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Formation Metals Inc. (TSX:FCO) believes its Idaho cobalt project is “well positioned, both geographically and ethically, to capitalise on growing demand for battery grade cobalt chemicals and high purity cobalt meta.”
The document also touches on cobalt supply and demand, as well as the metal’s outlook.
As quoted in the report:
Although Formation expects to be in a position to supply cobalt to customers in a number of markets, including solar energy, the company believes that it will have a particular allure for Tesla as a potential supply partner. ‘We believe there is an opportunity to develop a very unique synergy, beneficial to both Tesla and Formation, in the procurement of cobalt from our ICP,’ Honsinger told IM. ‘Our cobalt will be ethically sourced from an environmentally sound and safe workplace and will contribute to the local economy. It represents near term, secure supply from a politically stable country and complies with Tesla’s stated intention to source as many of its raw materials as possible from domestic or nearby sources,’ he added.
Click here to read the part of the report that discusses Formation Metals.
Click here to view Formation Metals’ press release on the report.
Click here to view the Formation Metals profile.