Staff Reporter
OPUWO, Nov. 7 — Celsius Resources, a mining company listed on Aim and ASX, has received official confirmation of the renewal of its exclusive prospecting license for the Opuwo cobalt project in Namibia. This two-year extension of the license grants Celsius the opportunity to conduct further evaluations of the project’s feasibility, to secure a suitable partner.
Situated in a politically stable country, the Opuwo cobalt project boasts the potential to sustain non-conflict cobalt production for over 40 years. The company is presently engaged in trade-off studies to assess mining costs, production rates, and the feasibility of processing oxide ores, all aimed at determining the viability and financial prospects of the project.
Celsius’s Managing Director, Peter Hume, holds an optimistic outlook regarding the project’s potential. He believes that the license renewal, coupled with recently favourable results from metallurgical tests, will draw the interest of potential partners.
What is cobalt?
Cobalt is a metallic element that finds applications in various industries, including batteries, aerospace, and electronics. It serves as a critical component in lithium-ion batteries, widely used in electric vehicles and other portable devices.
Why is cobalt important?
The significance of cobalt stems from its anticipated surge in demand in the years ahead, driven by the expansion of the electric vehicle market. Cobalt is an indispensable ingredient in lithium-ion batteries, the backbone of most electric vehicles.
What does this mean for Celsius Resources?
The renewal of the prospecting license for the Opuwo cobalt project represents a positive development for Celsius Resources. The company holds the potential to emerge as a major producer of non-conflict cobalt, a commodity in high demand within the electric vehicle sector.
Currently, the company is engaged in trade-off studies to ascertain the project’s viability and its financial prospects. Once these assessments are concluded, Celsius will be better positioned to attract potential partners for the project’s development.
In conclusion
The extension of the prospecting license for the Opuwo cobalt project bodes well for Celsius Resources. The company is poised to become a substantial player in the non-conflict cobalt market, particularly as demand from the electric vehicle sector continues to rise.
Investors should closely monitor the company’s progress, particularly as it advances in its efforts to develop the mine and secure potential partners.
