Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
E-cobalt is up 23% right now. I wonder if the word already got out on the vote and it was in there favor.
I also keep looking.
When are the voting results released?
First Cobalt Notes Former eCobalt Executives’ Opposition to Value-Destroying Jervois Transaction
https://www.firstcobalt.com/investors/news/first-cobalt-notes-former-ecobalt-executives-opposition--to-value-destroying-jervois-transaction
Complete article.
BRIEF-First Cobalt And Glencore Conclude Term Sheet For Refinery Restart
July 15 (Reuters) - First Cobalt Corp:
* FIRST COBALT AND GLENCORE CONCLUDE TERM SHEET FOR REFINERY RESTART
* FIRST COBALT - AGREED ON TERM SHEET WITH GLENCORE OUTLINING FRAMEWORK FOR FULLY FUNDED, PHASED APPROACH TO RECOMMISSION FIRST COBALT REFINERY IN ONTARIO
ADVERTISEMENT
ADVERTISEMENT
* FIRST COBALT CORP - PHASE 1 ENTAILS A US$5 MILLION LOAN FROM GLENCORE
* FIRST COBALT CORP - TOTAL CAPITAL INVESTMENT UNDER THREE PHASES IS ESTIMATED AT APPROXIMATELY US$45 MILLIONn
* FIRST COBALT CORP - PHASE 3 INVOLVES AN EXPANSION OF REFINERY TO A 55 TPD FEED RATE BY 2021 Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)
Our Standards:The Thomson Reuters Trust Principles.
REUTERS NEWS NOW
Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
BRIEF-First Cobalt And Glencore Conclude Term Sheet For Refinery Restart
July 15 (Reuters) - First Cobalt Corp:
* FIRST COBALT AND GLENCORE CONCLUDE TERM SHEET FOR REFINERY RESTART
* FIRST COBALT - AGREED ON TERM SHEET WITH GLENCORE OUTLINING FRAMEWORK FOR FULLY FUNDED, PHASED APPROACH TO RECOMMISSION FIRST COBALT REFINERY IN ONTARIO
E-cobalt just sent out another press release. I think they are scared that the voting is not going in there favor.
https://www.ecobalt.com/news/news-releases/glass-lewis-recommends-shareholders-vote-for-plan--20190715
Go get'em Butch ..
Agreed. Now the rest is up to the stock holders.
Excellent post!!!!
Anyone who has not voted yet please read this post and link. We are being taken for a ride as the executive's ride into the sunset with our money.
Vote no!
Already did. FC and Glencore make a better team. Having one of the biggest mining companies behind you says alot about your organization.
My proxy just came in.
Just received my proxy.
I'm sure e-cobalt will comeback with a rebuttle on the statement. If it's true that other offers/opportunities were available and not made public, makes me wonder about the deal. I wish first would go in and take them out. I currently own both but majority is first.
TORONTO, May 28, 2019 /CNW/ - First Cobalt Corp. (FTSSF) (the "Company") is pleased to announce that a scoping study for the restart of the First Cobalt Refinery in Canada using third party cobalt hydroxide as feed material concluded that annual production could reach over 5,000 tonnes per annum ("tpa") of cobalt, more than twice the previous estimate. By eliminating the Refinery's autoclave circuit and addressing production constraints, the debottlenecking study by Ausenco Engineering Canada Inc. estimated the incremental capital cost to double production capacity will be $7.5 million from the previous estimate or $37.5 million in total.
All numbers are in US dollars. A final decision on whether to put the First Cobalt Refinery back into production has not been made at this time and is contingent on the outcome of ongoing discussions and studies. The Company has not completed a feasibility level study of the economic viability of operating the Refinery. Any decision to restart the Refinery will be based on a supply of third party feed material and not the anticipated development of any of the Company's current mineral projects.
