Cobalt Blockchain announces approval of DRC Cobalt and Copper License
Cobalt Blockchain Inc has announced that it has received final approval for its application for a cobalt and copper license in the Democratic Republic of the Congo.
The Federal Ministry of Mines has certified the license application, renewable after two years, based on the Company's submissions and the provincial approval from DRC authorities in Lualaba and Haut-Katanga provinces.
With this new export trading license, COBC is now able to export cobalt and copper from the DRC in addition to tin, tantalum, and tungsten under its existing license. The Company is now fully licensed to establish regional buying depots, process minerals in-country, and ultimately export metal concentrates to international buyers.
"With more than 12% of global cobalt production currently originating from artisanal and small-scale mining (ASM) operations in the DRC, the granting of our export trading license is another important step forward in our goal of delivering certified, ethically-sourced cobalt to the market," notes Lance Hooper, COBC President & COO.
The Company has accelerated its arrangements for its cobalt trading facilities in Lualaba Province, which include a 1,000 square metre depot with storage, assay lab clinic and office capabilities, including perimeter fencing and security equipment.
On completion, COBC will purchase cobalt concentrate from an established mining cooperative as per the cobalt supply agreement announced on April 6, 2018. Under this supply agreement, COBC will be supplied with a minimum of 40,000 tonnes of cobalt concentrate per annum (1% minimum grade, with an expected average grade of 3-4% cobalt).
Mr Hooper continued: "International cobalt offtake buyers outside the DRC require us to have this licensing in order to export cobalt concentrate, and the license grant is the final link in the chain, the signal they have been waiting for that we are now open for business."