Published: July 10, 2018 |

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Broken Hill Prospecting Limited acknowledge receipt of the Pre-Feasibility Study from Cobalt Blue Holdings Ltd as Manager of the Thackaringa Joint Venture.

1. The PFS delivers strong results for the world class Thackaringa Cobalt Project, located on BPL’s tenements near Broken Hill, NSW.

2. COB submitted to BPL that it had met its TJV Stage 2 Hurdles. The TJV Management Committee has appointed an independent expert to review the PFS, confirming COB’s submission that Stage 2 Hurdles have been satisfied. BPL will advise in due course the outcomes of this review.

3. The PFS places a significant value on BPL’s royalty on cobalt production at Thackaringa. BPL is reviewing the underlying royalty calculations and will advise the outcomes of that review in due course.

4. The PFS confirms the Thackaringa Cobalt Project is of global significance as a sustainable, low-cost source of high purity cobalt sulphate for the battery revolution and recommends advancement to bankable feasibility studies.

Mr. Trangie Johnston Managing Director and CEO of BPL said that “Cobalt Blue’s PFS demonstrates a robust project with excellent commercial metrics and potential for improvements as the project moves through bankable feasibility studies. The projected commercial return to BPL from its royalty under the Thackaringa Joint Venture can now be assessed with some accuracy. This is an excellent outcome for BPL shareholders.”

Mr. Johnston said that “BPL is conducting its technical review of the PFS and assessing COB’s claims to have met its AUD 2.5 million expenditure obligations under the TJV Stage 2 Hurdles.

Source: Steel Guru

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