Elcora Advanced Materials’ wholly owned subsidiary Ermazon SARL has signed an option agreement to acquire a manganese mining concession in Morocco, from an undisclosed firm.
The financial terms of the binding agreement with exclusive long-term mining production rights and options were undisclosed.
The manganese deposit had been mined until stringent rules imposed a few years ago prevented further development due to the Covid-19 pandemic.
At that time, the 16km² deposit had an artisanal production run rate of 2,500 metric tonnes/month (mt/mth).
Along with the manganese deposit, Elcora expects its Atlas Fox manganese ore deposit to bring the company’s overall manganese ore production capacity to exceed 5,000mt/mth.
Elcora CEO Troy Grant said: “Manganese is an important metal in demand for the production of steel, EV batteries, and high-tech electronics.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“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.”
A key component in the production of steel and other alloys, manganese can be used in renewable energy storage applications.
In a press statement, Elcora said: “Morocco is home to significant deposits of manganese, and Elcora’s mining operations are set to expand in the region.”
In a recent development, the Moroccan Government issued a manganese exploitation licence to Elcora to mine, extract, process and sell manganese from the Atlas Fox deposit.
The 16km² mining concession was mined until the mid-1950s. It is expected to have a potential monthly production capacity of 2,500t.