Canadian mining company acquires 10 vanadium sites in Morocco

<img width="1200" height="900" src="https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-1200×900.jpg" class="attachment-large size-large wp-post-image" alt loading="lazy" srcset="https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-1200×900.jpg 1200w, https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-600×450.jpg 600w, https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-768×576.jpg 768w, https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-1536×1152.jpg 1536w, https://16iwyl195vvfgoqu3136p2ly-wpengine.netdna-ssl.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-2048×1536.jpg 2048w" sizes="(max-width: 1200px) 100vw, 1200px" data-attachment-id="160861" data-permalink="https://www.pv-magazine.com/2021/11/29/canadian-mining-company-acquires-10-vanadium-sites-in-morocco/11131954496_eee48ffd08_o/" data-orig-file="https://www.pv-magazine.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-scaled.jpg" data-orig-size="2560,1920" data-comments-opened="1" data-image-meta="{"aperture":"2.4","credit":"","camera":"iPhone 5","caption":"","created_timestamp":"1385472601","copyright":"","focal_length":"4.12","iso":"50","shutter_speed":"0.00769230769231","title":"","orientation":"0"}" data-image-title="11131954496_eee48ffd08_o" data-image-description data-image-caption="

A vanadium deposit.

” data-medium-file=”https://www.pv-magazine.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-600×450.jpg” data-large-file=”https://www.pv-magazine.com/wp-content/uploads/2021/11/11131954496_eee48ffd08_o-1200×900.jpg”>

Canada-based graphite and graphene provider Elcora announced it acquired STE Ermazone A.R.L, a company owning ten vanadium licenses/concessions sites at unspecified locations in Morocco.

“In consideration for the purchase of 100% of the outstanding securities of Ermazone, the company has agreed to pay consideration as follows: (i) USD$500,000 cash; (ii) 4,500,000 common shares of the company; and (iii) $10,000 to be paid in remuneration at the end of each month, for a period of three years, or until the end of the employment period,” Elcora said in a statement. “All Shares issued pursuant to the acquisition are issued at a deemed price of $0.11 per share and will be vest at a rate of one thirty-sixth at the end of each month, over a period of three years.” The name of the seller was not revealed.

Elcora stated that the mining activities at the sites will be mainly aimed at supplying vanadium to the redox flow battery industry.

“Elcora is devoted to unlocking the full potential of solar and wind through large-scale energy storage capacity,” said the company’s CEO, Troy Grant. “Like other minerals and metals needed for li-ion batteries, the thriving renewable industry will accelerate demand for high quality vanadium. Elcora will commence trial production to obtain sufficient material for a production process test run.”

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

This post appeared first on PV Magazine.

Share This Post

Share on linkedin
Share on twitter
Share on email