Highlights
Ausenco (AUEOF) defined the production capacity, capital costs and operating costs associated with recommissioning the Refinery in Ontario, Canada using third party cobalt hydroxide as the primary feed material to produce a battery grade cobalt sulfate
Study outlines potential to double production to over 5,000 tpa of cobalt by increasing the initial capital investment from $30 million to $37.5 million and expanding the flow sheet circuit to optimize the existing building footprint
Discussions continue with Glencore and other third parties on definitive commercial terms for feed supply and financing to restart the First Cobalt Refinery within 18 to 24 months
Trent Mell, President & Chief Executive Officer of First Cobalt, commented:
"The First Cobalt Refinery is a strategic North American asset and producing cobalt materials for the North American market is our quickest path to cash flow. The facility is in excellent condition with permits in place, good community support and a short timeline to potential production.
The ability of the First Cobalt Refinery to produce 5,000 tonnes per annum in a global cobalt market that totaled approximately 130,000 tonnes in 2018, would be an important contribution to the global supply chain, particularly the U.S. market."
First Cobalt engaged Ausenco to complete a scoping-level study in support of restarting the refinery, located near Cobalt, Ontario. The debottlenecking study assessed the production capacity of the refinery and associated constraints assuming that cobalt hydroxide would be the primary source of feed material for the production of cobalt sulphate. Previous studies assumed that the refinery would treat lower grade arsenic-rich concentrate material.
The report outlined three restart scenarios, each assuming that the refinery would primarily treat cobalt hydroxide grading approximately 30% cobalt. In all scenarios, the Refinery's autoclave circuit is not required thereby eliminating the first constraint to higher production rates. The first scenario (Case 0) assumed minimal capital investment outside refurbishing existing equipment. The next scenario (Case 1) assumed an additional capital investment to alleviate the bottleneck in the current solvent extraction (SX) circuit. The final scenario added an additional capital investment to alleviate the liquid-solid separation limitations of the currently installed equipment. Details of the three scenarios are summarized in Table 1.
Table 1. Potential production scenarios (Numbers in US$)
DESCRIPTION
PRODUCTION
(TPA*)
CAPITAL
COST
(with contingency)
OPERATING COST
(annual)
Case 0
Using currently installed equipment, flowsheet changed to process cobalt hydroxide feed. Production limited by the capacity of the currently installed SX circuit.
675
$12.0M
$9.3M
Case 1
Using an expanded SX circuit, production is limited by capacity of the currently installed liquid-solid separation equipment
1,964
$18.4M
$17.4M
Case 2
Using additional liquid-solid separation equipment, production limited by filtration capacity and the size of the existing building
5,020
$37.5M
$36.4M
*
Tonnes per annum of cobalt in cobalt sulfate
Today's results further support the business case to restart the First Cobalt Refinery as it could be expanded from its previously anticipated production potential of 2,000-2,500 tpa to over 5,000 tpa of cobalt in sulfate.
While the 675 tpa production scenario offers a minimum investment case, based on the minimal increase in capital requirements from the 2018 Primero study, First Cobalt intends to explore the potential to increase production to 5,000 tpa of cobalt contained in sulfate. The capital requirements presented here include contingencies of $3.02 million, 4.61 million and 10.39 million for cases 0, 1 and 2 respectively. Capital estimates are provided with an indicative accuracy range of -30%/+50% and are based on previous historical data metrics from similar projects.
The 675 tpa production scenario involves simply restarting the refinery "as is" using only currently installed equipment and making necessary flowsheet changes to process cobalt hydroxide to produce cobalt sulfate. In this scenario, production of cobalt sulfate is limited by the capacity of the currently installed solvent extraction ("SX") circuit.
Building on the 675 tpa scenario, the 1,950 tpa scenario includes the additional capital to overcome the limitation imposed by the current SX circuit. Under this operating scenario, production of cobalt sulfate is limited by the capacity of the currently installed liquid-solid separation equipment.
The preferred 5,000 tpa scenario then builds on both lower production rate scenarios and includes additional capital to overcome the limitation imposed by the liquid-solid separation equipment. Under this operating scenario, production of cobalt sulfate is limited by filtration capacity and the size of the existing building.
The study completed by Ausenco does not access the economic viability of operating the Refinery, and instead estimates the costs associated with recommissioning and operating the Refinery under the above scenarios.
