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FWIW from another board:
in the anticipated market for barcoded links to information and services. Expect mSFT to outright buy Neom very soon. Someone wrote. The REAL STORY isn't about "QR Codes," it's about the Patents related to "indirect" processing of a visual code (even a format like Spyderlink). QR Codes themselves are owned by Denso Wave and can be used by anyone without infringing on Patents; though not including an (r) symbol when referencing "QR" may eventually be enforced.
But, if you route the "resolve" to a central clearing house (such as Microsoft TAG does), so that you pick up analytics on the code BEFORE sending the User to their actual destination, that is what Neomedia's Patents are all about.
There are dozens of companies who deliver indirect QR services who will either have to cut a deal with Neomedia, sub-license from Microsoft, go out of business, or tweak their technology to by-pass the Patent (or, of course, they could fight the Patent, but, that's a war that was fought for nearly 10 years and it's far too expensive to re-open).
Microsoft were the largest provider of indirect codes (both TAG and QR) and they use the same system for NFC (anticipating the future). The real issue now is whether this is pre-emptive in anticipation of APPLE expanding their visual/resolve/indirect products? If Apple are infringing (or about to), then the price tag to Apple to license the Neomedia Patents just increased exponentially.
It should be noted that Neomedia purchased the original Patents and didn't develop the technology at all. But, that's a whole other issue.
Soooo, what's different this time around.......
Volume dude:
[img]stockcharts.com/c-sc/sc?s=neom&p=w&yr=3&mn
Sell off continues - another mining scam bites the dust.
Big sell of in May - is this the end?
Hope it is only a major investor getting out.
Doesn't look too good at the moment.
GLTY
Nice - 64k shares buy!
71K shares just bought @ .658 - not eactly chump change!
Wonder what's up?
WTF .....
DENVER, COLORADO--(Marketwire - 02/15/11) - Geovic Mining Corp. (TSX:GMC - News)(OTC.BB:GVCM - News) ("Geovic" or "the Company") is pleased to announce that its Geovic New Caledonia SAS subsidiary (GNC) has been granted exclusive exploration licenses in New Caledonia, a French overseas island territory in the South Pacific. These licenses will enable the Company to evaluate the quality and extent of promising chromite-rich heavy mineral beach sand deposits in a program expected to commence later this year.
Project Background
Several members of Geovic's senior management team prospected for chromite deposits in the mineral-rich sands along the coast of New Caledonia during the 1980s. Based on this work, together with subsequent advances in mineral separation technology, the Company determined that an opportunity existed to define and ultimately develop a potentially economic major chromite resource.
Consequently, the Company established GNC to carry out its exploration and evaluation efforts and in 2009 carried out reconnaissance sampling programs and conducted airborne magnetometer surveys, resulting in the issuance by the government of prospect licenses (PMAs) for up to 120 square kilometers.
In the past year, more than 400 samples were collected from areas covered by the PMAs, and the prospects were ranked according to development potential. Based on these results, GNC submitted exploration license applications for areas deemed to be the most prospective, and was recently awarded a total of 31 licenses: 12 exploration licenses comprising 40 square kilometers in North Province and 19 Licenses comprising 60 square kilometers in South Province.
Favorable Results from Preliminary Prospecting and Process Tests
The onshore prospecting program carried out thus far has resulted in the discovery of several potentially large-tonnage high-grade chromite accumulations. In some of these areas, chromite concentrations exceed 50% of the total sand grains present.
In preliminary metallurgical test work, the chromite was found to be easily concentrated by conventional gravity, magnetic and electrostatic separation, and many concentrate assays exceeded 54% Cr2O3, well above global averages. Additionally, bulk sample test work indicates that premium grade chromite can be produced from multiple sites tested thus far. Additional information about this project can be found on the Company's web-site (www.geovic.net).
Chromite market
The principal source of chromium metal is chromite. The world chromite market consumes over 22 million tonnes of chromite per year (2008), greater than 90% of which is consumed as ferrochrome, mostly dedicated to stainless steel production. Chrome content in stainless steel ranges from about 13-20%. Demand for stainless steel is expected to increase significantly. Premium quality foundry grade chromite sand is the preferred casting media for production of metal castings.
2011 Exploration Program
Environmental baseline studies are being initiated to establish site specific impacts and mitigation requirements prior to drilling. Subsequently, following regulatory approval to commence exploration, onshore and offshore drill campaigns are planned to assess the quality and extent of chromite deposits on the exploration licenses. The initial drilling program is targeted to commence in the second half of 2011 and continue into 2012, at which point we anticipate that resources will be estimated.
Custom onshore and offshore drill rigs are being fabricated to utilize a proprietary process that will ensure sample integrity while minimizing impacts during the drilling program. Bulk samples will also be collected to confirm the mineral separation process, forming the basis for advanced engineering and design studies and estimated capital and operating cost requirements.
John Sherborne, President of Geovic New Ventures, comments: "The award of exploration licenses culminates several years of prospecting work in New Caledonia. We believe the potential exists for an economically viable, world-class chromite deposit, and the upcoming work program will be an important first step in establishing the parameters for such a project."
Mr. Gary R. Morris, President of Geovic Mineral Sands and a registered professional geologist is the Qualified Person, as defined by Canadian National Instrument 43-101, responsible for the technical information contained in this press release.
FWIW....
The European Commission recently announced a plan to secure the continent’s supply of cobalt and other natural resources, with the aim of reducing the EU’s dependence on imports.
“In order to secure supply of raw materials for the European industry for coming years, we need to link this policy with our reforms of the regulatory framework for financial markets,” said Commission President José Manuel Barroso on Wednesday.
The Commission has now agreed to update the list of crucial raw materials at least every three years, instead of five years as previously decided.
