PERTH (miningweekly.com) – Multi-listed First Cobalt has applied for removal from the official list of the Australian bourse, with the company’s CHESS depository interests (CDI’s) likely to cease trading by June 13, with delisting expected by June 20.
First Cobalt told shareholders on Thursday that the company’s average daily trading volumes on the ASX were low compared to the TSX-V, and given the register of CDI’s is tightly held, First Cobalt has experienced difficulty in raising additional capital from either new or existing shareholders on the Australian register.
Furthermore, since the company is based in North America and did not have any interest in Australian cobalt projects, or material Australian business operations, the de-listing made sense.
The Canada-based pure-play cobalt company is the owner of the only permitted primary cobalt refinery in North America, and is exploring a restart of the First Cobalt refinery in Ontario, which could produce 2 000 t/y of cobalt sulfate ore metallic cobalt.