wholly owned Australian operating vehicle MetalNRG Australia Pty Limited.\n\nThe cobalt commodity is currently priced at just short of US$60,000/t which is an increase of approximately 170% since the start of 2016, but some way short of the US$120,000/t high achieved in 2008. Arguably recognising the importance of cobalt in the burgeoning battery technology environment, the forward demand dynamic is impressive and capable of maintaining considerable support for cobalt pricing, unless and until a considerable amount of additional cobalt production comes on str...