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Based in Denver, Colorado, Geovic owns 60% of Geovic Cameroon PLC ("GeoCam"), a private Cameroonian corporation holding the exclusive right to a Mining Permit covering the entire 1,250-square kilometer cobalt-nickel-manganese district in Cameroon's East Province. The Company believes these deposits represent the largest primary cobalt resource in the world.
In the early 1990s, Geovic's founder and current Executive Vice President of Exploration, William (Bill) Buckovic, in partnership with the Government of Cameroon via its State Investment Corporation, recognized the economic potential of the uniquely high cobalt grades in these nickel laterite desposits. Subsequently, he spent a decade raising capital to explore them further, ultimately leading to the creation of both Geovic Mining and Geovic Cameroon PLC. Geovic Mining went public on the Vancouver Stock Exchange in December 2006, and currently trades on both the NEX Stock Exchange (GMC.TO) and U.S. Over-The-Counter Bulletin Board (GVCM.OB) markets.
GMC's unique mineral deposits facilitate the use of inexpensive, yet highly efficient concentration and hydrometallugical processing methods, unlike those of any other cobalt-nickel project in the world. As a result, projected capital costs will be low, operating costs globally competitive, and financial metrics likely very strong. Moreover, Geovic Cameroon's extensive resources on the mine permit (seven catalogued deposites) should enable substantially expanded production rates for numerous decades.
Additionally, through its wholly-owned subsidiary Geovic Energy, the company is engaged in the strategic acquisition, exploration and development of other mineral properties. Through mid-2010, the company had leased or acquired acreage seeking the potential to find significant quantities of uranium, gold, chromite, oil & gas, and other minerals in Arizona, Colorado, Wyoming, and internationally.