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September 3, 2018

African Battery Metals to end Sierra Leone gold and iron-ore operations

African Battery Metals (ABM) has decided to end its gold and iron-ore operations in Sierra Leone following a strategic review of its assets.

African Battery Metals (ABM) has decided to end its gold and iron-ore operations in Sierra Leone following a strategic review of its assets.

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The announcement comes after the company recently acquired two new nickel and cobalt projects in Cameroon and Cote d’Ivoire.

“We believe that in order to maximise shareholder value we need to focus resources on our core strategy.”

The proposed pullout from Sierra Leone is aimed at shifting focus to advancing the company’s portfolio and identifying additional investment opportunities to strengthen its position as a battery metals-focussed business.

ABM intends to capitalise on ‘attractive’ long-term market fundamentals for battery metals.

The company attributed the decision to end its activities in the country to that fact that the exploration licence covering the 153km² Ferensola project in Northern Sierra Leone is up for renewal.

Currently, ABM holds four prospecting licences in Cameroon, adjacent to undeveloped cobalt resources.

In Cote d’Ivoire, the company has two prospecting licence applications, and a right to earn in to up to 70% of Lizetta II, which is a 380km² cobalt, chrome and nickel project.

The company noted that these two projects are complementary to its cobalt licences in the Democratic Republic of Congo.

ABM CEO Roger Murphy said: “As our strategy states, we are focussed on battery metals. With the acquisition of two highly prospective nickel and cobalt assets which complement our existing DRC cobalt projects, and the Sierra Leone licences being up for renewal and extensive consultation with our stakeholders, we have elected not to continue with activities in Sierra Leone.

“We believe that in order to maximise shareholder value we need to focus resources on our core strategy.

“We have a platform from which to grow, both through the development of our current portfolio and by securing additional highly value accretive acquisitions and in the process deliver a leading battery metals-focussed resource company.”

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How is the Mining industry adopting electric technologies?

As miners strive to reduce greenhouse gas emissions, many, particularly those with underground mines, are beginning to invest in battery-powered and electric-powered mining fleets. As of March 2022, GlobalData was tracking 207 trolley assist trucks operating on surface mines across the globe. Based on our analysis, the largest population of trolley assist trucks was in Zambia, followed by Namibia and Panama. In the same time frame, GlobalData was also tracking 157 electric loaders (LHDs) and 45 electric trucks operating in underground mines across the globe. Our analysis revealed that the combined largest population of electric LHDs and trucks was in Canada, followed by Russia, Sweden and Australia. Our report provides:
  • A summary of specific battery/electric surface and underground equipment – namely trolley trucks, underground mining trucks and underground LHDs
  • Active population of trolley assist and battery-powered trucks worldwide by country & mine
  • Active electric LHDs and trucks population worldwide by country & mine
  • Number of electric LHDs & trucks operated by miner
Download this report to better understand the rise of electric vehicles in mining and pinpoint investment opportunities.
by GlobalData
Enter your details here to receive your free Report.

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