Ed: News Out:
TORONTO, Jan. 23 /CNW/ - Cobatec Inc. (TSE:CBT), a producer of cobalt and
nickel-metal based chemical compounds, has announced that its first production
shipment of Cuban nickel/cobalt precipitate has arrived at its solvent
extraction plant in North Cobalt, Ontario, and that processing of this
material has begun.
Cobatec said that it is now poised to take advantage of the buoyant
market and historically high prices for cobalt, which primarily serves high
tech industries and is used in rechargeable batteries, jet engines, radial
tires, and numerous other industrial and consumer applications.
Cobatec's supply agreement with Cuba calls for annual delivery of 1000
tons of cobalt and 2000 tons of nickel contained in sulphide precipitates. The
supply agreement is the first phase of planned co-operation between Cuba and
Cobatec to increase Cuban cobalt production.
-30-
For further information: Edward W. Wenger, President -or- Douglas G. Baird,
Corporate/Investors Relations, Cobatec Inc. Tel: (416) 947-9002, Fax: (416) 947-0509
Later:Rick |
