Geovic Mining Ltd. (Geovic) aims to be the world’s largest cobalt mining company through its 60% ownership of Geovic Cameroon PLC (GeoCam). GeoCam’s Mine Permit covers 1,250 square kilometers in Cameroon, Africa, and provides exclusive production rights to seven large cobalt-nickel-manganese deposits. The first and second of the seven deposits, Nkamouna (pronounced ka-moon-ah) and Mada (directly adjacent to Nkamouna), are currently under development.
Nkamouna’s proven and probable ore reserves are 54.7 million tonnes at average grades of 0.25% cobalt, 0.69% nickel, and 1.33% manganese. This reserve yields 11.7 million tonnes of concentrates grading 0.74% cobalt, 0.99% nickel, and 3.78% manganese suitable as a feedstock for the Company’s unique processing facility. Additionally, GeoCam has 323 million tonnes of inferred resources at Nkamouna and Mada with grades of 0.21% cobalt, 0.61% nickel, and 1.25% manganese. Total measured and indicated resources increased by 97% due to the 2008-09 drilling program, with updated proven and probably reserves expected to be completed in the first quarter of 2010.