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First Cobalt Seeks Government Backing To Restart Canadian Refinery

Metal News - Published on Fri, 15 Nov 2019

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First Cobalt Corp is in advanced talks with Canada's Ontario province to finance the CAD 37.5 million required to restart its idled cobalt refinery. First Cobalt President and CEO Mr Trent Mell said “If successful, such a deal would reduce First Cobalt's funding reliance on Glencore Plc, which in July agreed to extend 45 million in loans to develop the project in stages. We're trying to bring our own sources of capital to the table, and we're talking to the Ontario government to see if there's an opportunity to get some kind of support under the umbrella of the Ontario and North American automotive supply chain.” He did not indicate what form that might take but said loan guarantees are a possibility. First Cobalt has also tapped Canadian Imperial Bank of Commerce to find potential partners for the project, although those discussions are at an earlier stage.”

The plant, located about 600 kilometres from the US border in Cobalt, Ontario, would be the sole North American producer of refined cobalt for the electric vehicle market and lessen dependence of US end users on China, where most of the world's cobalt refining capacity is located.

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Posted By : Rabi Wangkhem on Fri, 15 Nov 2019
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