The Commission identified 14 crucial materials including cobalt and other “high-tech” metals, but also natural rubber, woods and even foodstuffs like grains. The major countries which are involved in the global trade are Russia, Republic of China, Brazil and Democratic Republic of Congo. One of Europe’s current main suppliers of the cobalt needed to produce batteries is the war-torn Democratic Republic of Congo (DRC). Europe is 100 percent reliant on foreign suppliers for cobalt, of which 71 percent originates from the DRC. Most of the world’s rare earth elements, and other elements like indium - in high demand for use in flat screen televisions and computer monitors - are mined in China, which recently cut its export quotas.
A report published by the Commission entitled The Raw Materials Initiative — Meeting our Critical Needs for Growth and Jobs in Europe states that “though often needed only in tiny quantities, these metals are increasingly essential to the development of technologically sophisticated products in view of the growing number of their functionalities. The EU will not master the shift towards sustainable production and environmental-friendly products without such high tech metals. These metals play a critical role in the development of innovative ‘environmental technologies’ for boosting energy efficiency and reducing greenhouse gas emissions.”
The report also addressed concerns over securing supplies of cobalt in the future, as “emerging economies” like China and India have increased their engagement in mineral-rich countries like the DRC in recent years, with the goal of supplying their increasing demand for cobalt.
Moving forward, the Commission recommends a raw materials strategy that ensures continued access to cobalt through maintaining positive relations with international suppliers, fostering European-based supplies, and promoting initiatives to recycle and reduce consumption.
A geographically closer source for cobalt is the Russian Federation, but the mineral is so rare that since 2008, Russian law doesn’t allow foreigners to dig it out of the ground, sell it or export it without special permission. Russian mining giant Norilsk Nickel (PINK:NILSY) currently controls close to 95 percent of domestic cobalt production.
Belgium-based Tesla Motors Inc. (NASDAQ:TSLA) recently garnered attention for launching its initiative to refine cobalt from recycled used battery packs, then transforming the cobalt into high-grade lithium cobalt oxide, which can be resold to battery manufacturers.
Getting ready to pop?
Seems like someone is accumulating.
Recent article from African Business Journal:
Championing cobalt in Cameroon
When TABJ spoke with Geovic Mining Corporation’s CEO, Jack Sherborne, in July 2009, he was hopeful that cobalt would be “a star performer of the 21st century,” in which case the company was well-positioned to capitalize.
We asked if this was still the case, and Sherborne’s answer was a resounding “yes.”
“It’s clear the internal combustion engine isn’t going to be the primary global transportation solution of the future,” he states. “There is a major shift underway toward hybrid and electric-only vehicles that use rechargeable batteries. There is a lot of cobalt in these batteries, which will power the cars of the future. Thus, it appears likely that cobalt will be a very important industrial element for decades to come.”
Work at Geovic’s Nkamouna cobalt project in Cameroon is coming along very well and, although Sherborne says you can “never make as much progress as you’d like,” progress over the past year speaks for itself. From approaching completion of the final feasibility study, to working toward securing financial backing, to preparing to commence construction, we have a lot to catch up on with the company committed to putting Cameroon on the global mining map.
Updating Nkamouna feasibility study
In late 2009, Geovic hired Lycopodium Minerals Pty. of Perth, Australia to update the Nkamouna Feasibility Study. This update commenced in January of this year, and “is expected to be completed in the fourth quarter, which we are very much looking forward to,” Sherborne says.
“Moreover, in late 2009 we also engaged Standard Chartered Bank of London, UK, to be our financial advisor, to help us with all the issues related to financing the project.”
Standard Chartered, which has a long, storied history working with African mining projects, is providing a myriad of advisory services, particularly regarding the potential for off-take agreements with Asian industrial companies, as well as financing arrangements that could be tied to them. The updates to the Feasibility Study incorporate numerous changes Geovic has made to project chemistry and processing, as well as other streamlining efforts to improve overall efficiency and reduce project risk. Geovic announced a 97 per cent increase in Nkamouna’s Measured & Indicated Resources in late 2009, and accordingly will incorporate this data into the Final Feasibility Study.
“Those results, some of which have already been published, have extended the project’s resources considerably,” Sherborne says.
“The updated reserves will certainly be more substantial than they were before, although we really aren’t lacking for material to put through the processing plant. Nevertheless, they look much more attractive from the standpoint that with a bigger reserve base, we can be more selective earlier on, running higher grade material through the processing plant and thus materially improving project economics.”
The updates have also allowed the company to plan for operation over many more years, offering greater project flexibility.
Regarding the Lycopodium project update, “mostly they’re incorporating the pilot plant test work performed this summer by Hazen Research, also based here in Colorado,” Sherborne says.
“They’re still performing those tests, but for the most part it’s done, at least to the extent that Lycopodium has started work on the engineering aspects of the Project.”
With Geovic’s efforts moving full-steam ahead on all fronts, there is, of course, a looming milestone that will signify the next stage for Nkamouna.
Considering construction
“That’s always the question people want to know—when will construction start?” Sherborne says, pointing out that however many targets you set, there are always going to be unplanned surprises that try to thwart your timeline.
“Nonetheless, we aim to commence some limited construction activity before the end of this year,” he says. “However, major construction will probably have to wait until the first half of 2011, once we can get project financing completed.”
In addition to firming up off-take agreements, which Sherborne highlights as being “absolutely essential to the project,” Geovic is looking forward to initiating mining in Cameroon.
“They’ve never had a mining industry. They’ve got substantial resources in the country, particularly bauxite and iron ore, and thus are very enthusiastic about attracting foreign investment to develop these projects. Our modest-sized mining project is leading the way,” he says.
“We’re extremely enthusiastic to get started, as is the state investment corporation (SNI, which controls 39.5 per cent), and hopefully we’ll be able to do so in the very near future.”
It is important to differentiate between mining for cobalt and other metals such as gold, iron ore, and copper. Sherborne explains that unlike those projects, where you mine as much ore as you can profitably handle, cobalt is an altogether different animal. Geovic has to be exceptionally aware of global supply/demand dynamics, as more than 90 per cent of the world’s cobalt is mined as a by-product to nickel and copper mines from a variety of geographic regions such as the Democratic Republic of Congo.
