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First Cobalt Provides Refinery Project Update
First Cobalt Provides Refinery Project Update Canada NewsWire TORONTO, Nov....
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n First Cobalt Provides Refinery Project Update\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, Nov. 10, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 10, 2020\n \n /CNW/ - First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the \"Company\") today provided an update on commercial contracts and metallurgical test work relating to its cobalt refinery located in\n \n Ontario, Canada\n \n .\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n First Cobalt and Glencore have agreed to discuss a long-term feed purchase contract rather than the tolling arrangement originally contemplated, providing First Cobalt greater leverage to the cobalt market by entering into offtake contracts with end users directly\n \n \n The maturity date on the Company's\n \n US$5 million\n \n loan with Glencore has been extended by one year to\n \n August 2022\n \n , which better aligns with refinery commissioning\n \n \n Glencore continues to provide support to ensure a technically viable design of the plant and smooth commissioning\n \n \n In order to secure a diversity of supply, First Cobalt will supplement any feed provided by Glencore with other sources of ethical cobalt\n \n \n Bench scale testing of cobalt hydroxide feedstock from Glencore's Katanga Operation (KCC) yielded recoveries in excess of 97%, significantly higher than the 93% recovery assumption in the Company's May engineering study\n \n \n Timelines for pilot plant completion and submission of permit amendments remain on track while discussions for government support are well advanced\n \n \n \n \n Trent Mell\n \n , President & Chief Executive Officer, commented:\n \n \n \n \"The change in approach towards feed purchase contracts results in greater exposure to the cobalt market and potentially a greater share of the project economics outlined in our\n \n May 4\n \n engineering study. With the decision to be a market purchaser of feedstock, rather than a toll refiner, the Company has resumed discussions with lenders and intends to move ...