Proactive Investors - Run By Investors For Investors

Cobalt Blue confirms partnership with LG International with share issue

LG International is the resources investment arm of global giant LG Corp.
LG logo
The company is the only ASX-listed primary cobalt play

Cobalt Blue Holdings Ltd (ASX:COB) has confirmed its partnership with LG International (LGI) after issuing just over 7 million shares.

Last month, Cobalt Blue entered a partnership with LGI aimed at sourcing long-term supplies of battery-ready cobalt from the Thackaringa Cobalt Project in New South Wales.

READ: Cobalt Blue partners with LG to source cobalt for the lithium-ion battery market, shares up

Importantly, the issue of the shares to LGI was part of a placement that raised $7.8 million in new funding.

One of the largest lithium-ion battery makers in the world

LGI is the resources investment arm of global giant LG Corp (KRX:003550) and will act in cooperation with LG Chem, one of the largest lithium-ion battery makers in the world.

LG Chem possesses strong technical leadership in the development of next-generation batteries, especially for fixed storage and electric vehicles (EVs).

Under the first mover partnership, LG will provide capital and technical assistance for Cobalt Blue to make a high-purity battery-grade cobalt sulphate from Thackaringa.

READ: Cobalt Blue a major ASX success story in past 12 months … and it has a long way to run

Thackaringa’s resource now stands at 72 million tonnes at 852 ppm cobalt, 9.3% sulphur and 10% iron for 61,000 tonnes of contained cobalt at a 500 ppm cut-off.

Cobalt Blue is working towards releasing results from its pre-feasibility study (PFS) by the end of the June quarter.

View full COB profile View Profile

Cobalt Blue Holdings Ltd Timeline

Related Articles

November 06 2018
The WUSA project is highly prospective for high and low sulphidation epithermal gold systems
September 20 2018
Kodal Minerals is moving rapidly to work up the Bougouni project in Mali
March 28 2018
In January this year, shares in the materials group began trading on Nasdaq First North Stockholm

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use