“Those mines are not driven by the cobalt market per se. However, we will be a primary producer, so we can work together with consumers to make sure we produce at a rate consistent with market demand—and that’s a lot trickier than just producing at whatever rate suits us,” he says.
“That’s a key aspect in advancing this project; trying to obtain off-take agreements that recognize the nuances of the (roughly 60,000 tonne/year) cobalt market.”
Geovic recognizes this extremely well. So well, in fact, that numerous trading and industrial companies have started to pay due attention to their work at Nkamouna, opening new possibilities for financing, off-take agreements, and beyond.
Cobalt, Cameroon and construction
By year end, Geovic expects to have completed the updated Feasibility Study, and there are plenty of people watching for the results.
“We’ve had a lot of discussions with companies from the Far East related to off-take agreements, and some of those discussions tie in financing schemes as well. There’s a lot of interest amongst the major companies from China, Korea, and Japan,” Sherborne says. Moreover, “most all of these companies are keen to purchase the nickel and manganese we will be producing as by-products as well.”
These companies tend to be scouting out long-term mineral supplies and, perhaps, we ask, will we see project financing and/or off-take announcements in due course?
“It’s not inconceivable that we’ll have something useful to tell you about these discussions in the next few months,” Sherborne says.
Separately, Geovic has taken great strides with its political and humanitarian partnerships over the past decade, and as a result it is not surprising to see that its work with the Government of Cameroon continues to impress.
“Often working with government entities on mining projects is a daunting endeavour. We have had our ups and downs, but are becoming much better at getting along,” Sherborne says. “[Better] to the point, both partners understand that Nkamouna can be advanced in both of our interests when we share a common vision. They’ve taken the time to thoroughly understand what we’re doing, and actually get involved in helping us.”
With a nod to the New Caledonia Heavy Mineral Sands project that Geovic is currently putting together, set to hit news wires in the coming months, and a deep breath as we consider how promising Nkamouna is currently looking, one year on it looks like Geovic is stronger than ever. Its work with Lycopodium and Standard Chartered Bank, its understanding of the cobalt market, the updated reserves, international attention to the exploding market for hybrid and electric-only vehicles, and a quest to advance mining in Cameroon are all stellar signs that this is the cobalt miner to watch.
Nice pop today!
Just noticed GMC.TO up over 14% today
Volume picking up - end of year could get interesting.
Bid is building - this stock is soooo under the radar.
Appears ready to breakout.
Check out weekly chart - 2 years.
Massive inverse head and shoulders.
Interesting facts on Cobalt from interview The Energy Report, Gordon Monk of Performance Capital Advisers Apr 2010:
Gordon Monk: There are a number of sectors that I'm interested in. There's been a tremendous move of capital to wind in recent years. Certainly solar is another area that's also gaining a lot of attention. One of the areas that I'm focused on right now would be hybrid electric vehicles, specifically the batteries containing cobalt.
TER: There have been some failures with batteries containing cobalt. Some reports indicate there is a small possibility of those batteries catching fire. Do you have some information that you could share with us on this topic?
GM: As I understand it, the problems associated with those batteries had to do with overheating. The chemistry was such that the batteries would release a small amount of oxygen, which then creates the chance of possible combustion. There's been a lot of technology focused on the problem. Modern batteries now are equipped with microchips that control the discharge conditions of batteries. There have also been additives to the batteries which have more or less solved the problem. With the problems being solved, the benefits of using those batteries far outweigh the negatives of the past.
TER: Do you see cobalt continuing to be used in these types of batteries?
GM: Oh, absolutely. A report by J.P. Morgan suggests that the current output of around 740,000 units is going to increase to 12.9 million by 2020. So I think that in itself is a pretty strong indication that cobalt is here to stay.
TER: What do you find interesting about wind and solar companies? Their potential?
GM: Yes, it falls into the whole movement to green. In recent years there's just a tremendous focus on the environment and the environmental problems associated with conventional energy. I can speak to oil and gas and coal, the usual culprits. I find solar and wind fascinating because they solve a lot of the problems associated with greenhouse gas emissions. The capital flows that are going into these areas suggest to me that they are here to stay. I think there are tremendous opportunities in the space.
TER: How is cobalt connected to solar and wind technologies?
GM: Cobalt plays a role in renewable solar panel technology and wind generation. Cobalt is also used as a super alloy in wind turbines.
TER: So you see increased demand for cobalt because of wind and solar technologies, in addition to batteries?
GM: Yes, because of the batteries and because of the green movement in general. Cobalt is not just found in batteries and that's something that's key. I think a lot people misunderstand that. Batteries currently account for around 26% of the market for cobalt. Super alloys, which include turbine blades and heat-resistant steel, account for another 23% to 25% of the market. It's underappreciated about what it can do.
FWIW - not pumping ...
You may want to keep an eye on GWMGF - just bought in today.
Great Western Minerals Group - mine rare earth metals.
CHICAGO -- Cobalt and molybdenum trading have made “an encouraging start” in the six months since it was launched on the London Metal Exchange on Feb. 22, exchange officials said Monday.
Total notional value of contracts for the two minor metals traded in the first months was put at $230 milliion. Cobalt volume so far has been 4,047 or 4,047 tonnes valued at $161 million and totaled 427 tonnes in the first full months but has been over 800 tonnes per month since May when a peak of 893 tonnes were traded.
Molybdenum volume was put at 321 lots or the equivalent of 1,926 tonnes valued at $69 million. Volumes have swung widely from month to month with 480 tonnes traded in the first full month followed by two months under 200 tonnes and a peak of 516 tonnes in June followed by 216 tonnes in July. For August by Friday trading volume of 348 tonnes had been tallied, officials said.
The LME’s bigger base metals contracts traded a total of 111.9 million lots valued at the equivalent of $7.4 trillion last year, or $29 billion on an average business day.
