IDAHO – Formation Metals of Vancouver will not be proceeding at this time with the underground development of its Idaho cobalt project 40 km west of Salmon. Weak cobalt prices and turbulent financial markets over the past year were blamed for the decision.
The Idaho project is to be a primary cobalt mine and concentrator. Plans called for the production of approximately 1,400 tonnes of super alloy grade, high purity cobalt annually over at least 10 years. At the end of 2012, Formation was already working on upgrades to the access road, portal bench construction and the preparation of the tailings area. Costs were pegged at US$141.9 million, including a concentrator at the mine and a hydrometallurgical plant near Kellogg, ID.
Additional information and resource estimates are available at FormationMetals.com and IdahoCobalt.com.