Musical chairs in cobalt refineries
It seems to be musical chairs all round in the world of cobalt refineries this month. No sooner had news arrived that Freeport-McMoran (NYSE:FCX) and Lundin Mining (TSX:LUN) had agreed to sell their Kokkola refinery in Finland to Umicore (EBR:UMI) for c.US$150m, it was reported that Glencore (LSE:GLEN) and First Cobalt (TSXV:FCC) have signed an MOU whereby GLEN can “support” FCC in the restart of its refinery in Ontario, Canada. Support in this context apparently refers to supply of material (enough to support annual production of 2-2.5Ktpa of cobalt in sulfate) and possibly financing. The FCX/Lundin-UMI deal seems a bit...