Executives said they considered volumes, liquidity and open interest for the minor metals to be building well and said they were particularly encouraged by the progress of cobalt. At the close of trading Thursday, cobalt market open interest, which is published two days later by the exchange, had grown to 406 lots (406 tonnes) and open molybdenum open interest was 41 lots or 246 tonnes.
From Yahoo FWIW......
Talked to Mr. Huffman last week via e-mail. After reading the web site again and watching the highlights of annual meeting on You-tube, was left w/ good fuzzy feelings that at least its not a pump and dump scheme.
1. 15 years in the making
2. 30 years experience by these professionals in their respective field
3. The hospital
4. The ties to the gov't. and their need for geovic to mine.
5. The ongoing and increasing demand for cobalt.
6. I forget what the bus. term is, but its the letter of agreement by future customers to buy your Cobalt.
So I've seen a few pump and dumps, a few grossly exagerrated exploration finds, and some that couldn't find the financing.
We seem to have overcome these hurdles. just need to see where the financing lands us. This is encouraging. somebody seems to know something.
I can't find any news reports or any news on the webpage.
Cheers, Jeffro
Yaa Boy - Was hoping this baby would take off.
Strange trading today, .62 - .87 huge spread ?????
Nice little pop today - I'll take it - more to come.
Hourly bollies getting tight - move coming - hope it's up!
Cobalt heading up along with metals.
I am hoping for at least a pop to $1.
This does have the potential to explode.
Geovic part of Commodity Companies Index:
There are more than 1,000 companies of various market capitalizations trading on the Canadian and/or U.S. stock exchanges that are involved in some aspect of commodities be it in mining, drilling, agriculture, exploring, developing or financing. That being said there are only about 100 companies that have warrants that trade and only 35 have warrants that are of 24 months duration or longer.
These 35 companies have been gathered together into an index called the Commodity Companies Index (CCI) and their 46 associated long-term warrants into the Commodity Company Warrants Index (CCWI). As a sub-component of the CCI, the 20 companies primarily involved in gold and silver have been gathered together into the Gold and Silver Companies Index (GSCI) and the Precious Metals Warrants Index (PMWI).
The Commodity Companies Index
The CCI, which was up 126% in U.S. dollar terms in 2009, is an equal dollar-weighted index whose 35 commodity related companies with associated long-term warrants (i.e. 24+ months duration) trade on the U. S. and/or Canadian stock exchanges.
These companies have diversified market caps as follows:
- 5 are large-cap (i.e. 14%);
- 8 are mid- to small-cap (i.e. 23%);
- 22 (i.e. 63%) are micro- or nano-cap (i.e. 63%).
Another way to look at the CCI is a breakdown as to the commodity they are related to which is as follows:
Oil and Gas Constituent Companies
21. Bankers Petroleum; T.BNK/ - ; .wt.A/BAPKF - March 2012 - 066286147
22. Pacific Rubiales; T.PRE/ - ; .wt/ - - July 2012 - N/A
Merchant Banking Constituent Companies
23. Aberdeen International; T.AAB/ - ; .wt/ADNLF - June 2012 - 003069119
24. Endeavour Financial; T.EDV/ - ; .wt.A/ENDEF - February 2014 - G3040R133
25. PineTree Capital; T.PNP/ - ; .wt/PNLDF - - April 2012 - 723330130; .wt.A/ - - October 2012 - 723330130; .wt.B/ - - July 2013 - 723330148
Base Metals Constituent Companies
26. Baffinland Iron Mines; T.BIM/ - ; .wt/BFIRF - January 2012 - 056620115; .wt.A/ - - December 2012 - 056620131; Iron Ore
27. Breakwater Resources; T.BWR/ - ; .wt.A/ - - April 2014 - 106902166; Zinc
28. Coalcorp Mining; T.CCJ/ - ; .wt.B/CJCPF - June 2013 - 190135160; Coal
29. FNX Mining; T.FNX/ - ; .wt/ - - September 2012 - 30253R119; Nickel
30. Geovic Mining; T.GMC/ - ; .wt.A/GVICW - March 2012 - 373686120; .wt.B/ - - April 2012 - U37397111; Cobalt
31. Mega Uranium; T. MGA/ - ; .wt/MEGUF - February 2012 - 58516W112; .wt.A/MEGRF - June 2012 - 58516W120; .wt.B/ - - October 2014 - 58516W146; Uranium
32. Mercator Minerals; T.ML/ - ; .wt/MRCMF - February 2012 - 587582115; .wt.A/ - - January 2013 - 587582123; Molybdenum
33. Uranerz; T.URZ/ - ; .wt/ - - April 2012 - 91688T112; Uranium
34. Western Canadian Coal; T.WTN/ - ; .wt/ - - June 2012 - 957860125; Coal
35. Zasu Metals; T.ZAZ/ - ; .wt/ - - December 2012 - 989197116; Zinc, Lead
Cameroun : La société canadienne Geovic investira 379 millions $
Cameroun
15-01-2010
La société canadienne Geovic investira 379 millions de dollars dans le projet de nickel-cobalt-manganèse de Nkamouna, dans le sud-est du Cameroun.
Elle prévoit de produire 4200 tonnes de cobalt par an et 2100 tonnes de nickel par an pendant 21 ans.
La société envisage de terminer l'étude de faisabilité dans le courant de l'année 2010, avec des perspectives de production en 2012.
I need a translater:
Cameroun : La société canadienne Geovic investira 379 millions $
Cameroun
15-01-2010
La société canadienne Geovic investira 379 millions de dollars dans le projet de nickel-cobalt-manganèse de Nkamouna, dans le sud-est du Cameroun.
Link:
http://www.lesafriques.com/cameroun/cameroun-la-societe-canadienne-geovic-investira-379-mill.html?Itemid=229?article=214970
Please Note: All news in this release is summarized. To read the full report, go to www.caesarsreport.com, and sign up Free to receive the full report.
