First Cobalt signs offtake for 100% of production
(Kitco News) - First Cobalt (TSX-V: FCC; OTCQX: FTSSF) today announced that it signed a flexible, long-term, offtake agreement with Stratton Metal Resources for the sale of future cobalt sulfate production from the First Cobalt refinery located in Ontario, Canada.
First Cobalt said it will have the option to sell up to 100% of its annual cobalt sulfate production to Stratton Metals once its refinery is in production. Quantities will be determined by First Cobalt in advance of each calendar year and are subject to a minimum annual quantity.
"Stratton Metals are among the most knowledgeable cobalt traders in the world, with a network of relationships in every major market", said President and CEO Trent Mell. "This sales arrangement is a key milestone for the company as firming up commercial arrangements supports the financing process for the refinery expansion. Refinery commissioning remains on schedule for October 2022."
First Cobalt owns North America's only permitted cobalt refinery, a critical asset in the development and manufacturing of batteries for electric vehicles. First Cobalt owns the Iron Creek cobalt-copper project in Idaho, USA as well as several significant cobalt and silver properties in the Canadian Cobalt Camp.