Canada’s largest diversified miner has been looking for a development partner for the $4.8-billion extension of Quebrada Blanca copper mine in northern Chile.
Disruptions to cobalt supplies in the DRC are not expected to eradicate a glut of the material used to make batteries for electric vehicles, thwarting hopes that prices can be boosted from their lowest since March last year.
CEO Matt Mason will be replaced by chief operating officer Patrick Godin, who joined Stornoway in 2010 and was appointed to the board of directors in 2011.
Exploration drilling at the Kamoa North prospect area, which forms part of the company's Kamoa-Kakula mining licence, has defined two new, continuous corridors of shallow and high-grade copper mineralization.