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Cobalt27 Announces Q2 2019 Production Update

Mining News - Published on Thu, 12 Sep 2019

Image Source: prnewswire.com
Cobalt 27 Capital Corp announced quarterly production results from its 8.56% direct equity interest in the world class Ramu integrated nickel and cobalt operation. In the quarter ending June 30, 2019 Ramu produced 22,490 tonnes of mixed hydroxide product containing 8,767 tonnes of Ni and 793 tonnes of Co. Year to date production at Ramu is 16,430 tonnes of contained nickel and 1,497 tonnes of contained cobalt. Mr Anthony Milewski, Chairman and Chief Executive Officer of Cobalt27, said that the Ramu operation continues to demonstrate that it is a top tier nickel asset. Cash costs continue to be in the bottom quartile with annual production consistently at or above design capacity. Production remains on track to produce 34,000 tonnes of Ni and 3,300 tonnes of Co in 2019. With nickel prices now trading around $8.00 per pound, Ramu is generating significant free cash flow which will enable the Company’s attributable 8.56% share to be used to repay its debt.

Currently, Nickel is trading at approximately USD 7.94 per pound on the LME representing a 38% increase from the June 30th price of USD 5.74 per pound and an increase of 68% from the January 2, 2019 price of USD 4.73 per pound, when the Company announced its acquisition of Highlands Pacific. Nickel remains in high demand for lithium ion batteries which are fueled by the surge in the electrification of the automobile.

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Posted By : Rabi Wangkhem on Thu, 12 Sep 2019
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