Celsius Resources to list on NSX

Staff Reporter – Celsius Resources, the ASX-listed majority shareholder in the Opuwo cobalt project, has confirmed its dual listing on the Namibian Stock Exchange (NSX).The first day of trading on the NSX is planned for next Wednesday, 25 April, Celsius said in a statement.Gecko Namibia is the largest shareholder in Celsius Resources with about 8.4% and conducts all geological and drilling services for the company locally.Cobalt mineralisation near Opuwo was discovered in 2012. The mineralisation shows similarities to the cobalt-copper deposits in the Zambian Copperbelt, Celsius says. Until the end of 2016, relatively low cobalt prices of around US$20 000 per tonne failed to attract the necessary funding for exploration.“Celsius Resources invested in the Opuwo Project based on a combination of in-depth analysis of hundreds of cobalt projects worldwide and the positive forecast for the cobalt markets in the beginning of 2017. By March 2018, cobalt was traded at US$91 000 per tonne,” the company says.“This and a successful reconnaissance drilling campaign between March and August 2017 led to a further fast tracking of exploration and first metallurgical tests. Since March 2017, a total of about N$50 million has been spent on the exploration programme.”UsesCobalt has a diverse range of metallurgical and chemical uses ranging from aircraft engines to rechargeable batteries, Celsius says in its statement. “Strong demand for rechargeable batteries has been the biggest growth driver for cobalt consumption and demand is forecast to continue to increase as batteries are increasingly adopted in households and vehicles. Cobalt cathode chemistry continues to be the product of choice for applications requiring thin, flexible and high energy density batteries with the best possible cycle life. Furthermore, automotive related demand for cobalt containing battery materials is expected to rapidly increase in coming years with increasing sales of plug in hybrid and fully electric vehicles.”Celsius quotes industry group CRU as saying: “The refined cobalt market will fall into a 3 000 tonne deficit this year following seven years of overcapacity and oversupply. CRU anticipates prices to increase onward into 2017 as global demand for refined cobalt exceeds the 100 000 tonne mark and mine and refined supply tightens.”ProductionIn an interview with Reuters last month, Celsius managing director Brendan Borg said the company is aiming to start production in 2020."We have found cobalt in Namibia and a lot of it. Everywhere we drill a hole along this prospective horizon we find cobalt," Borg said.He said there were possibilities to produce cobalt sulphate, which is used in battery production, in Namibia for export. Acid used in the uranium industry can also be utilised in cobalt processing."There is good acid production capacity in Namibia at the moment, it is underutilised because of the downturn in the uranium industry," Borg said.Production could take place at the mine site or in the Namibian port of Walvis Bay, Borg said. – Additional reporting by Nampa/Reuters

Celsius Resources to list on NSX

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