Canadian company buys Albanian cobalt shares in Prrenjas for 5.41 million euros

The Canadian company European Electric Metals has signed an agreement to buy 100% of the shares of Albanian company “Gerold” owned by Skroka Iron-Nickel mine in Prrenjas. The company itself made an announce through its online site. While under the terms of agreement, the entire transaction amounts to 5.41 million euros for 3 years, including an Albanian company loan.

The Canadian geological team has undertaken an in-depth study for the possibility of extracting cobalt ore in this mine, while believing that its quality may have more cobaltic resemblance to Cameroon. The general director of the company, Fred Tejada, is also quoted in the statement, saying that is a good idea to recognize the potential for extracting high-quality cobalt in the Skorska mine. ”

This transaction represents a major step towards our goal of becoming an ethical source of high-grade cobalt production within a European environment, – he says. According to company data, this mine has a total reserve of 22.4 million tons divided into 0.99% nickel, 50% iron and 0.065% cobalt, while it hopes to launch operations within 6-12 months.

SCAN

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