Explorer European Cobalt is stepping up efforts to tap into the growing market for cobalt, which is seen as one of the most important metals in the fast-growing energy storage market.
The company, which estimates that in three years’ time one-fifth of global cobalt demand will stem from electric vehicles, is zoning in on the Dobsina project, in central Slovakia.
Nickel/cobalt mineralisation at Dobsina was first recognised in 1970 and was exploited until the nineteenth century. Historically, Dobsina produced 430 000 t of high-grade nickel cobalt ore, which was hand sorted on site and shipped to the UK for smelting.
European Cobalt has identified the Zemberg vein system as a priority. This area previously produced at an average grade of 4% cobalt and 16% nickel.
Besides the Dobsina project, the company also owns the Kolba cobalt/copper/nickel/gold project in Slovakia and the Jouhineva cobalt/copper/gold project in Finland. The Kolba project, 70 km east of Dobsina, was acquired in July and the Jouhineva project in August.
On Tuesday, European Cobalt announced that it had secured a Swedish portfolio, which was dotted with “numerous” cobalt, coper and nickel mines. The projects, located in the Bergslagen district of Sweden, were secured through direct licence applications.
MD Rob Jewson said in a statement that the acquisition of the Swedish portfolio reaffirmed European Cobalt’s commitment to acquiring value accretionary cobalt assets in Europe.
He added, however, that the company’s focus was on its flagship Dobsina project and that it was evaluating “strategic partnership of divestment opportunities for the Scandanavian portfolio” to focus its efforts on the Slovakia asset.
European Metals is listed on the ASX.