Business
Bankers Cobalt Corp. Has Positive View on Mining and Demand for Cobalt in the DRC
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Bankers
About this update from Magma Silver Corp.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV:BANC) (the “Corporation” or “Bankers”) responded to recent events and news regarding mining and the demand by end-users for certified cobalt supplies in the Democratic Republic of Congo (DRC). There has been significant press coverage and commentary speculating end-users such as Apple intend to directly source cobalt from miners in the DRC as this country produces 60% of the world supply of cobalt. End-users are insisting on certified supplies and this is an issue for DRC processors currently deriving a portion of their ore from uncertified small-scale miners. Bankers offers a solution to DRC-based processors. The Bankers business model is to focus on the acquisition and development of high potential cobalt and copper exploration targets in the DRC CopperBelt and explore the acquired land package in accordance with Canadian exploration standards. Concessions having resources will be made available to be acquired on a transparent and certifiable basis by existing DRC processors to meet the demand of end-users for certified cobalt and copper ore. Bankers has the land package, an experienced board and an operating team concurrently exploring seven of its 26 concessions. There has also been a reaction to approved, but not yet signed into law, DRC mining taxation changes and to statements made by the DRC government-owned mining company, Gecamines, regarding amendments to property and operating agreements. The proposed taxation changes have no immediate or direct impact on Bankers and Bankers has no agreements with Gecamines. Bankers’ 26-concession 391 km² land package is owned 100% by Bankers or under agreement with reputable private DRC corporations with a majority of the concessions being new licenses. The statement by Gecamines is considered positive by Bankers as it may serve to further restrict the already tight supply of quality cobalt and copper exploration properties in the DRC Copperbelt. Kevin Torudag, President of Bankers’ DRC subsidiary states, “Bankers controls a superior DRC exploration land portfolio, has an experienced board, and a first-class operating team fully functioning in the DRC. We are firmly established in the DRC where the n...