Next Steps
First Cobalt recently announced a memorandum of understanding ("MoU") with Glencore AG to supply cobalt feedstock and financing to recommission the facility (May 21, 2019 press release). Discussions are ongoing and the parties have agreed to a 60-day timeline to negotiate definitive agreements.
The First Cobalt Refinery project team is continuing to work with engineering firms, process experts and financial advisers to finalize a business plan to restart the facility. Next steps include advanced metallurgical testing to demonstrate that the flowsheet will achieve the desired product specifications. Feasibility level engineering and test work will be required to support the design of new equipment, specifically solvent extraction and liquid-solid separation, and to generate detailed quotations, engineering and further cost estimates.
https://mma.prnewswire.com/media/893434/First_Cobalt_Corp__Ausenco_Study_Doubles_Production_Potential_of.jpg
About the First Cobalt Refinery
The First Cobalt Refinery is a hydrometallurgical cobalt-silver-nickel refinery in the Canadian Cobalt Camp, approximately 600 kilometres from the US border. The facility was commissioned in 1996 and currently has a nominal throughput of 12 to 24 tpd. The Refinery historically treated mine concentrates and is permitted to treat feed with high arsenic content. The current footprint includes an empty feed warehouse that once housed a mill. The facility is located on a 40-acre property that can be expanded to 120 acres with two settling ponds and an autoclave pond (Figure 2).
https://mma.prnewswire.com/media/893435/First_Cobalt_Corp__Ausenco_Study_Doubles_Production_Potential_of.jpg
With respect to existing tailings capacity, it was noted that the autoclave pond has not been fully constructed and has an estimated 40,000 m3 (approximately 70,000 tonnes assuming a specific gravity of 1.74 tonnes per cubic metre) of remaining permitted capacity yet to be constructed. Operating at 24 tpd, the autoclave pond would reach capacity after eight years of operation. Thereafter, the Company could avail itself of 80 acres to the north of the Refinery (Figure 3) to permit additional tailings storage capacity. The primary settling pond is also not yet constructed to its full capacity and it was noted that doing so would improve discharge water quality through additional retention time and increased capacity for water storage.
https://mma.prnewswire.com/media/893436/First_Cobalt_Corp__Ausenco_Study_Doubles_Production_Potential_of.jpg
Previous Studies
In 2018, First Cobalt completed three studies to assess options for a restart of the facility: (1) a desktop engineering review of the current flowsheet and associated capital and operating costs to treat arsenic-rich mine concentrates at a throughput rate of 12 to 50 tpd; (2) a permit review to assess the time required to renew and amend existing operating permits; and (3) a market study to identify potential feed sources and final products and estimate gross margin opportunities (see October 10, 2018 press release).
Subsequent studies by SGS to test the suitability of cobalt hydroxide as feedstock and using the processes in the current refinery flowsheet the Refinery flowsheet is capable of producing a high purity, battery grade cobalt sulfate from cobalt hydroxide (see November 8, 2018 and April 3, 2019 press releases)
For purposes of this earlier baseline engineering study, Primero Group assumed that the Refinery would continue to treat mine concentrates, that the flowsheet would remain unchanged and that the final product would be cobalt carbonate. However, with the decision to treat third party cobalt hydroxide material, Ausenco was retained to prepare a new scoping level assessment under a modified flowsheet.
As part of the engineering review, Primero Group estimated the replacement (or new build) value of the refinery building at the various throughput rates. In 2012, Hatch estimated the replacement cost of the Refinery at $78M. Primero's results from the current study range from $53M to $143M, inclusive of a 30% contingency. In instances, replacement cost estimates were limited to the refinery building and did not include replacement costs of site level infrastructure, including roadways, power lines and the tailings management facility. The value of the permits was also excluded for purposes of this exercise.
Corporate Update
The Company has engaged Catch Advisory Group ("Catch") to conduct investor relations activities on its behalf. Catch will be paid in cash based on a prescribed hourly rate which is expected to approximate $5,000 per month. Catch currently does not hold any securities of First Cobalt and have no immediate intention of acquiring any of the Company's securities in the foreseeable future.
