- Mineral exploration company Bolt Metals Corp., is advancing its focus on the acquisition and development of production-grade electric vehicle (EV) battery metals projects in the Asia-Pacific region
- EVs and their batteries are regarded widely by governments, industries and consumers as landmark-worthy solutions to global pollution and climate change concerns
- Indonesia is angling to become a world-leading supplier in the market for scarce EV battery metals such as nickel and cobalt, and nearby China is a major consumer
- Bolt’s flagship Cyclops property in Indonesia is a key part of its drive to be a player nickel and cobalt for the EV market
- A non-binding cooperative agreement between Bolt and Chinese metals producer Hunan Jinxin has opened the door to more definitive talks on a potential EV battery metals supply chain from the Cyclops property
A non-binding cooperative agreement between Canadian mineral exploration company Bolt Metals Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE) and Chinese tungsten and cobalt producer Hunan Jinxin is paving the way for developing assets to serve Asia’s expanding electric vehicle production supply chain.
The cooperation agreement immediately allows the companies to begin negotiating definitive binding agreements with regards to Bolt’s 100 percent-controlled Cyclops Nickel-Cobalt facility based in Indonesia, where extensive exploration has previously taken place e, according to a March 5 news release (http://ibn.fm/62Vmz).
Nickel and cobalt are critical components of lithium-ion batteries that are experiencing a worldwide resource supply deficit in counterpoint to their popularity in helping the batteries to provide low-heat, lightweight, stable power supplies to computerized products.
Lithium-ion batteries have become a go-to solution for global climate change activism, in particular, as governments, industry and consumers worldwide seek ways to reduce the environment-polluting carbon emissions of automobiles, mass transportation vehicles and energy plants through the use of lithium-ion powered electric vehicles and storage batteries.
Bolt Metals’ flagship subsidiary employs an experienced, local workforce at a location close to air and sea transport links in Indonesia. The Cyclops project current has both its production and environmental permits and year around access for development.
A prior news release (http://ibn.fm/keByn) states that Cyclops’ mineralization-finding success has made it possible for the company to attract capital it needs “to pursue ambitious milestones in 2020, which include preparations to commission and operate a pilot process test plant in Canada, which will… then be used to establish the design criteria for the subsequent demonstration plant in Indonesia… and to establish the design criteria for a commercial scale plant.”
Bolt, formerly known as Pacific Rim Cobalt, has offices in Indonesia (Jakarta), China (Shanghai) and Canada (Vancouver).
Indonesia has been actively angling to become a dominant player in the electric vehicle cathode supply chain, thanks to its world-leading nickel reserves and closeness to the EV-hungry market in China.
“The business strategy can be designed in this country so that we can get ahead of others in building an inexpensive electric car industry, which is competitive because the raw materials are here,” Indonesian President Joko Widodo said during an event last August (http://ibn.fm/zcOj7).
The country aims to begin EV production in 2022 and to boost its share of EV production to 20 percent of total car output by 2025.
For more information, visit the company’s website at www.BoltMetals.com
NOTE TO INVESTORS: The latest news and updates relating to PCRCF are available in the company’s newsroom at http://ibn.fm/PCRCF
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