Track Performance: A “Mining Top 25” portfolio will be added on the Caesars Report website, so visitors are able to track the performance, starting January 1st 2010. This portfolio can be viewed here; www.caesarsreport.com/portfolio?
FerrAus Limited (ASX: FRS) begins the second part on a deserved 20th place. Their overall Iron Ore project has plenty of potential and railroad access could be a major brake-trough for the company. (for the main catalysts for 2010 and more: see the full report at www.caesarsreport.com)
Universal Resources Limited (ASX: URL) was ranked 19th. The merger with Vulcan Minerals (TSX-V: VUL) provides a cash-injection of 28M AUD, Xstrata is shareholder of the company (4.5%), and after the merger there are two projects with Feasibility Study. (for the main catalysts for 2010 and more: see the full report at www.caesarsreport.com)
U.S. Silver, Corporation (TSX-V: USA) has the 18th place. Silver Valley provides a great location to mine, Once the Galena Shaft is repaired, a production increase of 50% is forecasted from 2011 on. The new management is clearly production-focused. They have a relative high cash costs for silver (10.5 USD/oz anticipated in 2011), but it’s a nice leverage to silver prices. (for the main catalysts for 2010 and more: see the full report at www.caesarsreport.com)
Geovic Mining Corp. (TSX-V: GMC) fits in well on the 17th place. High-grade Cobalt, low cash cost, and a gi-gan-tic deposit, and incredible amount of cash make them a company you want to follow. (for the main catalysts for 2010 and more: see the full report at www.caesarsreport.com)
Cameroon: Mineral Exploitation - Korea to Partner With country
Godlove Bainkong
12 January 2010
The Country's Ambassador to Cameroon, Hosung Lee, yesterday had a working session with MINIMIDT.
The Korean government has announced its readiness to partner more than ever before with the government of Cameroon in exploiting the numerous mineral resources the country is blessed with. The Ambassador of Korea to Cameroon, Hosung Lee made the revelation yesterday after an audience granted him by Cameroon's Minister of Industries, Mines and Technological Development, Badel Ndanga Ndinga.
Speaking to the press after the over one hour discussion with the Minister and some of his close collaborators, Mr Hosung Lee said Cameroon has enormous mineral potentials and that efforts are ongoing to attract as many Korean investors into the sector as possible. He said his country currently runs two mining companies in Cameroon whose application for mineral exploitation is under study by government officials. "We are also interested in partnership with other foreign companies operating in the country like Geovic which has already obtained its exploitation rights", the diplomat said.
The promise came on the heels of giant mining projects announced for this year by the Head of State during his end-of-year address the nation. The President cited among others, the construction of the Nkamouna cobalt, nickel and manganese mine, diamond mining at Mobilong as well as speed up the process that should lead to the mining of bauxite at Minim-Martap- Ngaoundal and iron at Mballam.
Mr Hosung Lee said they also discussed ways of reactivating the cement factory programme in Limbe as well as ways through which the number of government officials trained in Korea could be increased.
I am starting to think that Geovic may have the goods. I have been killed in the past on startup mining companies. I dould not resist taking a bite into this one.
GLTA
Anyone happen to notice the ~17 form 4's listed today?
News showed up on my Streetsmart Pro 01/13 18:45 - 19:40
Are they warming up the engines?
Hark, its a bird, its a plane, ...............
its a flying pig!
This is my home state - great hunting in that area.
Will be doing some research.
GLTA
AfDB projects $1.34 bln five-year grant for Cameroon
Oct 5th, 2009 by AfricaTimes.
The African Development Bank expects to grant Cameroon $1.34 billion in grants over the next five years to help it improve its mining, forestry and agriculture sectors.
Poor roads, railways and ports along with unreliable electricity and communications have prevented the West African country from diversifying away from energy, which makes up about half of export revenues, Racine Kane, the AfDB’s new Cameroon country chief, told Reuters in an interview this week.
“Cameroon has a rich potential in its strategic location, agriculture, forestry, mining and ecosystem but these cannot be tapped for sustained economic growth because of bad governance and insufficient basic infrastructure,” Kane said.
Kane said he expects the bank to grant Cameroon some 857 million in Unit of Account credits, roughly the equivalent of $1.34 billion, between 2010 and 2014, as part of a programme to improve infrastructure.
Cameroon’s mining sector is estimated by the Ministry of Industry, Mines and Technological Development to be worth about $100 billion, but production and processing of minerals like bauxite, cobalt, diamonds, and gold has lagged.
“Exploitation of all these potentials and opportunities are held back by poor road networks connecting production zones to market centres but also the inefficient supply of electricity in quantity and quality for industrial processing,” he said.
“In short, the basic infrastructure sector is a sector with strong growth potential demanding huge investments.”
LUSAKA – Zambia's largest cobalt producer, Chambishi Metals will restart production this week after suppliers in the Democratic Republic of Congo (DRC) delivered enough cobalt concentrates, the firm said on Tuesday.
Operations at Chambishi were suspended in December and placed on maintenance due to losses the company suffered owing to the global economic slowdown.
Output was due to restart in October, but Chief Executive Derek Webbstock said on Tuesday production would only start this week following the arrival of the raw materials.
"We have received enough cobalt concentrates from Congo and we will start processing cobalt this week," Webbstock told Reuters in an interview.
Webbstock could not state the exact quantity of the cobalt concentrates delivered and at what capacity the plant would resume output but insisted the raw materials received were sufficient to start and sustain production.
Chambishi had forecast output at 3 400 t of cobalt in 2009 from 2 500 t in 2008 before it suspended operations.
"We initially expect about 300 workers to resume working and more will probably be engaged as production increases," he said.
Webbstock said the company would start processing copper concentrates after China Nonferrous Metals Mining Corporation (CNMC) unit, Luanshya Copper Mines (LCM) restarted output.
"The copper we processed before came from Luanshya and we can only talk about restarting the processing of copper after Luanshya starts production," Webbstock said.
