Isometric drawing of the cobalt crystallizer. Credit: First Cobalt.[/caption]
The restart of the cobalt refinery in Cobalt, Ont., is edging closer. Owner First Cobalt (TSX-V: FCC; OTCQX: FTSSF) has provided an update of the work being done at what will be North America’s only refinery of battery grade cobalt sulphate, and the second largest outside China.
The contract for the cobalt sulphate crystallizer has been awarded, and it will be built in the United States. It is due to arrive on site in less than 44 weeks. The crystallizer will span several floors of the plant to accommodate heat exchangers, pumps, piping, dryers and evaporators.
First Cobalt and Ausenco Engineering Canada are preparing to engineer and order the solvent extraction tanks and filters, the final two long lead items to be procured.
The Ontario Ministry of the Environment, Conservation and Parks has issued the new permit to take water for the refinery from Lake Timiskaming. Two other permits, for air and noise and for industrial sewage are pending. With the water permit in place, work can move forward to restore power to the site, turn on pumps, complete geotechnical drilling for new buildings, and refurbish existing offices.
First Cobalt has hired Hayden Fiset as site services and Cristy Knott as environmental superintendent. Additional team members will be recruited in the coming months.
A scholarship program – the First Cobalt Excellence Award for the 2021 class – has been launched to support local Indigenous and non-indigenous high school graduates pursuing higher education. Each award is worth $1,000.
The company is pursuing a US$45-million debt facility toward refurbishing the plant. Glencore (London: GLEN; Johannesburg: GLN, OTC: GLCNF) accepted shares for a loan repayment of about $5.5 million in March 2021, giving Glencore a 4.8% interest in First Cobalt. The federal and provincial governments have also committed a total of $10 million to the facility.
Learn more about First Cobalt’s refinery by reading the corporate presentation at www.FirstCobalt.com.
April 25, 2024
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