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Glencore and First Cobalt Sign Definitive Agreement
Glencore and First Cobalt Sign Definitive Agreement Canada NewsWire TORONTO, Aug...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n\n\n\nGlencore and First Cobalt Sign Definitive Agreement\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 26, 2019\n\n\n\nTORONTO, Aug. 26, 2019 /CNW/ - First Cobalt Corp. (TSX-V:FCC, OTCQX:FTSSF) (the \"Company\") is pleased to announce that it has entered into a US$5 million loan facility with Glencore AG to complete advanced engineering, metallurgical testing, field work and permitting associated with a recommissioning and expansion of the First Cobalt Refinery in Canada. Upon completion of a positive definitive feasibility study for a 55 tonnes per day (\"tpd\") refinery expansion in Q1 2020 and subject to certain other terms and conditions and satisfaction of conditions precedent, Glencore is prepared to advance an additional US$40 million to recommission and expand the Refinery.\n\n \n \n\n \nHighlights\nUS$5 million loan from Glencore will assess the suitability of the First Cobalt Refinery to treat Glencore material under a long-term supply agreement to produce cobalt sulfate for the North American electric vehicle market Phase 2 of the work plan envisions a recommissioning of the Refinery at 12 tpd in late 2020 and Phase 3 is an expansion to 55 tpd in 2021 using the existing site buildings and infrastructure An Ausenco scoping study previously estimated that if the First Cobalt Refinery operated at 55 tpd, it could produce 5,000 tonnes per annum of contained cobalt in sulfate assuming cobalt hydroxide feed grading 30% cobalt First Cobalt is concluding a RFP process for the feasibility study, metallurgy and environmental work with a view to commencing field work in SeptemberTrent Mell, First Cobalt President & CEO, commented:\n\"We are delighted to be working with Glencore to bring a domestic supply of battery grade cobalt to the North American market. Subject to the results achieved over the next six months, both parties would like to target first production in late 2020 and then commission an expanded 55 tpd facility in 2021.\nCobalt prices have increased considerably over the past few weeks and the outlook for the el...