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Glencore to Support Restart of First Cobalt Refinery
Glencore to Support Restart of First Cobalt Refinery Canada NewsWire TORONTO, Ma...
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[{"type":"text","content":"\n\n\n\nGlencore to Support Restart of First Cobalt Refinery\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, May 21, 2019\n\n\n\nTORONTO, May 21, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQX: FTSSF) (the \"Company\") and Glencore AG (\"Glencore\") have signed a memorandum of understanding to supply cobalt feedstock and financing to recommission the First Cobalt Refinery in Ontario, Canada. Upon execution of definitive agreements, First Cobalt and Glencore will collaborate on final flowsheet design with a view to accelerating the restart of North America's only primary cobalt refinery.\nHighlights\nGlencore intends to provide feedstock for the refinery which is expected to result in annual production of approximately 2,000 to 2,500 tonnes per annum of cobalt in sulfate from the refinery Glencore will evaluate making a loan to fund the capital requirements to recommission the refinery and will enter into a tolling agreement with First Cobalt The refinery could be operational in 18-24 months and discussions are underway with provincial government officials to identify opportunities to streamline and accelerate the permit amendment processTrent Mell, First Cobalt President & Chief Executive Officer, commented:\n\"The partnership announced today will help First Cobalt achieve its stated objective of providing ethically-sourced battery grade cobalt for the North American electric vehicle market. As the world's leading producer of cobalt, Glencore is an ideal partner for First Cobalt. Our shareholders will benefit from Glencore financial backing, technical support and opportunities for regional synergies with their Sudbury and Rouyn-Noranda operations. \n\"This announcement marks the culmination of one year's work, bringing First Cobalt closer to generating cash flow and reducing reliance on the equity markets to fund future advancement of our North American primary cobalt assets in Idaho and Ontario.\"\nThe memorandum of understanding (the \"Agreement\") between Glencore and First Cobalt outlines the terms of a par...