Sumitomo currently are part of a consortium with an MOU with...

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26/09/23

08:49

Post #: 70022601
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Originally posted by fup: ↑

all blah blah there won't be a DFS or EIS while the cobalt price is like this. all schedules for the mine are falling behind and the company is pivoting to becoming a refiner. this is because at the current and near term cobalt pricing the mine doesn't make any financial sense. management still want to make money and live the life so they gotta keep the ball rolling somehow, whether or not switching to refining works is yet to be seen. i think it all boils down to whether they can get this japanese partner across the line. if they can't the company has two dead fish in the water.

we can't even be close to offtakes as i haven't seen any product qualification completion being announced? they are yet to lock down a cobalt feedstock source for the refinery so i don't know who is going to agree to offtake from the refinery in the near term. maybe the japanese partner will sign up for offtakes when they make the partnership announcement, subject to a number of conditions about the product qualification process.

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Sumitomo currently are part of a consortium with an MOU with Ardea resources nickel/cobalt.
Could be a supplier for the refinery an announcement is due anytime if that JV is going forward, perhaps it’s all related.

COB Price at posting: 27.0¢ Sentiment: None Disclosure: Held
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