NEW YORK, January 24, 2018 /PRNewswire/ --
According to S&P Global Platts, BMO Capital Markets indicates that Cobalt prices are likely to rise significantly in the
next two years as the industry struggles to meet rising demand from batteries used in electric vehicles. The report projects that
the annual average cobalt price peaking at $40.50/lb ($89,290 mt) in
2019. The cobalt market has to deal with a looming supply problem. BMO estimated that global cobalt mine supply was down about
2.7% in 2017, with "weakness at Glencore operations [Katanga] and disputes at GTL's Big Hill primary cobalt tailings operations."
Yet, the investment bank explained that the cobalt rally is expected to continue with growth in smartphone sales, as Smartphone
batteries are still the main end use market for cobalt. First Cobalt Corp. (OTC: FTSSF), FMC Corporation (NYSE: FMC), Lithium
Americas Corp. (OTC: LACDF), Panasonic Corporation (OTC: PCRFY), Lundin Mining Corp. (OTC: LUNMF)
BMO also indicated China's continuously growing market for rechargeable batteries and its
importance for the lithium and cobalt markets. China has revised their "E-bus subsidy policy" in
recent years. The policy now prioritizes higher battery quality technologies, essentially penalizing LFP (lithium iron phosphate)
and benefiting NMC (nickel manganese cobalt) battery technology. According to BMO, "Chinese battery manufacturers have scrambled
to add cobalt-containing NMC capacity and also raw materials to fill these given expectations that equivalent quality-driven
subsidies will be put in place for car batteries."
First Cobalt Corp. (OTCQB: FTSSF) is also listed on the TSX Venture Exchange under the ticker symbol 'FCC'. Just
earlier today the company announced breaking news that, a research program to identify regional controls for cobalt-silver
mineralization in the Cobalt Camp, Ontario. This is the latest of a series of initiatives to
bring research and innovation into the 110-year old mining camp and will be conducted in partnership with the Mineral Exploration
Research Centre at Laurentian University. Highlights:
- Consolidation of the Cobalt Camp by First Cobalt allows for a comprehensive study of major structural features for the
first time in the 110-year history of the Cobalt Camp
- Will improve cobalt mineralization targeting, particularly in under-explored areas
- Partnership with one of the largest mineral exploration research-teaching clusters in the world, the Mineral Exploration
Research Centre (MERC) at Laurentian University in Sudbury
Ontario
- Regional field mapping program by MERC in the spring will augment data collected by the Company
- Regional 3D geological modeling continues, including integration of field mapping and geochemical studies
Trent Mell, President & Chief Executive Officer, commented: "Structural controls on
cobalt-silver mineralization in the Camp are poorly understood and initiatives like the one announced today allow us to improve
our geological models and create shareholder value. Our commitment to research and innovation is underpinned by our conviction
that this historic mining district can be revived more quickly by embracing innovation as a core element to our exploration
strategy."
The Company is sponsoring a dedicated research program in partnership with the Mineral Exploration Research Centre at
Laurentian University to determine regional controls of cobalt and silver mineralization in the
Cobalt Camp. This is believed to be the first detailed study of major structural features in the 110-year history of the Cobalt
Camp. Results of this program will be used to guide targeting for cobalt mineralization in under-explored areas. First Cobalt is
the largest land holder in the Cobalt Camp, having consolidated 45% of the historic camp in 2017 including over 50 past-producing
mines. Throughout the Camp's history there were approximately 100 mining operations, most of which were small underground silver
mines. In 2017, First Cobalt demonstrated that cobalt occurs as different styles of mineralization, largely due to different
geological settings. A key objective in 2018 is to test different mineralized areas throughout the Cobalt Camp to identify those
with the best cobalt potential. The drill program that recently commenced at the Bellellen mine is in a different geologic
setting from the Keeley and Frontier mines that were drilled during the fall of 2017.
