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Formation Metals Inc. (TSX:FCO) reported that it is moving forward with pursuing several opportunities resulting from the significant increase in the long term demand for cobalt used in rechargeable batteries. So far, the company has conducted internal studies to determine the viability of producing battery grade cobalt chemicals, developed a new mine plan and produced updated economics for its Idaho project.
Samuel has recently completed their scope of work on the initial review and has recommended that the Company proceed with developing a Preliminary Economic Assessment (“PEA”) technical report on producing battery grade cobalt chemicals from the ICP for the battery sector. In addition, the Company has commissioned Hazen Research, Inc. of Denver, Colorado, to conduct feasibility level metallurgical test work to develop definitive flow sheets for the ICP with the intent of moving the project towards feasibility level engineering.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
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