The new funds will be used for due diligence on potential new cobalt acquisitions in the Democratic Republic of Congo (DRC) and up-front payments on any new acquisitions made.
Cobalt is a key battery metal
Cobalt is a key ingredient in new-age batteries used for electric vehicles and energy storage, and prices have surged.
The LME (London Metal Exchange) cobalt price is about US$88,000 a tonne, or about 66% higher than a year ago.
Focused on the prime cobalt producing region of the world
Winmar is seeking to acquire exploration and mining licenses in the DRC that are considered highly prospective for cobalt and with the capability to be advanced rapidly towards production.
It is worth noting that the DRC presently accounts for over 60% of the world’s supply of cobalt.
It is generally agreed in industry circles that the region will remain the primary source of cobalt into the foreseeable future.