Metal Bulletin reported that this week, China’s State Reserve Bureau (SRB) bought about 50 tonnes of cobalt. It intends to stockpile the metal and buy more of it later.
As quoted in the market news:
‘The purchase amount assigned to the SRB was below estimates but the SRB plans to purchase 1,000 tonnes of cobalt metal this year, so there should be more buying later on,’ a market source said.
|Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.|