MetalBulletin reported that China’s cobalt market is sinking lower as producers cut production due to low prices and tight raw material supply.
As quoted in the market news:
While most major Chinese producers have long-term contracts for concentrate or intermediates for raw material supply, some are now buying cobalt chloride to save costs.
A major cobalt chemical producer stated:
Almost all of the companies that can only use cobalt concentrate for production have stopped output.
|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.|