About First Cobalt
First Cobalt is a Canadian-based pure-play cobalt company and owner of the only permitted primary cobalt refinery in North America. The Company is exploring a restart of the First Cobalt Refinery in Ontario, Canada, which could produce over 5,000 tonnes of contained cobalt in sulfate per year. First Cobalt's main cobalt development project is the Iron Creek Cobalt Project in Idaho, USA, which has an inferred mineral resource estimate available on the Company's website. The mineral resource delineated on the Iron Creek Cobalt Project is not expected to provide a source of feed for the First Cobalt Refinery.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
https://mma.prnewswire.com/media/893429/First_Cobalt_Corp__Ausenco_Study_Doubles_Production_Potential_of.jpg
SOURCE First Cobalt Corp.
Hopefully this will kick start a buying spree.
Just saw it. We have a powerhouse behind us.
I keep looking for the news but nothing yet. Hopefully it's good news. I wonder if they bought the rest of e-cobalt? The mines are next to each other so it would be very practical.
Thank you for the news. At this point I will take anything positive.
I have 70k shares at .016 for sale. Just waiting for them to disappear.
I'm just sitting on my shares and hopefully in 5 years they will be worth a good dollar.
I consider it growing pains. You have the right idea. Go long and be patient.
First Cobalt Announces Investment in eCobalt Shares
https://www.firstcobalt.com/investors/news/first-cobalt-announces-investment-in-ecobalt-shares-
First Cobalt Announces Investment in eCobalt Shares
https://www.firstcobalt.com/investors/news/first-cobalt-announces-investment-in-ecobalt-shares-
Good article. This is no different than an MJ stock when it gets some news. It pops and profit takers come in. If you are in it for the Long haul just hold on and accumulate as it drops. I'm basically buying below .13 if it lets me.
Aphria Inc Price Target Raised to C$12.00/Share From C$10.00 by CIBC World Markets
11:51 AM ET 4/16/19 | Dow Jones
Ratings actions from Baystreet: http://www.baystreet.ca
> Dow Jones Newswires
April 16, 2019 11:51 ET (15:51 GMT)
I'm for that.
Great catch. I think we are sitting on a volcano of opportunity. Now we just wait and see.
First Cobalt to Present Refinery Opportunity at Shanghai Conference
https://www.firstcobalt.com/investors/news/first-cobalt-to-present-refinery-opportunity-at-shanghai-conference
Agreed. I've been holding for a little over a year and plan on holding until the market says sell.
We do not have anything to lose by holding but I think we will lose a lot if we sold now.
Profit takers today. Hopefully word spreads on the news and we build some momentum.
I just saw the news. This is absolutely award winning. This is what we needed to get the stock and industry moving. Now we just need production, higher Cobalt prices and buyers. All this will come in time. GLTA
Getting some legs today. Hopefully this can hold and build.
First Cobalt has no plans to slow down project
From the local paper in Challis idaho.
https://www.postregister.com/messenger/news/first-cobalt-has-no-plans-to-slow-down-project/article_afe5a41a-2697-5632-8022-6f1090c1be02.html
The insiders are too busy digging in the mines.
Nemaska Lithium Reviews Strategic Alternatives
https://www.nemaskalithium.com/en/investors/press-releases/2019/6e4ef707-035c-4e9b-abfe-cc0b60b0de99/
Got a little bit of legs today. I think we will stay in this range until Cobalt prices rise.
Idaho cobalt project development stalled by weak near-term price outlook
http://www.miningweekly.com/article/idaho-cobalt-project-development-stalled-by-weak-near-term-price-outlook-2019-02-20
Three-term Idaho Governor Butch Otter Joins First Cobalt Board of Directors
https://www.firstcobalt.com/investors/news/three-term-idaho-governor-butch-otter--joins-first-cobalt-board-of-directors
First Cobalt Adds to Strike Length at Iron Creek
2/20/2019 news
https://www.firstcobalt.com/investors/news/first-cobalt-adds-to-strike-length-at-iron-creek