Mineralization is considered to be characteristic of the Five Element Vein style of ore deposit model with analogues in
Norway, Czech Republic and Morocco that are ascribed to hydromagmatic type geological processes. The genesis of these deposits is
poorly understood, but in the Cobalt Camp the structural contrast between the rock types is a major control on regional and
local-scale structures that are a principal factor to the distribution of the veining. 2017 field mapping and drilling recognized
the influence of folds and associated fracturing in the host rocks where cobalt-silver veining occurs at both the local and
regional scale. Additional field mapping by MERC and First Cobalt geoscientists will be completed this summer and representative
samples will also be collected for geochemical and geochronological studies.
Results of these studies will be integrated with the results of geophysical surveys conducted during the Metal Earth research
program led by MERC in the fall of 2017. Over 20km of seismic surveys were conducted in the Cobalt Camp in 2017 as part of the
Metal Earth initiative and data processing is now underway (see October 19, 2017 press release).
Magnetotelluric and gravity surveys are planned for 2018 to augment the geophysical datasets. The seismic survey data will
provide views of the Earth's crust to a depth of 30km to reveal the predominant orientation of the host rocks and the major
structures that control camp-scale mineralization. Structures that can be traceable to surface will be targeted for further
exploration. This program will result in a 3D geological model for the entire Camp that will continue to be updated with future
exploration and mining.
Panasonic Corporation (OTC: PCRFY) has positioned automotive lithium-ion batteries as one of its key businesses, and
its automotive batteries are used by many automakers worldwide. On December 13, 2017, the company
and Toyota Motor Corporation announced an agreement to begin studying the feasibility of a joint automotive prismatic battery
business. This agreement between the two companies aims to help find solutions to pressing societal issues such as global
warming, air pollution, the depletion of natural resources and energy security. Furthermore, this agreement is intended to
address growing demand and expectations for electrified vehicles. In order to realize these objectives, Toyota and Panasonic
target further advancements in automotive batteries, which are crucial technologies in electrified vehicles.
FMC Corporation (NYSE: FMC) has served the global agricultural, industrial and consumer markets with innovative solutions,
applications and quality products. FMC employs more than 7,000 people throughout the world and operates its businesses in
two segments: FMC Agricultural Solutions and FMC Lithium. On January 4, 2018, the company
announced that it has revised its operating agreements in Argentina, allowing it to expand
production and completing an important step toward the intended separation of its lithium business in 2018. The revised operating
agreements update FMC royalties and corporate social responsibility (CSR) programs in Argentina
and eliminate restrictions that may have prevented a change of control of FMC Lithium. The revised royalties and CSR
programs are at levels generally consistent with current commitments. FMC reconfirms that it will at least double its production
in Argentina during the next several years, with total annual output expected to exceed 40,000
metric tons of lithium carbonate equivalents (LCE).
Lundin Mining Corp. (OTC: LUNMF) is a diversified Canadian base metals mining company with operations in Chile, the United States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In
addition, Lundin Mining holds an indirect 24% equity stake in the Freeport Cobalt Oy business, which includes a cobalt refinery
located in Kokkola, Finland. Recently, the company announced production results for the three
and twelve months ended December 31, 2017, and provides an update on operations and capital
projects. Operations safety performance in 2017 remained excellent with a Total Recordable Injury Frequency ("TRIF") rate of
0.60. This is consistent with the strong performance achieved in 2016, and the Company's best ever result. Year-end net cash
balance was approximately $1.1 billion. Year-end cash and cash equivalents stood at approximately
$1.6 billion following the fourth quarter early redemption of $550
million principal amount of 7.50% Senior Secured Notes.
Lithium Americas Corp. (OTCQX: LACDF), together with its joint venture partner, Sociedad Quimica y Minera de Chile
S.A., is developing the Cauchari-Olaroz lithium project, located in Jujuy, Argentina, through
its 50% interest in Minera Exar S.A. On October 23, 2017, the company provided an update on the
Lithium Nevada Project located in Nevada, USA. The Company is developing the 100% owned Lithium
Nevada Project, a clay-based lithium resource in the McDermitt Caldera, through its wholly owned subsidiary, Lithium Nevada Corp.
Building on years of exploration and testing, a Preliminary Feasibility Study (the "PFS") on the Lithium Nevada Project is
expected to be complete by the end of Q2 2018 to demonstrate the economic potential of producing lithium hydroxide from
lithium-bearing claystone.
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