(Nov. 16, 2022) - Elcora, a Canada-based mining company focused on extracting electric car (EV) batteries metals, announced on Tuesday that it is preparing a 'comprehensive' extraction plan for manganese under the “Atlas Fox Deposit” license in Morocco.
In a statement, Elcora explains that the company is currently in the process of preparing for extraction operations, “following the very positive Manganese Ore lab test results. According to Stratview Research, Manganese market is majorly propelled by rising product demand for lithium-ion batteries Also, rising investments for infrastructure development projects and soaring automobile production bolster the industry growth. Moreover, Manganese Market is estimated to grow from USD 26.6 billion in 2020 to USD 35.9 billion by 2026 at a healthy CAGR of 5.2% during the forecast period.
Commenting on the news, Elcora's CEO Troy Grant said, “Given the latest Manganese Ore test results, it was important for us to retain 100% of the Atlas Lion Deposit and build additional shareholders' value.” Grant said Eclora's main focus is “to start producing ore as soon as possible and the Mining Plan along with bringing the necessary equipment are important steps towards it.” The CEO explained that the local Moroccan team is “diligently working on getting the last Government requirements with the objective to start production before the end of 2022.”