Cobalt Blockchain Inc. (COBC) and Traxys Europe S.A. signed a letter of intent regarding a prospective 10-year joint venture and plant lease agreement, a $30 million trade finance facility for COBC, and a 10-year offtake agreement covering 100% of the cobalt concentrates produced by COBC at the plant or purchased with the proceeds of the trade facility. The plant consists of a process facility for conventional hydrometallurgical cobalt leaching, is sited near an international airport, is connected to the national electrical grid, and is designed for a throughput of 50,000 mt per year (mt/y). COBC will be responsible for plant operations.
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