(Ecofin Agency) - Sula Iron & Gold, which operates the Ferensola project in Sierra Leone, has announced this week that it has acquired a 70% interest in a cobalt exploration license in DRC. The move cost the firm $100,000, half of which it has already paid.

“We are very excited to announce this significant addition to the company’s strategy and exploration activities,” said Roger Murphy, CEO of the firm which should soon transform into African Battery Metals plc.

Sula has also announced a conditional fundraising for $1.75 million through a share placement and subscription. Part of the operation’s proceeds will be used to finance the new firm that will hold the newly acquired cobalt permit.

Another part will be used as operating funds needed to start systematic geological exploration works on the permit’s area while another will be invested in the Ferensola project, to access new opportunities for the exploration of cobalt and copper in DRC.

Louis-Nino Kansoun