It operates through two segments: Refinery, and Corporate & Other. Its exploration and evaluation activities are located in the province of Ontario, Canada, and Idaho, United States of America. The Company also announces that Bryan Slusarchuk has resigned as a director of First Cobalt.Įlectra Battery Materials Corporation is a Canada-based company, which is focused on onshoring the electric vehicle (EV) supply chain and processing battery materials from its Refinery in Temiskaming Shores, Ontario. Jason Bontempo is a mining executive with 18 years experience in public company management, corporate advisory, investment banking and public company accounting, qualifying as a chartered accountant with Ernst & Young. He co-founded and serves as Chairman of B2Gold, a top performing growing gold producer which will achieve almost one million ounces of low cost gold production in 2018. Bob Cross is an engineer with 25 years of experience as a financier and company builder in the mining and oil & gas sectors. and has held senior executive and board positions with several natural resource exploration and development companies and is a proven company builder. He is currently Executive Chairman of Lithium X Energy Corp. Paul Matysek is a corporate entrepreneur, professional geochemist and geologist with over 30 years of experience in the mining industry. On completion of the merger, First Cobalt's Board will be reconstituted to include First Cobalt founder Bob Cross, Cobalt One chairman Paul Matysek and Cobalt One Executive Director Jason Bontempo. shareholders have approved the merger with First Cobalt, with 99.995% of votes cast in favour. Fastmarkets assessed the cobalt 99.8% Co min, ex-works China price at 342,000-357,000 yuan per tonne on October 28, 2022.ĭepressed prices in the international cobalt metal market during the same period between October 2022 and February this year also contributed to decreases in Chinese cobalt metal prices at the time.įastmarkets’ daily price assessment for cobalt, standard grade, in-whs Rotterdam was $15.50-17.00 per lb on Wednesday, narrowing upward by $0.15 per lb from $15.35-17.40 per lb on Tuesday.First Cobalt Corp. The general cobalt metal price trend in China was weak between late October and mid-February, pressured down by limited buying appetite among downstream consumers who had been purchasing spot units only on a hand-to-mouth basis. Then cobalt metal prices in China may start to soften,” the first cobalt trader added. So it will end once the cobalt metal producers can free up some of their output for the spot market. “The current upward moment is not supported by strong consumer demand. Given the sluggish demand, which market participants expect to persist in the near future, the current upward momentum in China’s cobalt metal prices may vanish when spot market availability improves, market participants said. “The downstream magnetic sector has almost no demand for cobalt metal,” the first cobalt trader said.Ī third cobalt trader said: “Downstream consumers are only topping up their inventories of cobalt metal at very small volumes each time, and it has been like this since last year.” However, despite tighter spot supply, market participants continued to report sluggish demand with no signs of any improvement. Bonded warehouses in China have very limited stock,” a second cobalt trader said. ![]() “It’s not only spot market inventory that is tight. ![]() ![]() The plant’s cobalt metal output was 250 tonnes per month prior to the fire, according to a company source. GEM was forced to suspend cobalt metal production at its Jiangsu plant on January 5 and resumed production 31 days later, Fastmarkets reported previously. “Certain brands are extremely tight in the spot market, since they are tied up with long-term deliveries, which supports spot cobalt metal prices,” a cobalt trader said.įastmarkets has also learned that some cobalt producers have been purchasing cobalt metal of other brands in both Chinese and international markets to fulfil their long-term agreements, or postponing their scheduled deliveries, since they could not deliver those orders with their own output in time.Įlsewhere, lost production from Chinese cobalt producer GEM between January 5 and February 25 following a fire at its Jiangsu plant has further intensified tightness in China’s spot cobalt metal market. Market participants noted that many cobalt metal producers had already locked in much of their supply under long-term agreements with both domestic Chinese and international customers, leaving them with limited availability for the spot market.
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