Tyranna ac­quires US Cobalt

The Australian Mining Review - - NEWS: INTERNATIONAL - JES­SICA CUM­MINS

TYRANNA Re­sources has inked a deal to ac­quire US Cobalt, owner of the Good­springs cobalt and base met­als project in Ne­vada, US.

The ac­qui­si­tion forms part of the com­pany’s di­ver­si­fi­ca­tion strat­egy aim­ing to cap­i­talise on the bat­tery min­er­als rev­o­lu­tion, which saw an in­crease in the LME price of cobalt from $US23,000/tonne to a high of $95,000/tonne.

Tyranna man­ag­ing di­rec­tor Bruno Seneque said this was an out­stand­ing deal for Tyranna and its share­hold­ers.

“His­tor­i­cal min­ing re­sults sug­gests that this area holds some of the high­est grade Cobalt mines that can be found in the district,” Mr Seneque said.

“In the 1920s the mines in this area pro­duced ap­prox­i­mately 20 tonnes of cobalt rich ore from cop­per min­ing and his­tor­i­cal grades were re­ported between six and 29 per cent.

“No mod­ern min­ing tech­niques have been used here and we are con­fi­dent that good ex­plo­ration and min­ing meth­ods will hand­somely re­ward the com­pany here at Good­springs.”

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