VANCOUVER, BC / TNW-ACCESSWIRE / JUNE 12, 2017 / GLOBAL ENERGY METALS CORP. TSXV:GEMC (“Global Energy Metals”, the “Company” and/or "GEMC") announces that President & CEO Mitchell Smith recently completed a visit to Beijing, China to continue discussions with cathode manufacturing partner Beijing Easpring Material Technology Co. Ltd. (Easpring).
While in Beijing he also met with recently appointed Chinese investment representative, New Tigers Consulting, as part of a multi-day introduction to a number of downstream cobalt users and battery metal investment groups.
Mitchell Smith, President & CEO commented:
"Cooperation with the world's largest importer and refiner of cobalt is critical to our strategy of being a supplier of cobalt material to existing and potentially new partners. We will focus on further acquisitions of cobalt assets along with an alignment with strategic funding partners who share our outlook on the need for secure cobalt supply."
China processes approximately 50% of the world’s cobalt and has long rooted experience with cobalt extraction and technical expertise required to manufacture battery cathodes. Within China, Easpring is recognized as a leader in the battery industry and was the first supplier to export cathode material to multiple overseas markets including Japan and Korea. They are a key supplier to five of the world's six largest lithium battery manufactures and have developed chemistries that can be used in the automotive electric vehicle industry.
Recognizing Easpring's vested interest in building an efficient and reliable raw material supply chain, Global Energy Metals partnered with the battery cathode manufacturer to jointly invest, develop and commercialize cobalt assets on a project-by-project basis as announced in its news release dated March 22, 2017. Battery manufacturing intermediaries, like Easpring, and the refining companies they purchase material from are looking to diversify from the current dependency on sourcing cobalt from the African copper belt, namely the Democratic Republic of Congo ("DRC"). Global Energy's strategy of acquiring projects in jurisdictions outside of the DRC aligns nicely with Easpring's interests.
Mr. Smith also spent several days meeting with various investment groups as well as other downstream users of cobalt, all having a keen interest in the cobalt market.
"Interestingly, the collective view from both battery manufacturers and investors groups GEMC met with is that Beijing is pushing for the development of the electrification of vehicles, aiming not only to make its carmakers competitive in the global automotive industry but more importantly to reduce the serious air pollution issues at home," said GEMC's President & CEO. "Cobalt was one of the energy metals singled out as critical to ensuring these initiatives could be achieved. They are all determined to gain exposure to cobalt in some form."
Global Energy Metals Corporation (TSXV:GEMC)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources. GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns and is advancing the Werner Lake Cobalt Mine in Ontario, Canada.
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