Kaseka Cobalt Property
On September 20, 2017 TANTALEX Resources Corporation announced that its wholly owned subsidiary, United Materials Congo SARL has acquired an important mining claim namely PR 13634, KASEKA Cobalt Property, known to be highly prospective for copper, which was previously owned by Gécamines SA.
The property is located within the mining friendly region of Kolwezi in the south of the Democratic Republic of Congo (DRC) and is home to several large deposits. It is situated within the prolific Katangan Copperbelt and is defined as a syncline geological formation for which its southern part intersects the Kansuki Fault, and its northern portion intersecting the Kalunkudji Fault. As the northern fault continues a north-eastern direction it widens into the Tenke-Fungurume geological formation. The property has access to available infrastructure such as airports, railways, electricity as well as access to the nearby Kando River, providing ample water supply.
Tantalex’s new copper/cobalt property is strategically located, as it is surrounded by several large deposits, the most known being Glencore’s world-class copper/cobalt open-pit, the Mutanda Mine (also known as Mumi). In 2016, Mumi produced 51,000tonnes of copper and 6,300 tonnes of cobalt. Its current estimated mine life is 15 years,with 5.5 million tons of copper and 2 million tons of cobalt mineral resources. (Source: www.fleurettegroup.com) Seven kilometers from MUMI is the Kalumbwe Myunga deposit owned by MKM, which hosts reserves estimated at 1.4545Mt at 3.74% Cu and1.7736Mt at 0.54% Co (November 2011). There is also the Kisanfu copper/cobalt deposit with estimated reserve of 87Mt @ 2.87% Cu and 0.17% Co (2011). Lastly, the Kisanfu-Freeport deposit, located at a similar distance to the Property, has estimated reserves of108Mt @ 2.62% Cu and 1.08% Co (December 2012). (Source: www.portergeo.com.au/database )
Cobalt is a hard, lustrous, grey metal with a very high melting point. It is used mainly in the production of chemicals (58%), super alloys for gas turbine blades and jet aircraft engines, special steel, carbides, diamond tools and magnets. The Democratic Republic of Congo holds more than half of the world's cobalt reserves, according to the US Geological Survey. In August 2017, cobalt reached a new price high of $61,250/tonne, seeing a year over year increase of 131.13%. (Source: LME & Trading Economic).
According to UBS (May 2017), “electric vehicles are going to result in a boom for battery materials such as lithium, cobalt and rare earths and in a world where electric vehicles reach 100% of the market, which is decades away, demand for lithium will increase by 2,898%, cobalt by 1,928% and rare earths by 655%”.