Essential Power…Infinite Possibilities
eCobalt Solutions Inc. (TSX:ECS) (formerly Formation Metals Inc.) is a well-established Canadian mineral exploration and mine development company focused on cobalt production in Idaho, USA. The company’s flagship property is its wholly-owned Idaho Cobalt Project, the nation’s only environmentally-permitted, primary cobalt deposit. eCobalt Solutions main objective is advancing the project to production in order to provide North American consumers with responsibly mined, battery grade cobalt chemicals.
Cobalt is an essential element used in the production of rechargeable batteries required for portable electronic devices as well as electric and hybrid electric vehicles. The battery market now accounts for 49 percent of world refined cobalt consumption. Cobalt’s second largest use is for critical applications in the aerospace sector which includes the production of both air and land based jet turbine engines. The supply/demand balance for cobalt is projected to move into deficit territory in 2016.
In April 2015, eCobalt Solutions completed a positive Preliminary Economic Assessment (PEA) on the Idaho Cobalt Project (ICP). In March 2016, eCobalt Solutions received the final metallurgical report on bench test production from ore samples from the ICP. The results demonstrated that the company can successfully produce high purity, battery grade cobalt sulfate from the project.
eCobalt Solutions is currently working to initiate a Definitive Feasibility Study on the ICP as well as to secure offtake agreements with potential end-users. The company is looking to Q1 2017 for the study’s completion.
“eCobalt Solutions is committed to providing a unique opportunity for consumers to acquire an ethically sourced, environmentally sound, transparent supply of battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, produced safely and responsibly in the United States.”
- Wholly-owned near production project with unique primary cobalt deposit in the USA, which has no domestic cobalt supply despite being the worlds’ largest consumer of cobalt.
- Strong market demand for cobalt fueled primarily by the Electric Vehicle rechargeable battery sector.
- Planned vertical integration – Mine to Market with opportunity to produce a range of value added products.
- Significant resource growth potential – Mineralization open along one strike directions and at depth, with several untested targets within property boundary.
- Pure cobalt play not tied to the instability of primary nickel and copper mines from which the majority of current cobalt production originates.
- Environmental permits in place and planned Feasibility Study supported by recent $4.4 million financing.