Yahoo Finance Why this Australian sex toy maker just bought a copper mine
An Australian sex toy maker and wholesaler has decided to take another tact, and has stepped into cobalt and copper mining.
Why?
To capitalise on the demand for materials used in batteries like cobalt and lithium.
Delecta (ASX:DLC) announced to the ASX this morning that it would acquire a copper and cobalt mine in Nevada, US.
It came after finding the Highline mine showed high grades of up to 3.5 per cent cobalt and 36.7 per cent copper – well above the 2 per cent cobalt and 1.5 per cent copper high grade standard.
The company announced the planned acquisition in September last year.
In the ASX release today, managing director Malcolm Day said the acquisition was part of Delecta’s diversification strategy.
“I am very pleased with the results of the exploration program and excited to complete the acquisition of the Highline Project,” Day said.
“The results have confirmed the high-grade nature of the project and significantly increased its potential.”
Delecta wholesales sex toys through its adult store Calvista, but suffered a $2.5 million loss in the 2018 financial year.
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