Chambishi, which was previously owned by LCM, then a joint venture of Bein Stein Group Resources (BSGR) and International Mineral Resources (IMR), is now owned by Enya Holdings of the United Kingdom.
I believe we are in for a pop.
Recent news:
Cobalt prices push to three-month highs, end-user interest starts to bubble up
By Martin Hayes - Chief Correspondent, martin@minormetals.com (+44 (0)20 7929 6339)
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London, 30 October 2009 - Cobalt prices moved higher in Europe this week, maintaining a recent trend to hit their highs levels for some three months as end-user interest continued to emerge and sentiment improved.
"The market is quite a bit stronger than a few weeks ago. There was a lot of bullish talk at a conference last week in the US," a trader said.
Prices edged up to just below the levels of early August, when the high-grade price briefly popped above $20.00 per pound in a premature rally ahead of expected fourth-quarter buying.
High-grade 99.8 percent metal was quoted at $19.00/20.00 per pound, up around $1.00 from last week, while 99.3 percent Russian metal stood at $18.00/19.00, up around $2, and just 25 cents below the nine-month peak set in the summer.
"There is a shortage of prompt availability right now and the market is looking good for 2010. Super-alloy demand appears good," the trader said.
Cobalt demand is fairly broad-based but around 55 percent emanates from the chemicals sector, which has started to show signs of life, while some 18 percent is used in super-alloys.
Up to 2007, demand had risen for six years in a row, reaching annual record levels of just under 60,000 tonnes, but it tailed off in 2008 as the economic downturn bit.
"In the first quarter we are going to go to $35 because there is a lot of pick-up in demand and very little supply," another trader said. "You've got three producers out of action: Vale Inco, Uganda and Chambishi in Zambia."
The LME will introduce its cobalt futures contract in February and there are some signs of pre-launch positioning taking place. One producer - Vale - has already listed its cobalt for delivery and more are expected by the end of the year.
"There will be a scramble for low grade (99.3 percent) as this is the minimum specification to put into warehouse and deliver," the second trader said.
The discount between the grades is already narrowing - business for 99.3 percent cobalt has been seen in the $18.00 per pound level and even higher in an isolated trade.
"I think it is a bit premature to talk about stockpiling now - we may see that before the end of the year," the first trader said.
Signs that price volatility is emerging have resulted in consumers opting more towards fixed-price contracts rather than formula-based transactions, the second trader said.
Even before debuting as a fully-fledged futures market, cobalt has built up a reputation as a fast-moving metal that can rival its major base metals peers, such as copper, for peak-to-trough volatility.
Prices have displayed this over the past year amid high volatility. They reached five-year lows of $9 per pound for 99.3 material and $10 for 99.8 metal at the start of December last year, tumbling after hitting 30-year peaks and near-record highs of more than $50 per pound in May.
Geovic Mining Corp - Cobalt Mining Company in Cameroon
Tuesday, 23 June 2009 13:17
Geovic Mining Ltd. (Geovic) aims to be the world’s largest cobalt mining company through its 60% ownership of Geovic Cameroon PLC (GeoCam). GeoCam’s Mine Permit covers 1,250 square kilometers in Cameroon, Africa, and provides exclusive production rights to seven large cobalt-nickel-manganese deposits. The first of the seven deposits, Nkamouna (pronounced ka-moon-ah), is currently under development.Nkamouna’s proven and probable ore reserves are 54.7 million tonnes ... ...at average grades of 0.25% cobalt, 0.69% nickel, and 1.33% manganese. This reserve yields 11.7 million tonnes of concentrates grading 0.74% cobalt, 0.99% nickel, and 3.78% manganese suitable as a feedstock for the Company’s unique processing facility. An additional 145 million tonnes of inferred resources at the Mada deposit, the second of the seven properties planned for development, is adjacent to the Nkamouna processing plant.
A September 2008 Optimization Study to a 43-101 Technical Report dated January 17, 2008 estimated that the Nkamouna Project will deliver after-tax cash flow (discounted at 8%) of US $1,024 million (or $614 million net to Geovic's 60% interest), an IRR of 44%, and a payback of 1.9 years based on 100% equity financing and 3 year average metal prices (ended June 2008) of $26.57/lb cobalt and $12.39/lb nickel, respectively. Average operating costs during the first 19 years of production are estimated at $2.04 per pound of saleable cobalt, net of nickel, manganese, and scandium byproduct credits. The strength of the estimated project economics are attributed to the unique physical properties of these specific laterite deposits, and should be enhanced further by the addition of circuits to process byproduct manganese and scandium.
Due to weak commodity, capital, and credit markets, construction of the Nkamouna plant has been temporarily delayed by GeoCam. Currently, Geovic is performing bench and pilot-scale tests aimed at increasing cobalt yields, reducing capital and operating costs, and lowering overall process risks. Such tests are anticipated to be completed by the end of the third quarter of 2009, as is the publication of an updated NI-43-101 compliant resource/reserve report for the Nkamouna and neighboring Mada properties.
Cobalt has many diverse applications, including rechargeable batteries for cell phones, computers, and hybrid electric vehicles, super-alloys for jet engines, chemicals, wear resistant alloys, catalysts, and magnets. Global cobalt demand in 2007 was 59,900 tonnes compared to 31,000 tonnes in 1997, and in early 2008 cobalt prices briefly exceeded their all-time high of more than $50/lb.
Geovic is committed to sustainable development and social responsibility. Our long-term success is directly related to the welfare of the people and communities where we operate. Consequently, the Company has developed its GeoAid program to ensure that sustainable and high quality environmental and socio-humanitarian standards are an integral and essential component of our mining projects.
The Company is based in Denver, Colorado, and its common shares (GMC) and three series of warrants (GMC.WT, GMC.WTA and GMC.WTB) are traded on the Toronto Stock Exchange. Additionally, as of August 2008 the shares also trade in the U.S. on the Over The Counter Bulletin Board (OTC.BB) under the ticker GVCM. To our knowledge, Geovic is one of the few pure cobalt plays in the investment universe.
