ENRC Settles with First Quantum

Reuters reported that ENRC has settled a dispute with First Quantum (TSX:FM) regarding the Kolwezi copper-cobalt project.

As quoted in the market news:

ENRC will pay $750 million plus a deferred consideration of $500 million as part of the settlement with First Quantum, the former owner of Kolwezi until its license was revoked by the DR Congo in 2009.

Click here to read the full Reuters report.

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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.

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