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First Cobalt Corp (ASX:FCC), a Canada-based pure play cobalt company, announced on 9 May 2019 that the company has started scoping-level capacity study. The company intends to restart the only permitted cobalt refinery in the North American region by determining the operating and capital requirements under the study for numerous productions scenarios using cobalt hydroxide as a feedstock.
Trent Mell, President & CEO said the organization is keen on achieving the status of first refiner of battery grade cobalt sulfate in North America. Discussions are going on with suppliers of cobalt hydroxide feed material. The study primarily aims to identify feasibility within the refinery by removing the autoclave circuit and treating higher-grade hydroxide feed material.
In April, the company announced the production of battery grade cobalt sulfate, concluding cobalt hydroxide as the preferred source of feed material to restart the Refinery. FCC also shared an update on the negotiations with the associated companies in the sector and appeared to be well placed to become the first producer of battery grade cobalt for electric vehicle market in USA. The company believes that the exclusion of the autoclave circuit from the flowsheet could further improve the throughput rate and cost profile.
The study will reportedly act as a base for future operations as well as for the purpose of review and update on the capital estimate, baseline production capacity, exclusive of the autoclave circuit. It will also explore additional production capacity, determining capital and operating costs for each scenario.
The First Cobalt Refinery is the plant of FCC located in Cobalt, Ontario. Once operational, it will be the first refinery in the North American electric vehicle (EV) markets.
Ausenco Engineering Canada Inc. is engaged to complete the scoping-level study to estimate the production capacity excluding autoclaves at First Cobaltâs Refinery in Ontario. The study will enhance the understanding of production constraints and opportunities under various operating activities, and the result of the study are expected to be release before the end of the month.
Ausenco a global consulting firm offers services to companies engaged in metal and minerals, oil and gas and industrial sectors, these services include project delivery, asset operations and optimization solutions.
Debt Settlement Agreement- The companyâs wholly owned subsidiary US Cobalt Inc. carries a debt of C$364,130 owing to an armsâ-length creditor. First Cobalt intends to settle this indebtedness through equity by issuing an aggregate of 2,427,530 common shares. However, the transaction remains pending for TSX Venture Exchange approval.
In todayâs release, i.e., 10 May 2019, the company informed that it has now received formal notification from the ASX resolving to remove the company from the official list of ASX.
FCC traded flat with the daily volume change of 172,532 shares as at 10 May 2019. The company has a market capitalization of around A$65.9 million with circa 439.34 million shares outstanding. The performance of the stock is down by 80.77% over the past one year, and the YTD also stands negative at 16.67%.
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