Cobalt Blue Holdings Limited’s (ASX:COB) chief executive officer Joe Kaderavek has demonstrated his support for the company’s integrated cobalt supply strategy through on-market share purchases.
On July 22, the CEO acquired 45,000 shares in on-market transactions in an indirect interest at an average price of 11 cents per share.
This has taken his holding in this interest to almost 2.466 million shares with another 1,666,667 shares held in two other interests.
Since June 29 shares have traded in the range of 9 cents to 12 cents and are today trading at 11 cents.
Cobalt Blue has recently delivered project enhancements for the Broken Hill Cobalt Project (BHCP) in far west NSW, from which it is targeting the ethical production of high-grade, battery-ready cobalt sulphate.
A Project Update 2020 Study demonstrates “a capital-efficient, low-cost, long-life mine/refinery making a premium battery-ready product in a safe and stable jurisdiction”.
It also reveals that COB is the largest undeveloped cobalt producer in the world outside Africa.
BHCP’s ore reserve has increased 55% to 71.8 million tonnes at 710ppm cobalt in the probable category with contained cobalt up by 34% to 51,000 tonnes.
The update follows news that tests on BHCP ore achieved a series of product benchmarks for cobalt sulphate, elemental sulphur and mixed hydroxide precipitate, which will be used for offtake marketing purposes with commercial customers.
This test program produced 20.8% cobalt sulphate suitable for the lithium-ion battery market with the added benefit to BHCP economics of 99% grade sulphur.