H2 Cobalt Hydroxide Shipments from Tenke Will be Lower, Says Freeport

MetalBulletin reported that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has informed its customers that as a result of electricity supply issues, deliveries of cobalt hydroxide from Tenke Fungurume Mining (TFM), located in the Democratic Republic of the Congo (DRC), will decrease in the second half of 2013.

As quoted in the market news:

USA-based Freeport McMoRan, which holds a majority stake in the DRC operation, sent a formal notice to its customers this week, citing issues with the DRC electricity supply. TFM advised customers that the quantity of product to be delivered will be reduced for the remainder of the contracted term.

Click here to read the full MetalBulletin 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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