- Globe-leading cobalt supplier DRC’s decision to declare metal a strategic resource includes exponential increase in industry tariffs
- Cobalt is a critical element of computer-powering lithium-ion batteries
- First Cobalt has North America’s only cobalt refinery capable of producing material suitable for lithium-ion batteries
- Company is testing varied cobalt feedstocks for suitability as it eyes possibility of restarting the shuttered refinery
- First Cobalt is also fast-tracking development of its flagship cobalt exploration project in Idaho, with plans to complete updated resource estimate by early 2019
The announcement that government officials in the Democratic Republic of the Congo have signed off on a long-anticipated plan to declare cobalt a strategic resource (http://nnw.fm/GqBt4) underscores the importance of efforts by pure-play cobalt explorer First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) to establish a North American source for producing the computer-complementing metal.
Reuters’ report on the DRC prime minister’s signing of the strategic metal declaration states that the decree also affixes a 10 percent royalty rate for mining companies to pay in order to extract the metal, which is in demand because of its critical importance to the…
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