Vitality transition firm Condor Energies (TSX:CDR,OTC Pink:CNPRF) mentioned on Tuesday (March 10) that it has secured its second vital minerals mining license in Kazakhstan.
The Kolkuduk license, awarded to the agency by the Kazakh authorities, grants Condor unique rights to discover and mine strong minerals throughout a 6,800 hectare website for a six 12 months time period.
Kolkuduk is located close to Condor’s present 37,300 hectare Sayakbay vital minerals license, with each websites situated in a geothermally energetic area recognized for its wealthy mineralized brine deposits.
Based on information from the Kazakh geology ministry, a beforehand drilled properly within the Kolkuduk territory encountered brine deposits containing lithium concentrations of as much as 130 milligrams per liter. Historic wireline logs and core samples point out a 1,000 meter brine reservoir, suggesting vital potential for useful resource growth.
Further minerals recognized within the area embody rubidium, strontium and cesium.
“Condor’s give attention to creating vital minerals in Kazakhstan aligns with the strategic focus of a number of nations to speed up the event of numerous, safe, and sustainable provide chains of vital minerals,” mentioned Condor President and CEO Don Streu within the firm’s launch, emphasizing the strategic significance of its licenses.
“Kazakhstan is likely one of the choose group of minerals-producing nations recognized as strategic to those efforts.”
Vital minerals have emerged as a cornerstone of worldwide power safety and financial coverage, with nations searching for to safe dependable sources for applied sciences akin to batteries, renewable power infrastructure and superior manufacturing.
Condor’s growth into vital minerals exploration enhances its present pure fuel manufacturing operations in Uzbekistan and its liquefied pure fuel (LNG) transportation gasoline enterprise in Kazakhstan.
Final 12 months, the corporate signed its first LNG framework settlement with Kazakhstan Temir Zholy Nationwide Firm (KTZ), the nation’s nationwide railway operator, and Wabtec (NYSE:WAB), a US-based locomotive producer. The deal lays the groundwork for utilizing LNG to gasoline Kazakhstan’s rail locomotive fleet, a significant step in decreasing reliance on diesel gasoline.
KTZ and Wabtec have been working to retrofit present locomotives and incorporate LNG into new builds as a part of a broader fleet modernization initiative. Below the settlement, Condor will function the first LNG provider and distributor, coordinating manufacturing volumes with the rollout of LNG-powered rail locomotives.
The LNG initiative can also be poised to play a vital position within the growth of the Transcaspian Worldwide Transport Route, a significant hall for freight motion between Asia and Europe. Condor has already accomplished front-end engineering for its first modular LNG facility, with detailed engineering slated to start quickly.
The power, to be constructed close to Aktobe, Kazakhstan, may have an annual manufacturing capability of 120,000 metric tons of LNG, equal to 450,000 liters of diesel per day.
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Securities Disclosure: I, Giann Liguid, maintain no direct funding curiosity in any firm talked about on this article.
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