Canadian Mining Company, Elcora, has announced acquiring seven new research licenses for Vanadinite, a rare mineral with a wide range of industrial applications in Morocco.
Covering 16 square kilometers, the new licenses further strengthens Elcora’s presence in the country. They now have 17 licenses in Morocco including a former Vanadium mine. The firm which specializes in mining and refining battery materials said the mine could potentially add “significant mineral reserves” to the company’s asset base in Morocco,
After entering Morocco’s market in November 2021, the Canadian company now manages mining operations covering 304 square kilometers. Founded in 2011, Elcora mines, processes, refines, and produces battery-related materials.
The company says that it is currently in the process of geologically mapping, sampling, and evaluating mineral resources in the areas under the newly acquired licenses. In addition to its 17 Vanadium licenses, Elcora’s asset portfolio in Morocco includes one copper research license and one manganese research license that also includes a former Manganese mine, explained the company’s statement. Both Vanadium and Manganese are essential components in the manufacturing of car batteries for electric vehicles. The company says that its Moroccan operations are set to reach its 2022 production targets.
“The acquisition of seven new licenses is a significant step for the company’s strategy of increasing its revenue and new growth opportunities in Morocco. We believe this is a great opportunity to diversify the portfolio, with low risk,” he added, noting that Elcora is currently working “through the information and process requirements set out by the Government of Morocco,” said Troy Grant, Elcora’s CEO.