Cameroon: Revamping the Economy - Mining, Industrial Emergency Plan Afoot
Lukong Pius Nyuylime
8 July 2009
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Authorities of the Ministry of Industries, Mines and Technological Development launch reflection on new takeoff.
All hands are already on deck at the Ministry of Industries, Mines and Technological Development following the firm instructions of the Head of State to review action programmes and produce palpable results within the next six months.
The various departments, particularly those directly concerned with the instructions (Industries, Mines and Standardisation) are busy reflecting on the new measures to take in order to hasten the execution of the road map announced at the beginning of the year. The mining sector, it should be underscored is one of the areas that have during the past few years attracted the attention of multinationals. New discoveries are being made, negotiations and feasibility studies launched but the results remain surprisingly timid. The reasons for this laxity stretch from laziness on the part of actors in the sector, notably the administration to intricacies in the implementation of the law regulating the sector.
These are obstacles that have not left the Head of State indifferent. "Quite recently, I said that we should not surrender in the face of difficulties and that we should rather strive further to overcome the crisis. Besides, the early signs that the global economy is picking up are beginning to show. We should be ready to seize the ensuing opportunities", President Paul Biya said during the last Council of Ministers Meeting. This statement forms the underlining principle with which authorities of the Ministry of Industries, Mines and Technological Development are working.
Six months, one could imagine, may sound so short a time to produce the results prescribed by the Head of State, especially for major projects in the mining and industrial sectors. However, one needs to understand that these projects have been on course for years and that deadlines for some have come and passed. They are not new projects. So, what the Head of State certainly meant was that they should be drawn to their logical conclusion having rested in the drawers beyond expected time.
"Our major industrial and mining projects have stagnated. Credits have definitely become scarce. However, would we be in this situation if we had been more responsive prior to the crisis? These issues must be revisited with a greater determination to succeed", he decried. In very clear terms, the Ministry of Industries, Mines and Technological Development must sit up, reactivate projects that seem to have gone into limbo and search for ways of getting them financed. So far, only one major mineral exploitation licence have been issued to the Cameroon branch of the American company, GEOVIC for the mining of cobalt-Nickel in the Nkamouna locality in the eastern region of the country, Cameroon branch of the American company, GEOVIC for the mining of cobalt-Nickel in the Nkamouna locality in the eastern region of the country. With the instructions from the Head of State, it is hoped that many more licences will be issued out to ensure that the wealth Cameroon has underneath do not remain fallow while we keep beating our chest we have potentials. Like one diplomat stated recently, potentials do not develop a country.
The Cobalt Story
Richard (Rick) Mills
www.aheadoftheherd.com
As a general rule, the most successful man in life is
the man who has the best information
What is Happening with Cobalt?
Cobalt became one of the two “major” minor metals in this decade’s metals cycle, the other being molybdenum. Cobalt also made the short list of four metals that the European Union chose to name in its press release as representative of the 40 metals it is classifying as critical:
Lithium, Tantalum, Cobalt & Antimony
Cobalt’s largest market is in the rechargeable batteries that are used in billions of electronic devices from cell phones to laptops to hybrid automobiles. Cobalt is also used in super alloys, catalysts, metallurgical (hard metals), pigments, soaps, adhesives, and magnets. As Asia and Africa become more prosperous, the demand curve for cobalt is expected to be steady or increase over the coming years.
Moreover, supply is typically constrained by the fact that roughly 95% of world cobalt production is a byproduct of nickel and copper mines, with the politically unstable Democratic Republic of Congo (DRC) containing half the world’s cobalt supply and representing the lion’s share of anticipated future cobalt supply (DRC’s 2007 output was equal to the combined production of cobalt by Canada, Australia and Zambia).
One of the most serious and unpredictable risks facing mining operations and investor interests is "country risk" - where the political and economic stability of the host country is questionable and abrupt changes in the business environment could adversely affect profits or the value of the company’s assets.
http://www.aheadoftheherd.com/Newsletter/Country%20Risk.pdf
And lets not forget about the recently signed $9 billion joint Congo-China venture in which China gets rights to the vast copper and cobalt resources of the North Kivu in exchange for providing $6 billion worth of road construction, two hydroelectric dams, hospitals, schools and railway links to southern Africa, to Katanga and to the Congo Atlantic port at Matadi. The other $3 billion is to be invested by China in development of new mining areas.
Like copper and nickel, the cobalt price has jumped up in the last two months. Cobalt has roughly doubled from its lows, from $11 per pound to $21 per pound, with one major Chinese supplier now offering at $23 per pound. Traders are suggesting the price could go higher in the near term as many end-users are still nervous about the fragile world economy and don’t want to buy long-term contracts; rather they would prefer to buy what they need, when they need it, on the spot market.
But unlike copper and nickel there is no transparent market for cobalt, this means right now speculators have no real influence on the market.
But soon there will be a globally transparent market for cobalt and molybdenum, when the London Metals Exchange (LME) begins trading contracts for the two metals in February 2010. The LME issued updated new guidelines on Monday of this week so suppliers can begin to meet LME specifications in time.
Cobalt contracts will be traded in one tonne lots. The cobalt market is relatively small @ 60,000 tonnes per year, compared to copper’s 15.7 million tonnes.
Cobalt demand is estimated to have fallen <3% in 2008 and is expected to decline further this year before recovering in 2010 said the Commodities Research Unit (CRU) Group at the recent Cobalt Development Institute (CDI) conference.
Prices have the potential to go higher because end-users in Japan, a key market, are reluctant to commit to long-term contracts turning instead to the spot market.
For investors, there are few ways to play cobalt, at least until the LME contracts come into place.
Two of the best in my opinion are OM Group (OMG-NYSE; $34) and Geovic Mining (GMC:TSX; $0.59/GVCM-OTCBB; $0.55).
