Global Energy Metals Corp

Global Energy Metals partner Marquee close to China deal on Werner Lake cobalt output

An agreement in principle has been reached with China Hitrans, a supplier of battery cathode materials

Cobalt element chemical symbol
Marquee's agreement in principle with China Hitrans covers future production at the Werner Lake cobalt project in Ontario

Global Energy Metals Corp (CSE:GEMC) said Wednesday that its partner Marquee Resources Ltd has entered into a non-binding supply agreement with a Chinese manufacturer of battery cathode materials.

The agreement in principle with Zhejiang Meidu Haichuang Lithium Battery Technology Co, also known as China Hitrans, covers future production at the Werner Lake cobalt project in Ontario.

READ: Global Energy Metals forays into the US; set to buy two cobalt projects 150km from Tesla's Gigafactory

Under the non-binding agreement, Marquee will provide China Hitrans with a metallurgical sample for independent testing within three months.

The agreement only applies to the 30% stake Marquee holds in the Werner Lake deposit. The remaining 70% interest is held by Global Energy.

China Hitrans develops, produces and sells ternary cathode materials and ternary precursors for lithium batteries.

In September, Global Energy announced a C$500,000 private placement with net proceeds used for cobalt project acquisitions.

Contact Dennis Fitzgerald at [email protected] 

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Market: TSX-V
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