First Cobalt Says Glencore Could Help Return Cobalt Refinery to Operation
21 Maio 2019 - 5:44PM
Dow Jones News
By Bowdeya Tweh
First Cobalt Corp. is interested in restarting operations an
Ontario refinery after signing a memorandum of understanding with
Glencore AG to provide cobalt and financing to recommission the
facility.
Toronto-based First Cobalt said once a definitive agreement is
executed, the companies will work to restart the continent's only
primary cobalt refinery.
The companies are envisioning the plant producing about 2,000
metric tons to 2,500 metric tons of cobalt sulfate annually.
Mining giant Glencore will evaluate making a loan to help
recommission the refinery and enter into a tolling agreement, First
Cobalt said. The refinery could be operational in 18 to 24 months,
and First Cobalt said that discussions are under way with
provincial government officials to accelerate the permit amendment
process.
First Cobalt has said it aims to be the first producer of cobalt
sulfate for the American electric-vehicle market as most of the
refined cobalt for the electric vehicle market is produced in
Asia.
A final decision regarding returning the facility to production
has yet to be made, the company said, and it has also yet to
determine the economic viability of such a move.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
May 21, 2019 16:29 ET (20:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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