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Bullboard - Stock Discussion Forum Carabella Res Ltd Nsw CBLLF

"Cobalt 27 Capital Corp is an electric metal investment vehicle offering exposure to metals integral to key technologies of the electric vehicle and battery energy storage markets."

OTCQX:CBLLF - Post Discussion

Carabella Res Ltd Nsw > Welcome o' Ramu !
View:
Post by malloney25 on Oct 24, 2019 4:26am

Welcome o' Ramu !

This taken from 'Yahoo':

Papua New Guinea said Thursday it had ordered the indefinite closure of a multi-billion dollar Chinese-owned nickel facility that spewed potentially toxic red slurry into the sea.

The Mineral Resources Authority said it had ordered owners of the Ramu Nickel refinery to "shut down its processing operations" as of Monday October 21.

The facility is run by the state-owned China Metallurgical Group, which mines and processes nickel, a metal widely used in batteries, including for electric cars.

In late August, the plant's mechanism for dealing with slurry failed, sending hazardous liquid into the Bismarck Sea and turning parts the surrounding coastline ochre red.

Earlier this year the China Metallurgical Group asked Papua New Guinea officials visiting Beijing to approve plans to expand production capacity.

The Mineral Resources Authority now said the company had been "ordered to cease operations because it has failed to adequately" fix a string of defects spotted during the investigation.

They included poor spillage containment systems, inadequate maintenance and "incompetency of operators".

Ties between Beijing and the resource-rich Melanesian nation have been growing apace, but there have been repeated tensions over standards at some minerals and infrastructure projects.

 
Comment by malloney25 on Oct 24, 2019 6:33am
So the New Guinea Mineral Resources Authority ordered Ramu Nickel to shut down "as of Monday October 21". Which of course could imply severe consequences for Cobalt 27 and future Cobalt 28 owners. I trust that KBLT have very good reason for failing to inform the market accordingly and straight away.
Comment by lumpy13 on Oct 24, 2019 5:55pm
KBLT announced it as part of a larger news release a few hours ago, but downplayed it as a temporary suspension, without any material impact. https://stockhouse.com/news/press-releases/2019/10/24/cobalt-27-provides-updates-on-the-closing-of-the-plan-of-arrangement-with-pala I agree, it's material and should result in the delay in the acquisition, but know Pala, they'll just ram it ...more  
Comment by SilverKnight on Oct 24, 2019 6:19pm
Con Metals. I like it as it more accurately represents what they do. Another article on this: https://www.mining.com/web/papua-new-guinea-orders-china-owned-ramu-nickel-plant-to-shut/
Comment by malloney25 on Oct 24, 2019 7:59pm
I agree, KBLT trying to downplay the shutdown of 'Conic Metals' only potential source for cash flow. In fact the Ramu closing could fastly become a major threat. Conic could be on the hook for a serious cash call only to re-open the plant, let alone the planned expansion project. Best of luck with their mighty 5 Mio net cash on hand.  Meanwhile Pala seem in great haste to close down ...more  
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