Shares of Clancy Exploration Limited [ASX:CLY] have grown by a massive 50% today.
An increase in cobalt demand has triggered a surge of prices for the mineral across the span of two years.
Clancy Exploration, which has been operating since 2003, has managed to produce thousands of tonnes of cobalt from its Bou Azzer operation, along with large quantities of silver and gold.
This venture falls in line with the recent demand of cobalt quantities in the market.
Clancy’s move into cobalt space
After obtaining cobalt licences in Morocco, Clancy has been able to encompass a total of 32 square kilometres of Cobalt prospects.
The mine has a huge load of cobalt production, exceeding high grades and a large productivity rate.
Additionally, Clancy will acquire more licences in an indirect manner, and they will also pay vendors a total of $25,000 in exclusivity fees to properly carry out due diligence.
Exploration across their new ventures will be carried out as soon as possible as a team is already on the site, preparing the necessary arrangements.
Clancy’s chairman, David Lenigas, stated:
‘This is an extraordinary and tremendous opportunity for Clancy to acquire a big package of prime exploration tenements for cobalt, nickel, copper and gold in Morocco. To sign this deal for 32 km2 right next to the world famous Bou Azzer Cobalt Mine is a significant deal for Clancy. We plan to start exploration work immediately as part of our due diligence and we already have an experienced in-country exploration team on the ground.’
The demand mainly stems from cobalt contributing to a large percentage of lithium ion batteries, which is one of the world’s most prominent source of power when it comes to electric vehicles.
Clancy has managed to acquire 100% of key cobalt licences across Morocco.
Their imminent success in the cobalt industry could see their share price grow even more.
For Markets & Money
PS: Read This BEFORE You Buy Gold: Exclusive dossier outlines why gold bullion and precious metals could be the most important investment you’ll ever make. Download my free report ‘The Bullion Buyers’ Blueprint: Your Quick-Start Guide on How & Where to Buy Physical Gold’, today.