Cobalt Blue commercial manager Joel Crane talked with Proactive about the company’s latest milestone, having fully paid off the final installment owed to American Rare Earths for the Broken Hill Cobalt Project.
Crane explained that the promissory note dates back to 2017, when Cobalt Blue was spun out of American Rare Earths, which was then known as Broken Hill Prospecting. In 2020, the company secured 100% ownership of the Broken Hill Cobalt Project, and today’s announcement marks the final payment, leaving the project “fully unencumbered.”
Discussing cobalt market conditions, Crane noted the recent export policy changes in the Democratic Republic of Congo (DRC), which have restricted supply. He said: “After seven months of this export ban, and leaving the supply chain completely depleted, buyers of cobalt hydroxide … are left to compete for very limited volumes.” As a result, cobalt prices are beginning to climb, driving renewed interest in Cobalt Blue’s development plans.
Looking ahead, the company’s priority is reaching a final investment decision (FID) for the Kwinana cobalt refinery. Crane confirmed that Cobalt Blue recently received works approval for the facility and is now focused on finalising offtake agreements and securing funding, with updates expected before year-end.
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