- Cobalt Blue (COB) has been granted Major Project Status by the Australian Government for its Broken Hill Cobalt project in New South Wales
- Major Project Status will last for three years and will support the project through its development phase
- Minerals from the project are important components of the Australian Critical Minerals Strategy and Australia’s Long Term Emissions Reduction Plan
- The company says production from the project will boost Australia to become the number two global producer of cobalt
- Shares are trading 20.7 per cent higher at 55.5 cents each
Cobalt Blue (COB) has been granted Major Project Status by the Australian Government for its Broken Hill Cobalt project (BHCP) in New South Wales.
Major Project Status will last for three years and will support the project through its development phase.
With the government support, the project will have a single entry point for Australian Government approvals, project support and coordination with State approvals.
The company said it is formal recognition of the national economic implications of the project through its contribution to growth, productivity, government revenue, industry and regional development.
Minerals from the project are important components of the Australian Critical Minerals Strategy and Australia’s Long Term Emissions Reduction Plan.
It also aligns with the country’s national security interests and strategic interests.
The BHCP integrated mine/refinery operation aims to produce high quality, battery
ready cobalt sulphate using COB’s proprietary technological processing.
The company said the BHCP is the only large scale greenfield primary cobalt project globally outside of Africa. BHCP production will significantly elevate Australia to become the number two global producer of cobalt, a key element in new generation batteries, particularly lithium-ion.
Chief Executive Officer Joe Kaderavek was thrilled with news.
“Granting Major Project Status to the Broken Hill Cobalt Project will greatly assist
COB to raise development capital by recognising the strategic importance given to
this Project by the Australian Government,” he said.
“This milestone is critically important for overseas partners and well timed in our development journey. COB can now boast both ‘Made in Australia’ and ‘Backed by Australia’.”
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the project would help further cement Australia’s reputation as a critical minerals powerhouse.
“The Broken Hill Cobalt project’s pilot plant has already produced samples for shipping to battery precursor manufacturers across the country and the world – and now we’re helping to supercharge its potential,” Mr Taylor said.
Cobalt Blue shares were trading 20.7 per cent higher at 55.5 cents each at 10:54 am AEDT.