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M2 Cobalt Plans More Drilling in Uganda

The metal is a minor byproduct of copper and nickel mining, and only a few places produce meaningful quantities. More than half the worlds supply comes from the neighboring Democratic Republic of Congo.
06 Oct 2018 15:01
Dr Jennifer Hinton addressing the just concluded Mineral Wealth Conference by Uganda Chamber of Mines and Petroleum anda Chamber of Mines and Petroluem .JP

Audio 2

M2 Cobalt to start drilling Cobalt Deposits in Uganda.  The Canadian mineral company, says it has so far had promising results in Uganda as it continues to explore cobalt and nickel.  

The Company's East Africa Operations Director, Dr. Jennifer Hinton told URN that they are planning more drilling following positive results from soil sampling in Bombo and Bujagali areas. 

/// Cue In “We have had positive early phase results….. 

Cue Out…to continue investment and keep going”////  

The company in April announced that results from rock and soil sampling and high-resolution ground magnetics had confirmed the discovery of a large scale nickel-cobalt-copper anomaly in Bombo. 

Hinton said the soil samples collected from Bombo delineate a well-defined nickel, cobalt, and copper anomaly of approximately 1,200 meters by 900 meters. Dr. Hinton says more explorations will go on until when they zero on a specific area with sufficient deposits before a decision is taken on whether or not to establish a cobalt mine. 

Cobalt, is arguablythe most important metal of the 21st century. It is criticalto many industrial applications, necessary to modern rechargeable batteries. Cobalt price has quadrupled in the last two years, but this is only the beginning. It is estimated that globaldemand for cobalt could be 47 times more than it was in 2017 by 2030 

The metal is a minor byproduct of copper and nickel mining, and only a few places produce meaningful quantities.  More than half the world's supply comes from the neighboring Democratic Republic of Congo. 

Dr. Hinton told URN the discovery of commercial quantities Cobalt in Uganda would offer a second alternative to DRC. She said the world is looking for new supplies of cobalt outside the Democratic Republic of Congo.  

M2Cobalt has one of the exploration licenses on the border with DRC near Kilembe copper mines. Though the government is planning a new law on minerals, Dr. Hinton told URN that the current law and the one in pipeline seem progressive enough for investments in case her company decided to call in more players.  

/// Cue in “The Current legislation is good….

Cue Out Tax revenue in terms of import  duty”////

M2 cobalt has exploration licenses through other Ugandan affiliatea in Mityana , Kiboga, Mubende , Kasese, Bunyangabo and Bujagali area in Bombo.