Delecta to purchase Nevada cobalt mine

DELECTA has entered into a binding option agreement to acquire a 100 per cent interest in the high- grade Highline cobalt- copper project in Nevada in the US.

The acquisition formed part of the ASX junior’s diversification strategy aimed at capitalising on the demand for battery minerals including cobalt, lithium and vanadium.

Delecta managing director Malcolm Day said the company continued to seek and evaluate other investment opportunities in the battery minerals space given its previous success with its investment in European Lithium.

“The increased demand for battery minerals, like lithium and cobalt, is primarily due to the rapid advancement and demand for electric vehicles,” Mr Day said.

“Given the Highline mine’s previous mining and exploration was circa 100 years ago, the company believes that the Highline Cobalt- copper project represents a relatively low risk opportunity in an area of known mineralisation.”