Trent Mell of First Cobalt (TSXV: FCC; US-OTC: FTSSF) is making good on his promise to build a diversified portfolio of cobalt assets to capitalize on growing demand for the metal in battery production for the electric vehicle market.
The president and CEO has signed letters of intent to merge First Cobalt with Cobalt One (ASX: CO1) and CobalTech Mining (TSXV: CSK), companies that have cobalt properties and processing facilities near First Cobalt’s Keeley-Frontier project in Ontario.
If the mergers are approved and the deals are completed, Mell says, the new company would be the largest cobalt explorer in the world.
“Once you put these three companies together we would have about 45% of the prospective properties in the Cobalt, Ontario, camp,” he says. “Agnico Eagle is left with about 21%, so you can imagine who we want to speak to next.”
Cobalt One owns the Yukon cobalt extraction refinery in Cobalt, Ontario, about 25 km from First Cobalt’s Keeley-Frontier project. The Yukon refinery is one of only four facilities in Canada environmentally permitted to treat and process ore containing arsenic, and the only one in North America with no set limits on processing or storing arsenic from feeds.
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