Vancouver, British Columbia–(Newsfile Corp. – July 7, 2017) – Maxtech Ventures (CSE: MVT) (FSE: M1N) (OTC Pink: MTEHF) has signed a strategic cooperation agreement with Maringá Ferro-Liga of Brazil.
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Maxtech holds more than 50,000 hectares of potential high-grade manganese mineralization claims. Its long-term strategy is to grow organically by building a vertical mining operation to sell high-grade manganese to global markets with a focus on renewable energy, steel production and fertilizers, which require manganese additives to increase plant fertility.
This non-exclusive agreement, with a term of 3 years, will enable the joint evaluation, exploration and potential acquisition of project specific manganese assets in Brazil, and potentially to engage in the development and mining of specific claims. Maxtech and Maringá will sign project-specific agreements between the parties prior to engaging in any operations on properties.
Brazil has 10% of global manganese reserves, with manganese being the 4th most widely used metal worldwide. Nearly 90% of manganese output is used in the steel industry, but its applications also include the manufacture of fertilizers, animal food and cars.
Maxtech plans to procure the highest grade possible, which can be used in the Lithium Manganese Dioxide batteries, which contain 4% lithium, 61% manganese and 35% oxygen by atomic weight.
Peter Wilson, CEO, stated: “Maringá is a diversified industry leader in the uses of manganese in Brazil, making it the perfect partner for Maxtech. Under this association Maxtech hopes to develop more than an exploration partner, enabling the Company to explore, mine and distribute manganese in Brazil with an industry leader.”
Grupo Maringá, parent company to Maringá Ferro-Liga, has more than 2,000 employees, US$200 million in revenues, and produces sugar cane, sugar, ethanol, and energy. Of value to Maxtech, it is also the second largest manganese ferroalloy producer in South America.
Luis Pessoa, Commercial Director of Maringá Ferro-Liga stated: “Having a reliable and local source of high grade manganese ore is an important competitive advantage to Maringá. The cooperation agreement with Maxtech enables us to profit from their well recognized know-how to research and explore potential areas in Brazil.“
The shares are trading at $0.32 and with 48.8 million shares currently outstanding, the company is capitalized at $15.6 million.
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