Cobatec Update:
COBATEC TO PROCESS SECOND SHIPMENT OF CUBAN
COBALT/NICKEL
TORONTO, March 4 /CNW/ - Cobatec Inc. (TSE:CBT), announced today that it
has processed nearly all of the first shipment of the cobalt/nickel feedstock
from Cuba, and will begin processing a second shipment next week.
Cobatec has a long-term supply agreement with Cuba that guarantees a
minimum annual delivery of 1,000 tons of cobalt and 2,000 tons of nickel,
contained in a mixed sulphide feedstock which is sent to the company's
Northern Ontario production plant. The plant separates the cobalt and nickel
from the feedstock using Cobatec's proprietary, state-of-the-art solvent
extraction technology.
''The technology and the Cuban Feedstock have exceeded all of our
expectations in terms of both recovery efficiency and product quality,'' said
Edward W. Wenger, President of Cobatec Inc. ''We are right on target to
produce and sell 1.25 million pounds of high grade cobalt in 1998.''
Cobalt, a versatile metal used in a wide variety of industrial
applications, currently sells for about US$24 per pound.
Cobatec Inc., headquartered in Toronto, Ontario, is poised to become one
of Canada's leading producers of cobalt.
newswire.ca
Later:Rick |
