JAKARTA (TheInsiderStories) – Canadian cobalt producer, Pacific Rim Cobalt Corp., (CSE: BOLT) (FRANKFURT: NXFE) has planned to develop nickel-cobalt business in north coast of Papua. To finance the project, the miner has announced to publish a non-brokered private placement for aggregate gross proceeds of $742,164.48.
In January 2020, Indonesia has approved the environmental impact studies for factories to produce battery-grade nickel chemicals in Morowali, Central Sulawesi. The approval will allow investors, such as China’ stainless steel giant Tsingshan Group, to continue the construction of their high-pressure acid leaching plants in Morowali, Central Sulawesi.
“Indonesia continues to make significant strategic decisions and this latest announcement represents an important step in Pacific Rim Cobalt’ efforts to benefit from Indonesia’ rapid development as a leading market for all stages of the EV supply chain,” said Ranjeet Sundher, the company’ president and CEO said, in an official statement released on Jan. 13.
During 2019, he continued, the company carried out an extensive exploration and development program on its flagship, 5,000 hectare Cyclops project in Papua and achieved successful nickel results with its drilling and bench-scale scoping tests for processing of materials.
Based on the government data, there are at least five of these plants being built in Indonesia currently as the government seeks to use its nickel resources to create an integrated industry, including production of nickel chemicals used in car batteries and the building of electronic vehicles. Spending on new nickel processing plants in Indonesia is expected to total US$20 billion by 2024.
The country, which is the world’ top nickel ore exporter, has stopped export of unprocessed of the minerals to support this plan. Two of the plants, representing a combined investment of $2.3 billion, are expected to be built in Morowali by China’ Zhejiang Huayou (603799.SS) and partners and by Chinese battery firm GEM Co Ltd (002340.SZ), Tsingshan Holding Group and partners.
The Cyclops cobalt – nickel Project, recently renamed for its close proximity to the Cyclops mountain range, is situated on the north coast of Papua Province, a country ranked among the largest hosts of nickel laterite occurrences in the world. The project’ tidewater location offers strategic access to China, the largest battery metals markets in the world.
“With the commencement of our inaugural drill program guided by historical data, we are optimistic about the unique possibility of developing this project into an asset that will add shareholder value and position the company to play a future role in the battery metals supply chain,” remarked by Sundher.
In 2017, Rhys Resources Ltd. (TSX.V: RYS.H) has signed a binding letter agreement for the acquisition of Cobalt Power Asia, which will provide the company with 100 percent ownership, advanced stage TNM Cobalt Project, located in Depapre District, Jayapura Regency, Papua. The TNM cobalt property hosts a historical estimate of 37.973 million tons grading 1.25 percent nickel and 0.11 percent cobalt at a 0.8 percent nickel cut-off grade.
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade cobalt and nickel deposits, key raw material inputs for the growing lithium‐ion battery industry.
Written by Staff Editor, Email: firstname.lastname@example.org