Canadian-based mineral exploration company, Golden Lion Ressources, signed an option agreement to acquire up to a 50% interest in a mining license in Morocco, with Ermazon SARL, a company owned by Elcora Advanced Materials Corporation, to fortify ongoing strategies to supply battery and electric vehicles to end users.
The deal became effective starting on the 19 of September.
Gold Lion has now acquired a 25% interest in the License by making a cash payment of $75,000.
The company is known for energy recycling, it capitalizes on the increased need for sustainable energy.
It actively seeks to acquire mining properties that might yield minerals required for battery production.
The interest in Morocco was first announced back in August when Gold Lion announced that it’s exploring the manganese mine
Manganese represents a critical link in the lithium-ion battery supply chain, explained Golden Lion Resources on its official page, saying that electrolytic manganese dioxide (EMD) is an upgraded form of manganese that serves as a key ingredient of lithium-ion, alkaline, and zinc-manganese batteries.
Following Europe’s energy crisis, there have been more demands for electrical vehicles that can serve as backup batteries or utility storage banks.
“Batteries are necessary to fast forward electromobility; they store green energy and can ensure that critical European infrastructure runs smoothly,” said the company.
Morocco’s proximity to Europe is very beneficial in terms that it will support the European battery manufacturing infrastructure that is largely dependent on critical raw material imports.
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