Australias Clancy Exploration Acquires Cobalt License in Morocco

Rabat – Morocco has granted Australian mining company Clancy Exploration a new cobalt license to explore near the Bou Azzer mine, in an area 120 kilometers south of Ouarzazate.A statement from the mining firm said on July 23 that the area is famous for being “a primary cobalt producer and high-quality cobalt cathode and has been in operation since the 1930’s.”The statement also confirmed the signing of an agreement to “acquire the newly approved exploration licence (EL 3842226) in Morocco from local Moroccan company Chater SARL.” Clancy paid Chater $50,000 for the license to explore in the “Bou Amzil extension,” according to the statement.The statement explained that Morocco granted a 3-year license for the “Bou Amzil extension,” from July 12, 2018 to July 12, 2021.Commenting on the deal, chairman of the company David Iengias said that “this is a jewel of a new licence in Morocco’s major cobalt producing region and gives Clancy immediate exposure to ground very close indeed to the western most shaft of the Bou Azzer Cobalt mine complex.”Wishing for more work and extensions in Morocco, the chairman of the giant corporation expressed his hope that shareholders “will approve the acquisition of the three other licenses in Morocco at the upcoming shareholders’ meeting, allowing Clancy to acquire a significant exploration play in one of the most prospective cobalt areas in Morocco.”The press release further explained the assets of the Moroccan cobalt source, emphasizing that it is one of the world’s only operating primary cobalt mines with “more than 50 deposits in the district, mined over 75 years with production of over 100kt of cobalt, 1,000’s of tonnes of silver and tens of tonnes of gold.” read more

Loblaw Q2 profit revenue meet estimates Shoppers Drug Mart leads revenue growth

BRAMPTON, Ont. — The Loblaw grocery and pharmacy business says it had $286 million of net earnings from continuing operations during its second quarter, as revenue increased 2.9 per cent from a year earlier.Loblaw Companies Ltd.’s profit of 77 cents per share from continuing operations was down $7 million from $293 million in last year’s second quarter.However, last year’s overall second quarter profit was only $50 million or 13 cents per share after including a $243-million loss from its investment in Choice Properties, which is listed as a discontinued operation.Loblaw says its revenue for the 12 weeks ended June 15 was $11.13 billion, up $312 million from $10.82 billion in the second quarter of 2018. Same-store sales from food retail was up 0.6 per cent while same-store sales from drug retail grew 4.0 per cent from last year.Adjusted diluted net earnings from continuing operations was $1.01 per share, up from 93 cents per share last year. Discontinued operations didn’t contribute to this year’s second-quarter adjusted earnings but added 13 cents last year.The results were in line with analyst estimates of $1.01 per share of adjusted earnings and revenue of $11.15 billion, according to financial markets data firm Refinitiv.Companies in this story: (TSX:L)The Canadian Press read more