viewCelsius Resources Ltd

Celsius Resources slows feasibility work to allow for cobalt rebound

Initial metallurgy results have indicated further test work is required.

australian cash notes
The company remains well funded to explore other avenues if required

Celsius Resources Ltd (ASX:CLA) has decided to significantly slow work on the evaluation of its 95%-owned Opuwo Cobalt Project in Namibia.

Evaluation work will be slowed until the cobalt price improves markedly from the current level, which is around US$30,000 per tonne.

The company remains in a strong cash position, with $9.6 million in cash reserves as at 31 December, 2018.

Celsius said it plans to evaluate additional, complementary opportunities in the battery minerals space.

READ: Celsius Resources extends cobalt mineralisation at Opuwo in Namibia

Celsius has been completing trade-off and optimisation studies as an initial phase of the pre-feasibility study (PFS) for the Opuwo Project.

The goal was to provide an updated scoping study to the market during the current March quarter.

Work currently in progress includes updated resource modelling and metallurgical test work.

Initial met work results and cobalt price calls for slow down

A positive economic outcome from the scoping study is highly dependent on both a strong cobalt price and successful results from the metallurgical test work.

The initial results from the current metallurgical program have demonstrated that further test work is required to optimise the process for recovery of the value metals including cobalt from the mineralisation.

Quick facts: Celsius Resources Ltd

Price: 0.009 AUD

Market: ASX
Market Cap: $6.81 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Bulls, Bears and Brokers: Alto Capital’s Tony Locantro picks five...

Alto Capital investment manager and stock market commentator Tony Locantro speaks to Proactive about the stock markets reaction to the Dow Jones crash as well as the top five investments to look out for this week.  Locantro also provides his views on the real-estate markets'...

6 hours, 28 minutes ago

2 min read