SAN FRANCISCO, Feb. 12, 2019 (GLOBE NEWSWIRE) — Over the past few years, the cobalt market has been volatile, but demand is expected to increase as the element is a necessary component in the rechargeable battery and renewable energy sectors.
Company mentioned: eCobalt Solutions Inc.’s (ECS:TSX; ECSIF:OTCQX; ECO:FSE)
eCobalt Solutions Inc.’s Idaho Cobalt Project (ICP), located in the Idaho Copper Belt, is the only near-term cobalt project in the U.S.
“The ICP has the potential to become a reliable and transparent source of cobalt in the face of rapidly growing demand for the metal,” the company declared.
Michael Callahan assumed leadership of the company in late 2018 as president and CEO.
“One of the things that’s important to me,” Callahan told Streetwise Reports, “is taking a fresh approach and making sure we design and build a project that has the best chance of surviving all the price cycles, because if you don’t survive the downturn, you won’t be around to benefit from the high price cycle.”
“We challenged ourselves to develop a production plan with less risk and lower costs,” Callahan noted. “The result of this work demonstrated that the incremental cost of retrofitting the mill to process more tonnage is supported by considerably stronger economies of scale while having no expected impact on the approved Plan of Operations. This plan would allow us to produce more cobalt earlier, thereby increasing cash flows at the beginning of the mine life, improving payback and overall project economics.”
The company noted that this plan has the potential to increase the targeted production rate to 1,200 tpd, a 50% increase from the earlier 800 tpd plan, by producing a cobalt concentrate. Capex costs would also be reduced because building a new processing facility would not be necessary.
Continue reading this article: Cobalt Company’s New Plan Would Increase Production by 50%
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