HONG KONG & BOSTON–(BUSINESS WIRE)–Cloudbreak Holdings, a multinational natural resources investment firm, has concluded an agreement with Geovic Mining to finance and operate one of the world’s largest cobalt mines, in Cameroon, Africa.
Through its subsidiary Phoenix Mining, Cloudbreak will provide capital and technical assistance to Geovic Cameroon (‘Geocam’), Geovic’s majority-owned local subsidiary, to commence operations at its Nkamouna concession. This positions Cameroon as a prime source of ESG-compliant battery metals to power the green revolution.
Nkamouna is one of the world’s largest proven primary reserves of cobalt and also holds deposits of nickel, manganese and rare earths. This partnership comes at an ideal time to meet the exploding demand as manufacturers ramp up production of electric vehicles. It is expected that cobalt will quickly become a highly significant export earner for Cameroon, vindicating the Cameroonian Presidency’s long-standing support of the project.
Justin Lowe, co-founder of Cloudbreak, commented: “Cobalt’s role in the world economy is only set to increase as it is a key component in batteries for electric vehicles and energy storage. We are very excited to be working closely with the Cameroonian government to make Geocam a success.”
Bill Buckovic, Founder of Geovic commented: “We have already invested over US$100 million to complete all the necessary geological, feasibility and environmental studies. Our new partners bring the capital and technological expertise that will ensure Nkamouna is producing in less than two years.”
In addition to adhering to strict ESG standards, Geocam will invest significantly in the local community by creating jobs and focusing on social services, such as the construction of health facilities and schools. Work will also begin immediately on the design of the second phase of the project, the construction of a refining facility in the industrial zone of Kribi, one of the largest deepwater ports in Africa.