|IDAHO COBALT PROJECT|
IDAHO COBALT PROJECT UPDATE 2-13-17 LMS
Construction for the much anticipated Idaho Cobalt Project (ICP) ceased in 2012. According to ICP Consultant Bill Scales it is about to resume.
He said the cause of the cessation had to do with world-wide economic conditions and the project financier’s overseas investments. Scales said the company, eCobalt Solutions Inc. /Formation Metals, has weathered the storm and after four or five years of very little interest in the mining industry the market is now growing rapidly.
One of the factors in the upswing of interest is a worldwide Cobalt deficit coupled with a looming demand. The focus of the demand is for a high enough grade of Cobalt salts to produce rechargeable batteries.
Scales said the feasibility study under which ICP was operating in 2012 is no longer useable and has been updated to the production of Cobalt sulfate heptahydrate crystals suitable for use in the rechargeable battery sector. He said the current feasibility study should be completed towards the end of March and the search for funding will begin. According to Scales there are good indications that funds will be raised quickly and he said there is a lot of excitements about Cobalt. He said ICP is very hopeful that construction will be initiated towards the end of the year.
Local Formation Capital Administrative Assistant Shana Hilton gave the commissioners an informational brochure which stated, “The ICP is North America’s only near term, primary cobalt deposit with all necessary approvals required for construction and a fully approved Plan of Operations.” It also says recently released studies demonstrate the local ICP ore can successfully produce high purity, battery grade cobalt sulfate.
The County Commissioners were pleased to hear of the new plans. They were in unanimous support of the project and the economic boost it will give the community.
Scales said there is a present worry about the Environmental Protection Agency’s (EPA) 108 initiative which demands bonding for the mining industry. He said it is a double whammy since the Forest Service and the Bureau of Land Management already require financial responsibility documentation.
Scales said if EPA’s CERCLA 108(b) is implemented the onerous rule will make it impossible for small mining companies to survive. He explained the EPA is being petitioned to extend the 60 day public comment period and he asked the county’s support for the extension. The commissioners said they would be happy to help.
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