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Refinery joint venture in the works but legal questions remain on plant ownership
Two cobalt exploration companies have entered into an agreement to establish a joint venture involving a controversial refinery in northeastern Ontario. First Cobalt announced June 1 that it has entered into an option agreement to form a 50/50 joint venture partnership with Cobalt One, (formerly Equator Resources) the pending new owner of the Yukon refinery in North Cobalt.
In a news release, First Cobalt said their “strategic partnership” with Cobalt One will give them access to the refinery and 40 acres of permitted land to process silver-cobalt arsenide concentrates from its historic Keeley-Frontier mine project.
“The Yukon refinery and the 40 acres of permitted property can help us reduce the permitting timeline in a meaningful fashion for a future development project,” said First Cobalt president-CEO Trent Mell.
“We are very pleased to be partnering with Cobalt One, which was one of the first companies to identify the opportunity to revive this historic camp and is now one of the largest cobalt companies in the district.”
The refinery is located 25 kilometres from First Cobalt’s property at Silver Centre, south of the historic mining town of Cobalt.
Cobalt One/Equator announced in late April that it had signed a binding agreement to acquire the refinery from a numbered company, 36569 Yukon, and its parent company, Yukon Refinery AG.
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