First Cobalt reduces operating cost of refinery by 13%
First Cobalt (TSX-V: FCC; OTCQX: FTSSF) said today it now estimates operating costs of $2.36 per pound of cobalt produced, which represents a 13% operating cost reduction at its Ontario refinery.
The company is trying to advance its refinery, stating it would be the only North American refiner capable of producing battery-grade cobalt.
The company said that the announced changes to its engineering studies show improved margins and enhanced economics.
First Cobalt has most of its permits but awaits its water intake permits, which is expected to be received in Q4.
The updated capital cost is now $60 million as opposed to $56 million.