Cobalt exploration and development company First Cobalt (TSX.V: FCC) (OTCQB: FTSSF) recently acquired US Cobalt Inc. (TSX.V: USCO) (OTCQB: USCFF), further strengthening its position as a leading cobalt company in North America. An article discussing the acquisition reads: “With this transaction, First Cobalt will further cement its position as a potential provider of clean, conflict-free cobalt. The global demand for cobalt has been growing exponentially lately as a result of the rapid development of the electric vehicle industry, which relies heavily on lithium-ion batteries that include cobalt. The same types of batteries are also used in popular electronic devices such as smartphones, laptops and tablets. The world’s leading provider of cobalt is the Democratic Republic of the Congo (DRC), but mining sites in the African nation remain highly controversial because of the use of child labor and other destructive practices. … The US Cobalt acquisition will help First Cobalt increase its output and position itself strategically as a leading non-DRC cobalt company, with mining assets located close to infrastructure and major technology and electric vehicle manufacturing hubs such as California and Michigan.”
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About First Cobalt Corp.
First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. The company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing battery materials. First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America. On March 14, 2018, the company proposed a friendly, all-share acquisition of US Cobalt Inc. for its Iron Creek Project in Idaho, U.S. The transaction remains subject to shareholder and regulatory approvals and other closing conditions. This transaction is intended to further enhance First Cobalt’s position as a leading pure-play North American cobalt company. For more information, visit the company’s website at www.FirstCobalt.com.
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