Last week Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) CEO Dr Andrew Tong, outlined a renewed operational focus. Tong shared his strategic vision as the company now targets nearer-term revenue opportunities to navigate cobalt price headwinds, while maintaining its long-term commitment to the Broken Hill Cobalt Project.
Highlights
- Dr Andrew Tong has taken on the role of CEO.
- He brings over 20 years of experience in process engineering, metallurgy, and corporate leadership.
- A scoping study is underway for a new copper-zinc project at Halls Creek in the Kimberley.
- The company is progressing a cobalt refinery in Western Australia, with a Japanese partner and strong government interest.
- A binding joint venture agreement has been signed for the refinery project.
- Cobalt Blue plans to convert its R&D plant in Broken Hill into a recycling facility, targeting battery black mass and industrial cobalt recovery.
- The company’s internal technical expertise and in-house R&D capabilities are highlighted as key competitive advantages.
Making strong progress
Tong told investors that a key development is the acquisition of a copper project in the Kimberley at Halls Creek. “We’re busy working on a scoping study that will end up being a copper-zinc plate project, which is a low-cost capital entry point,” he said.
The company also highlighted progress at its Western Australia cobalt refinery. A binding profit agreement has been signed with its Japanese partner, which it said sets out development milestones for the project. Cobalt Blue noted strong interest in the refinery from both Australian and Japanese governments, as well as international offtake partners.
In addition, the company plans to convert its R&D facility in Broken Hill into a battery recycling plant. It said the facility will target recovery of cobalt from battery black mass and industrial materials. The company believes the recycling market is poised for long-term growth and plans to enter the space with a small, scalable solution.
Cobalt Blue said its in-house technical expertise is a core differentiator. “We’ve got a team where three or four of them are chemical engineers or metallurgists… that brings a lot of the costs in-house,” Tong said. He added that this capability also allows the company to remain agile and responsive to technological developments.
The company said it will continue to update investors as it advances these initiatives.