Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) has received strong validation of its strategy to supply ethical cobalt from the Broken Hill Cobalt Project (BHCP) through participation in a critical minerals supply chain discussion with South Korean President Moon Jae In and other senior Korean government officials.
The company was invited to attend the select meeting hosted by the Korean Embassy and Australia Korea Trade Commission in Sydney on December 14, 2021.
South Korea’s leading role
It was held during President Moon Jae In’s visit to Australia and highlights the importance of recent policy changes within the Korean Government that place critical minerals at the centre of Korea’s national interest.
South Korea is a world leader in the development and supply of batteries to service the electric vehicle revolution and the increasing need for high-tech storage solutions for green energy.
In this way, the North Asian nation is playing the key role in driving the market for critical ‘green’ minerals with a particular focus on ethically sourced supplies, just as Japan did at the start of the iron ore boom decades ago that changed the mining industry forever.
Validation of strategy
As such, COB sees its invitation to the select meeting and participation in ongoing discussions as validation of its development of an integrated cobalt supply strategy.
This is centred on the BHCP in Far West New South Wales and incorporating COB’s unique cobalt processing technology being utilised at a pilot plant in Broken Hill that will be upgraded to a demonstration plant in 2022.
An open day at COB’s Broken Hill Pilot Plant.
Cobalt Blue is developing the BHCP that is on track to be a top-5 ex-Africa cobalt producer and is targeting sufficient cobalt to power 5 million electric vehicles.
Over its projected 20-year life, the BHCP will produce 17,000 tonnes of battery ready cobalt sulphate per annum with mining and production processes to be environmentally sustainable with low acid consumption and targeting net-zero greenhouse gas production.
“Globally significant”
COB is aiming to be one of the largest global suppliers of ethical cobalt and says it is delighted to showcase the project to industry and political partners.
“Our invitation to participate in this meeting with the Korean Government, alongside the next wave of Australian critical mineral producers, is indicative of the relationships and interest the Broken Hill Cobalt Project has created within Australia and Korea,” said Cobalt Blue CEO Joe Kaderavek.
“Cobalt is essential to our future and the Broken Hill Cobalt Project scale, product quality and high operating standards are recognised as being globally significant.”
Relationship with Korean group
Cobalt Blue has developed a relationship with South Korea owing to its partnership with LX International, formerly LG International, which has been a COB shareholder since 2018.
LX International executes resources investment strategy for the LG Group and historically, has specialised in global mining investment and operations. It has now extended its focus to include 'green minerals', the raw materials of lithium-ion battery construction such as cobalt, nickel and lithium.
The bilateral meeting in Sydney is likely the first in a series of information exchanges between Australian and Korean industry and government partners.
Kaderavek said COB was delighted to be involved in these exchanges of views that would shape more positive political and economic support for the industry.
About Cobalt Blue
COB, a cobalt development and technology company, was founded in 2016 and is an ASX-listed pure-play cobalt company. It is advancing and developing cobalt mining and refining operations in Australia.
As the world adapts to renewable energy and demand for energy storage soars, so does the world's reliance on batteries. Cobalt is a necessary part of that energy storage equation.
Cobalt Blue is committed to the Broken Hill Cobalt Project and becoming the world's premier producer of ethical cobalt to meet this growing demand for energy storage.