Galantas CEO, Mario Stifano, whose company is in the early stages of exploring metal deposits in a 217 square kilometre area of the Scottish Highlands, toldthat Britain was at risk of failing to understand and successfully exploit its own resources because of a lack of interest in funding the groundwork needed to establish the exact location and quantity of what are believed to be sizable deposits of materials such as copper, vanadium, zinc and gold.
In contrast to mining superpowers such as Australia and Canada, where large sums are spent to gain as full a picture as possible of unexploited deposits prior to mining, he said investors in the UK and other European countries tend to be interested only in mining projects which are close to going into production and otherwise tend to prioritise “buying shares in a Unilever or a Glaxo”.
Mr Stifano said: “The amount of exploration that has occurred in Canada and the US looking for minerals is hundreds if not thousands of multiples more than what has been spent in the UK. “What is lacking is support for exploration companies in order to build knowledge about these kinds of deposits so they can get into production. We need zinc, copper, cobalt, lithium, graphite and so on. It’s all over Europe [and] a lot of it is in the United Kingdom and we think we know where a lot of that is.
“Really what’s lacking is the ability to raise the funds to go and look for it. Funding for exploration in Europe is next to non-existent and yet it has some of the best geology in the world.”
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Source: Daily_Record - 🏆 9. / 89 Read more »