The Energy Ministers
of Canada, France, Germany, Italy, Japan, the United Kingdom, the United
States, and the EU Commissioner for Energy, following The Hague Declaration of
G7 Leaders of March 24th, met in Rome on May 5th and 6th to discuss ways to
strengthen collective energy security.
Russia’s annexation
of Ukraine has led to European concerns on energy security, with G7 members
calling for increased domestic production of oil and gas, which would boost
demand for the industrial minerals needed to extract fossil fuels. Market
intelligence organization, Industrial Minerals, expects this to boost
production of oilfield minerals, such as barite, as the G7 pushes to reduce
dependence on dependence on Russian oil gas supplies.
Barite’s principal
use has been the manufacture of oil field drilling fluid, which more often
called drilling mud. Drilling fluid is flushed into a bore hole during the
drilling to clean drilled off cuttings from the bottom of well hole, flush
those cuttings to the surface, cool and lubricate the drill bit during the
actual drilling process, deposit a ‘filter cake’ layer on the well bore wall to
prevent loss of the circulating fluid, and to support the walls of the well
bore without damaging the formation.
The reason barite is
favored over other minerals is that it’s chemically inert and neutral and so it
doesn’t change the nature of other chemicals used. Barite is also physically
neutral in that it is far less abrasive than other materials and does little to
no damage on the drill bit itself, and is easier to dispose of in that it has
little environmental impact.
The actions of the
G7 energy ministers is set to benefit Mabwe Minerals, a natural resources and
hard asset company engaged in the mining and commercial sales of industrial
minerals with first focus on barite and limestone. The company’s Zimbabwe
affiliate, Mabwe Minerals Zimbabwe Private Limited, owns 100% of the mineral
& metal rights to Dodge Mine stretching 233 hectares across three mountains.
The American Petroleum Institute (API) grade barite discovered at Dodge Mine
addresses the worldwide shortages for barite while immediately serving
development of the huge new oil discoveries off the coast of neighboring
Mozambique.
For more information
about Mabwe Minerals and the Dodge Mine project, visit www.mabweminerals.com
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