OM Group produces hundreds of metal-based specialty chemicals and powders from such elements as copper, nickel and cobalt – especially cobalt. As the cobalt price has moved up sharply in the last month so has the OMG-NYSE stock.
Geovic is upstream cobalt – its cobalt is still in the ground. It is developing the largest primary cobalt deposit in the world in the African country of Cameroon. Two of the seven similar deposits that their 60%-owned subsidiary GeoCam owns, Nkamouna and Mada, have more than 1 billion pounds of cobalt combined between inferred and measured/indicated resources, with a significant increase anticipated this fall when an updated 43-101 report is released (based on a new, 54,900 meter drilling program). The huge scale of the asset gives investors a lot of leverage to a rising cobalt price.
Geovic has approximately US$59 million cash, or roughly its market capitalization. Not too bad, investors are getting all that cobalt for free!
The cobalt price is moving higher – and we know it’s not speculators. Over the last year global cobalt stocks became depleted. Buyers are indicating they want to return to “Just-In-Time” ordering in case the world’s economy falters again, and that, combined with supply disruptions from China, should mean the cobalt price will remain steady.
Price stability will encourage development of new cobalt uses. A new LME cobalt contract will also mean increased price stability and transparency for end users. Maybe its time cobalt reached your radar screen.
What does this investment company know about Geovic?
Owner Name Date Shares Value ($1000)
TRADEWINDS GLOBAL IN... 3/31/2009 11,808,502 $6,495
Bought 11M shares last March?
TRADEWINDS GLOBAL INVESTORS, LLC
2049 CENTURY PARK EAST
LOS ANGELES, CA 90067
(310) 552-5114
Price of Cobalt seen rising:
Cobalt established above $20/lb at 9-mth highs, further rises seen as market tightens
By Martin Hayes - Chief Correspondent, martin@minormetals.com (+44 (0)20 7929 6339)
London, 06 August 2009 - Cobalt prices continued to push higher in Europe on Thursday, with growing tightness for high-grade metal lifting the market to its highest for nine months.
Further gains are expected in the short term, traders said.
On the free market, high-grade 99.8 percent metal was quoted at $20.00/21.50 per pound, up around $0.75 over the last week, while 99.3 percent Russian metal stood at $18.25/19.25, also up around $0.75
"It did stabilise last week but there has been demand for high-grade out of the US," a trader said. "Jinchuan have also raised their price considerably [to $23.24]."
The major Chinese producer is also making less metal available.
Already-tight supply at the top end of the market has been exacerbated by a continuing strike at Vale's Inco unit in Canada, where a stoppage at Sudbury has spread to Voisey’s Bay - cobalt is a by-product of nickel.
Force majeure, which has been declared on nickel deliveries, has also been invoked for cobalt, trade sources say.
"That will impact on sentiment, as I am not sure there was that much availability anyway," the trader said.
This will add to pressure on consumers, who have been destocking throughout the year and who must return to an environment of tight supply and low inventories, while there have also been signs of improving prospects in cobalt's key end-use sectors.
Demand is believed to have fallen less then 3 percent in 2008 but will still decline this year before recovering in 2010, CRU Group said at the recent Cobalt Development Institute (CDI) conference.
Up to 2007, demand had risen for six years in a row, reaching annual record levels of just under 60,000 tonnes. Supply and demand are usually roughly in balance each year.
Even before the final quarter, the rest of the summer is likely to see a scramble for supplies of high-grade metal, as alternative suppliers, such as African producers, have had lower availability this year so far.
The market reached five-year lows of $9.00 per pound for 99.3 grade material and $10.00 for 99.8 at the start of December last year. A vicious ride was seen in 2008, as the market tumbled after hitting 30-year peaks and near-record highs of more than $50 per pound reached in May.
Cobalt holds around 8-1/2 month highs, seen rising further
By Martin Hayes - Chief Correspondent, martin@minormetals.com (+44 (0)20 7929 6339)
London, 27 July 2009 - Cobalt prices started the week around their highest levels since early November 2008, with the recent upsurge in business and upward movement expected to continue in the medium term, traders said.
On the free market, high-grade 99.8 percent metal was quoted at $19.50/20.50 per pound, up around $1.00 over the last week, while 99.3 percent Russian metal stood at $18.00/18.75.
Consumers, who have been destocking throughout the year, are now buying in an environment of tight supply and low inventories, while there have also been signs of improving prospects in cobalt's key end-use areas.
"Everybody has de-stocked to the extent that even a five-tonne order will have an impact on the price now," a trader said. "When you think about it, the last quarter [of 2008] and first quarter [of 2009] were lousy. Even the second quarter was not up to much, so any pick-up is an improvement."
Top-grade metal is scarce, traders said, with Vale's Inco unit in Canada on strike and China's Jinchuan is making less material available.
"It is the high grade that is really dragging all the other grades up," another trader said.
Cobalt demand is fairly broad-based but around 55 percent emanates from the chemicals sector, which has started to show signs of life, while some 18 percent is used in super-alloys. Here, the production of batteries and corrosion-resistant super alloys is currently benefitting from a global boost for electric or plug-in hybrid cars that boast lower carbon dioxide emissions.
Demand is reckoned to have fallen less then 3 percent in 2008 but will still decline this year before recovering in 2010, CRU Group said at the recent Cobalt Development Institute (CDI) conference.
Up to 2007, demand had risen for six years in a row, reaching annual record levels of just under 60,000 tonnes. Supply and demand are usually roughly in balance each year.
In the short term, prices have the potential to push on further as end-users in Japan, a key market, are reluctant to commit to long-term contracts at present, turning instead to the spot market.
The market reached five-year lows of $9.00 per pound for 99.3 grade and $10.00 for 99.8 at the start of December last year. A vicious ride was seen in 2008, as the market tumbled after hitting 30-year peaks and near-record highs of more than $50 per pound reached in May.