Elcora Advanced Materials Corp. (the “Company” or “Elcora”) is delighted to declare that it has signed, through its Ermazon SARL 100% owned subsidiary, a binding agreement with special long-term mining production rights and the option to buy the 16 km² Manganese mining concession (“Deposit”) in Morocco.
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This Manganese deposit was mined until some years ago, while the global COVID-19 pandemic hindered more development. At the deposit, the artisanal production run rate was around 2,500 metric tons/month during that time. The local team of the Company hopes there is scope for more by including the right equipment.
Integrating with Elcora’s Manganese ore Atlas Fox Deposit makes the total Manganese ore production capacity of the Company to be over 5,000 metric tons/month.
Manganese, an important factor in manufacturing steel and other alloys, is interesting for its scope in storage for renewable energy.
New research studies have revealed that Manganese-based compounds can be employed in lithium-ion batteries to enhance their stability and efficiency. Such batteries, commonly utilized in electric vehicles (EVs) and consumer electronics, have an inadequate storage capacity and can be costlier to make. Nevertheless, by including Manganese in the cathode of the battery, scientists could extend its lifespan and increase its storage capacity.
Morocco has considerable Manganese deposits, and mining operations of Elcora are ready to expand in that area. This will offer a renewed source of Manganese for the international market, as well as bring economic prospects to the local community.
Manganese is an important metal in demand for the production of steel, EV batteries, and high-tech electronics. An increase in infrastructure and technology projects will drive demand and price growth, providing potential benefits for those, like Elcora, who start mining and trading Manganese ore now.
Troy Grant, CEO, Elcora Advanced Materials Corp.
Source: https://www.elcoracorp.com/