Cobalt

MINERAL PROCESSING: Simpler flowsheet increases economics for NICO plant

Fortune Minerals of London, ON, says the results of a mini-pilot plant test conducted on ore from its NICO gold-cobalt-bismuth-copper project near Mazenod Lake, NT, point toward a simplified flowsheet and improved economics.

African Metals says startup of processing plant in DRC delays by weather, unrest

The assembly of an African Metals Corp. (TSXV:AFR) processing plant at its Luisha South copper-cobalt project in Congo is now expected to be completed in January following delays caused by rainy weather and political unrest.

Pathe to replace Delaney as Sherritt’s retiring chief

David V. Pathe will take over as Sherritt International Corp.’s chief executive officer from the retiring Ian W. Delaney effective Jan. 1, the company said in a statement.

Samsung considering $2.2 billion investment in Australian nickel/cobalt mine

Powerful Korean conglomerate Samsung Group is said to be considering a $2.2 billion investment in an Australian nickel and cobalt mine, The Australian is reporting.

20 tonnes of cobalt stolen in Antwerp

A container with 20 tonnes of cobalt was stolen from the MSC shipping company site in the Antwerp harbour, Scheldelaan, quay 730 on November 14 said the Belgian police.

Katanga gets $635 million to build world’s largest cobalt mine

Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow.

The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa’s largest producer of copper and the world’s number one cobalt mine.

Formation Metals loses financing but continuing to develop Idaho cobalt project

Stock in Formation Metals (TSE:FCO) plunged 13% today after a European bank decided to terminate its loan agreement with the Vancouver-based company.

The $79.5 million loan from BNP Paribas was to go towards construction of Formation’s Idaho cobalt mine.

Formation said the credit facility was terminated without the closing of the subject financing.

Tenke Fungurume gets green light for $850 million expansion

Freeport-McMoRan Copper & Gold Inc. has approved a US$850 million expansion to the Tenke Fungurume mining operations in the Democratic Republic of Congo. Lundin Mining, a partner at the mine with FCX, made the announcement in a press release on Tuesday night.

The phase two expansion, targeted for completion in 2013, will increase copper production by 50% to about 195,000 tonnes of copper cathode and 15,000 tonnes of cobalt in hydroxide.

Funding will be split 70:30 between the mines two partners, FCX and Lundin Mining. The companies expect that capital costs will be funded by surplus cash from Tenke Fungurume operations.

Platinum brain device is top 10 medical breakthrough for 2012

A new minimally-invasive procedure that can safely and effectively treat brain aneurysms without open surgery by implanting an FDA-approved device consisting of a flexible braided mesh tube made of platinum and nickel-cobalt chromium alloy directly into the artery has been chosen by research facility Cleveland Clinic as one of the top 10 medical innovations for 2012.

The 90-year old multispecialty academic medical center which has pioneered among others coronary artery bypass surgery and performed the US’s first face transplant also included a new Concussion Management System for Athletes, Genetically Modified Mosquitoes to Reduce Disease Threat and Wearable Robotic Devices in the top 10.

Investors applaud Sherritt’s pace building world’s biggest nickel mine, stock jumps 10%

Canada’s number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar.

Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world’s biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island’s history and will make nickel the country’s number one export for the next 27 years.