Who is developing the Idaho Cobalt Project?
Formation Capital Corporation, U.S., a Nevada company with offices in Salmon, Idaho, is developing the Idaho Cobalt Project (ICP). The U.S. company is a wholly owned subsidiary of Formation Metals Inc.(FCO-TSX), a well-established, main board Toronto Stock Exchange and U.S. OTC QX listed, mineral exploration and development company. The Company is led by a highly qualified technical team of geologists, permitting and environmental specialists, mining engineers and administrative personnel. Formation Metals Inc., through its wholly owned subsidiaries, has additional mineral project interests in base, precious metal and uranium projects in Canada, the United States and Mexico.
The Company's primary asset is the Idaho Cobalt Project. The ICP, located near Salmon, Idaho, is comprised of a high-grade primary cobalt deposit unique to North America and the current proposed Cobalt Production Facility for refining ICP mine concentrate into high purity cobalt metal, with secondary copper and gold credits.
The ICP has received a Bankable Feasibility Study, a National Instrument 43-101 compliant Technical Report, as well as Final Environmental Impact Statement, Positive Records of Decision from both the U.S. Department of Agriculture National Forest Service and the U.S. Environmental Protection Agency. All essential environmental mine permits are in place and Stage II construction was completed in the fall of 2012. The ICP mine site is now fundamentally prepared to commence underground development (contingent on successful conclusion of mine financing).
Did you know...?
- The Idaho Cobalt Project is a proposal to extract cobalt, using the most environmentally benign methods possible, from ore taken underground on property adjacent to the historic Blackbird Mine in Lemhi County.
- Cobalt is one of the world's most versatile metals, used in everything from ball bearings and cutting tools to jet turbine engines, helicopter rotor blades, paints, inks, radial tires and cancer treatments and is an essential element in our nation's move towards "green" energy.
- Cobalt is a key component in the production of hybrid electric and fuel cell vehicles, solar energy panels and is used in the production of cleaner burning oil and diesel fuels.
- Cobalt is a vital component of rechargeable batteries used in cell phones, pagers, hand held PDA's (Personal Digital Assistants) and laptop computers.
- The United States is one of the largest consumers of cobalt which is considered a strategic metal by the U.S. government and yet there is not a single cobalt mine in the nation.
- At full production, the project will produce just over 3% of the entire global production and will meet 15% of the North American demand for cobalt.
- Formation Capital is committed to making the Idaho Cobalt Project the "greenest" mining project possible and is dedicated to the principle of environmentally sound mining and refining practices.
- The owners will fund and bond all reclamation obligations.
- It will strengthen the economy around Salmon and Challis by creating 157 high-paying jobs.
- The proposed Cobalt Production Facility will take the concentrate shipped from the project and extract the cobalt as well as copper and small amounts of gold. It will employ another 39 people in Idaho.
- Annual payroll for the estimated 190 plus jobs will be approximately $9.5 million dollars a year.
- There will be over $8 million dollars paid annually in taxes with a significant portion of that going to Lemhi County helping support vital local services.
- Where possible, the owners of the project intend to hire locally and train local workers.
- The project enjoys strong local and state political support from the Lemhi County commissioners as well as the state's congressional delegation and Governor.
- The Idaho Cobalt Project is a new mine and does not involve the re-opening the old adjacent Blackbird Mine, nor will it interfere with the ongoing Blackbird clean-up.
Want to learn more? Call 208-756-4578 or drop by our office located at 812 Shoup Street, Salmon, Idaho