Cobalt Blue seeks to reassure investors on Thackaringa BFS timing
ASX-listed explorer Cobalt Blue on Wednesday moved to reassure investors about the timeline for the Thackaringa joint venture (JV) project, a day after CEO Joe Kaderavek said in a letter to shareholders that an independent review has concluded that more pre-bankable feasibility study (BFS) testwork is required.
The company’s stock has taken a knock over the past two days, shedding about a third of its value to trade at A$0.30 apiece on Wednesday, down from A$0.45 a share on Monday.
Engineering firm Wood, which was appointed to provide an independent review of the Thackaringa prefeasibility study, has identified technical areas where further work is required before the engineering study component of the BFS could start. The additional pre-BFS work and studies will take about 24 months to complete.
Cobalt Blue noted that it was examining, through internal studies, a number of alternative processing pathways to cash flow through the production of different cobalt end products. One of these internal studies involves a simple cobalt concentrate, a study that can be delivered by mid-2019 to the JV. Depending on which alternative is accepted, the timing of delivery of the BFS may differ from the June 30, 2019 date originally anticipated.
Cobalt Blue stressed, on Wednesday, however, that its desire remained to finalise the BFS in “as short a period as possible”, with the aim of making an investment decision by mid-2020.
The Thackaringa project covers an area of 63 km2 and is located in western New South Wales.
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