First Cobalt Discloses Progress In The Refinery Material Testing

Cobalt

First Cobalt Corp. (ASX: FCC) produces metals and mineral properties. The Company serves customers in Canada.

The company has via the latest release on ASX disclosed the results from the testing of cobalt which will act as the potential stock for the Cobalt Refinery in Canada. The test results have indicated on the fact that the inaugural Refinery of Cobalt flowsheet is apt enough to receive Co (OH)2 feed material. (Note: Co (OH)2 means cobalt hydroxide material). [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

The critical takeaways of the release were as follows:

  • 98% of cobalt successfully filtered from the ore in the preliminary testing with extraction processes are being used to further removal of harmful elements.
  • The various extraction procedures have started at the site and post that the crystallization procedures for manufacturing CoSo4 whose results are expected by quarter end. (note: CoSo4 means cobalt sulphate)

The first two stages of testing were done in order to evaluate the aptness of the leaching process and to track harmful substance all over the flowsheet to the manufacture of cobalt sulphate, with the overall aim of manufacturing cobalt sulphate for the American markets.

The inaugural Refinery of the company is hydrometallurgical in nature. This is located circa 500 kilometers from the US border. This Plant has the capacity to manufacture either a CoSo4 which would be very useful for the Li-ion battery market or Co, i.e., Cobalt for the American aerospace sector or another usage in the industries. The firm is in talks with companies which have got specialization in the procurement & marketing of concentrates to procure sources of cobalt, which will then act as the raw material for this plant.

On October 10, 2018, the independent studies undertaken by the company showed the results which helped in the estimation of the requirements of capital, costs of operation, renewal of permit timelines, various feedstock options, etc. The company estimates the capital cost of the restarting would be around US$25.7Mn, and a permitting review concluded that a restart is possible within 18 months of selecting a feedstock.

Trent Mell, the President & CEO told that these results had given the management required confidence that the Refinery is able to manufacture cobalt for supplying to the North American markets.

Now let us have a quick glance at the First Cobalt’s stock performance and the return it has posted over the last few months. FCC’s shares traded flat and settled at $0.195 during the day’s trade with the market capitalization of ~$82.52 million. The counter opened the day at $0.190, reached an intraday high of $0.195 & touched an Intraday low of $0.185 with the intraday traded volume of 21,300. The stock has yielded a YTD returns of 8.33% and posted negative returns of 50%, 20.41% over the past 6 months & 3 months, respectively. It had a 52-week high price of $1.170 and touched 52 weeks low of $0.160, with an average volume of 221,089 approximately.


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