Discovering World Class Cobalt Assets in Uganda
M2 Cobalt (TSXV:MC, FSE:A0K, OTCQB:MCCBF) is a cobalt exploration company which has launched a major work program across all its highly prospective cobalt properties in Uganda with the goal of discovering world class assets which can help meet the ongoing growth in demand for cobalt globally.
In 2016, Reuters reported demand for cobalt would see an increase of 45 percent by the year 2020 as rechargeable battery electrodes, built using cobalt, became more prominent. Many predict this pace of growth to continue and with over 60 percent of the world’s cobalt coming from the conflict-stricken Democratic Republic of Congo (DRC), there is uncertainty that the market’s need for cobalt can be met.
In neighbouring Uganda, M2 Cobalt has assembled two highly prospective project areas totalling approximately 1,600 square kilometers. The country is stable, democratic and is on trend with some of the key mineral trends from the DRC and offers similar geological potential and yet remains largely unexplored. M2 Cobalt’s Kilembe area properties span 193 square kilometers and are close to and on trend with the historic Kilembe mine, a former mass producer of cobalt and copper between 1956 and 1977, while Bujagali is a 1,400-square-kilometer project in South Central Uganda where initial rock sampling has found grades of up to 0.65 percent cobalt.
- Two major projects in the stable jurisdiction of Uganda, with a similar geologic footprint to DRC.
- M2 Cobalt is building on work done by GTK and other groups giving it first mover advantage in Uganda for cobalt and associated minerals.
- The projects are in areas independently deemed to have the greatest exploration potential for cobalt.
- Strong local infrastructure, strong support and workforce locally
- Transparent and mining-friendly regulatory framework
- Global demand for cobalt growing explosively with growth in electric vehicles
- Experienced management team with well connected and skilled local team