Canada's First Cobalt resumes drilling at Iron Creek

Electra Battery Materials

23/09/2021 15:53

Sept 23 (Reuters) - First Cobalt Corp  FCC.V  said on
Thursday it began drilling at Iron Creek, its cobalt-copper
project in Idaho, seeking to double production as higher demand
for electric vehicles boosted prices for the metals used in the
batteries.
     A global drive towards electrification of road transport to
reduce carbon emissions has pushed up prices for battery metals
such as lithium, nickel, cobalt and copper.
    "Resuming drilling in Idaho supports our strategy of
building a North American battery materials supply chain and is
supported by stronger commodity prices and a constructive
outlook for a domestic EV supply chain," Chief Executive Officer
Trent Mell said.
    The company expects an even larger drill campaign in 2022 to
fast-track its plans for domestic mine supply, assuming drill
results are as expected in 2021.
    The company had recently put in place the required financing
to expand and recommission its battery materials refinery in
Canada in the fourth quarter of 2022, Mell added.

 (Reporting by Sahil Shaw in Bengaluru; Editing by Shailesh
Kuber)
 ((Sahil.Shaw@thomsonreuters.com;))