cobalt mine , page-2

well spotted jonty, missed it myself. I suppose they must be looking at raising capex then.....

"Miner to open cobalt mine
Mining company Compass Resources is preparing to open Australia's largest cobalt mine, south of Darwin.

The Sydney-based company plans to start mining cobalt for use in jet engines and prosthetic limbs from a 150-hectare site near Batchelor next year, once it gains environmental approval.

The $40-million Browns Oxide project will also mine copper and a small amount of nickel.

Compass Resources technical director Rod Elvish says it has been a challenge to reassure local residents that this mine is different from the old Rum Jungle project that used to mine uranium nearby.

"It's important that people understand that this not a uranium mine - it's a copper, cobalt and nickel mine - but once that's explained, people are generally quite comfortable about it," Mr Elvish said.

He says the mine will help boost Australia's economy.

"We'll be producing in excess of 5 per cent of the world's annual cobalt production so it's really going to be a world-scale operation from the cobalt perspective," he said.

"From a copper perspective, we'll be producing 10,000 tonnes a year, so it's a significant Australian copper producer." "


Sofly, softley, catchy monkey...(read U)