The project is the only near-term, environmentally permitted primary cobalt project in the U.S.
The Canadian company eCobalt Solutions Inc. (ECS:TSX; ECSIF:OTCQX; ECO:FSE) reported that construction continues to advance on time and on budget at its Idaho Cobalt Project, located near the town of Salmon, in the heart of the historic Idaho Cobalt Belt. The ICP remains the sole, near-term, environmentally permitted primary cobalt deposit in the United States.
eCobalt noted the following developments:
“Our main priority is finalizing all environmental systems at site in preparation for underground mine development in early 2019,” stated Paul Farquharson, president & CEO of eCobalt. “This includes getting the Water Treatment Plant in place, the liner installed on the Tailings Waste Storage Facility and Water Management Ponds, and electrifying the pump back wells. These activities are part of the use of proceeds from the February, 2018 public offering and are expected to be completed in the fourth quarter of this year. I am pleased to report that we are advancing on time and on budget as our team has been working expeditiously during the summer months.”
The company noted that the evaluation of several project financing options continues, including off-take, traditional financing, bond financings and other financing alternatives to fund the development of the Idaho Cobalt Project. “Discussions continue to progress with strong interest from multiple parties in numerous jurisdictions with the aim of being finalized once the Optimized Feasibility Study has been completed.”
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