Formation Metals Inc. (TSX:FCO) announced that it has redeemed the bond debt of US$43.6 million. The debt was made available through the Federal Stimulus Package Recovery Zone Facility Bonds to complete Phase I and Phase II construction of the Company's 100% owned Idaho Cobalt Project. The debt was redeemed using the Company's cash which had been restricted as collateral for the bonds.
Formation Metals announced that as a result of low cobalt prices and market uncertainty, for the moment it will not be continuing with development at its flagship Idaho cobalt project.
Cobalt Investing News sat down with Rick Honsinger, vice president of corporate communications at Formation Metals, to discuss the company's Idaho Cobalt Project.
Oversupply has been depressing cobalt prices this year, and with new projects slated to bring more than 7 percent of current world production online by next year, the situation is expected to worsen. But with the Congo and China controlling most of the world’s cobalt supply, there is room for other producers of this critical mineral.
Formation Metals Inc.(TSX:FCO) announced that it has entered into a cooperative effort with conservationists and local communities and will contribute $150,000 to enhance natural resources in Lemhi County, Idaho. The Company's Conservation Action project hopes to project clean water and fish and wildlife habitats in 2012.
Formation Metals Inc.(TSX:FCO) announced that it has started processing silver and gold concentrates as it received notice of its placing on the Approved Refiners and Brands official list. The Company entered into an agreement earlier this year with the Crescent Mine to process silver concentrates.
Final results from the Formation Metals Inc. (TSX:FCO) 2011 drill program have confirmed additional high grade uranium intersections in diamond drill core from the Centennial Deposit.
Formation Metals Inc. (TSX:FCO) reported progress in construction on its 100% owned Idaho Cobalt Project, comprised of the development of a mine and construction of a concentrator at a primary cobalt deposit in Lemhi County near the town of Salmon, Idaho, and the construction of an electrowinning cobalt production facility in Shoshone County, near Kellogg, Idaho, U.S.A.
Formation Metals Inc.(TSX:FCO) announced their latest financial updates. The Company will repay $34.1 million of $77.7 million in tax exempt recovery bonds.
Merriman Capital Inc. (OTCQX:MERR) announced that it will sponsor Formation Metals Inc. as it begins trading on the OTCQX today. Formation Metals is currently developing its 100 percent owned Idaho Cobalt Project.
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