Cobalt Blue confirms partnership with LG International with share issue
LG International is the resources investment arm of global giant LG Corp.
Company
ASX:COB
Cobalt Blue is a minerals processing and mining company with interests in cobalt, nickel, copper, zinc, silver and sulphur. The company's critical minerals strategy focuses on building mid-stream processing capabilities in Australia and diversifying supply chains among like-minded countries.
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LG International is the resources investment arm of global giant LG Corp.
New acquisition is in close proximity to the Thackaringa Cobalt Project where Cobalt Blue recently revealed a major cobalt resource upgrade.
The market hasn’t fully appreciated the company’s strong market connection with JV partner Cobalt Blue Holdings Ltd.
The company is the only ASX-listed primary cobalt player and aims to add value by supplying direct to battery makers.
News flow from the Thackaringa project is set to continue with a pre-feasibility study to come by June 30.
LG Investment and LG Chem will assist in sourcing a long-term supply of battery-ready cobalt.
New partnership aims to service the EV market with high-purity battery-grade cobalt sulphate.
The resource estimate now comprises 72 million tonnes at 852 parts per million cobalt.
The company's Broken Hill Project is just north of the Thackaringa cobalt deposit.
The share prices of both companies have been appreciating over recent months.
Thackaringa project partner Broken Hill Prospecting (ASX:BPL) is leveraged to the company’s successes.
The ongoing test work forms part of a pre-feasibility study.
Broken Hill Prospecting has a proven history of monetising assets.
400,000 new shares are issued after quoted options are exercised at $0.25.
The company has signed an MOU to test Havilah Resources’ Mutooroo ore.
Receipt of final assays has paved the way for PFS at Thackaringa Project.
The company will not have to raise capital to complete works on the new tenements.
The company's assets are in the Broken Hill region and Murray Basin region.
Broken Hill's shares have doubled in value since mid-December.
The PFS is well advanced with the continuation of metallurgical testwork.