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First Cobalt Announces 13% Operating Cost Reduction for Canadian Cobalt Refinery Project
First Cobalt Announces 13% Operating Cost Reduction for Canadian Cobalt Refinery Project ...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"FCC-OperatingCost\n \n \n \n First Cobalt Announces 13% Operating Cost Reduction for Canadian Cobalt Refinery Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Sept. 24, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Sept. 24, 2020\n \n /CNW/ - First Cobalt Corp. (TSX-V: FCC) (OTCQX: FTSSF) today provided an update on its ongoing engineering studies for its permitted cobalt refinery in\n \n Ontario, Canada\n \n . The Company now estimates operating costs of\n \n $2.36\n \n per pound of cobalt produced, which represents a 13% reduction that improves refinery margins, enhances project economics, and further solidifies the Refinery's global competitiveness.\n \n \n \n \n \n \n \n \n \n \n KEY HIGHLIGHTS\n \n \n \n \n Operating costs estimate reduced from\n \n $2.72\n \n /lb of cobalt produced to\n \n $2.36\n \n /lb of cobalt produced, resulting in approximately\n \n $4 million\n \n of increased annual pre-tax cash flows compared to results in the\n \n May 4\n \n engineering study\n \n \n \n \n Updated capital estimate of\n \n $60 million\n \n compared to\n \n $56 million\n \n in the original engineering study\n \n \n \n \n \n $41 million\n \n in undiscounted pre–tax free cashflow to the Project forecasted during the first full year of production\n \n \n \n \n Glencore and First Cobalt have established a Joint Technical Committee that continues to work on further technical and cost enhancements to the refinery.\n \n \n \n \n Final permit amendments and closure plan on track to be submitted before the end of the year\n \n \n \n \n Financing process has moved to phase 2 and the Company is assessing several third-party financing proposals as discussions continue to advance with the private sector and government agencies\n \n \n \n The latest engineering work reinforces the value of the First Cobalt Refinery and the long-term value proposition for investors. With a competitive operating cost structure and improved cash flows, the Refinery clearly establishes itself as an important compone...