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Cobalt Blue’s Broken Hill Project Achieves ‘Major Project Status’, Stocks Rise Upon Announcement

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The federal government has approved “major project status” for a $560 million mining project near Broken Hill.

The Cobalt Blue project is expected to produce nearly 17,000 tonnes of high-grade cobalt sulfate per year, an essential mineral used in the manufacture of lithium-ion batteries that help power devices such as smartphones, electric vehicles and smartphones. solar panels.

Parkes MP Mark Coulton traveled to Broken Hill on Wednesday to officially announce the “major project status” for plans for Cobalt Blue, which is the federal government’s official recognition of the national significance of a project.

He said it was a very exciting project.

“Not only in the production of batteries for electric vehicles but also in the production of alloys that we are going to rely on with this technological revolution that is taking place at the moment.

“The interesting part of the world’s drive to reduce emissions and Australia’s commitment to net zero emissions is that it actually opens up opportunities for regional Australia and it opens up opportunities here at Broken Hill with this project.”

Parkes MP Mark Coulton with Adam Randall of Cobalt Blue.
Parkes MP Mark Coulton with Adam Randall of Cobalt Blue.(ABC Broken Hill: Bill Ormonde)

Coulton said recognition of “major project status” would help speed up the project’s approval process and send a clear signal to countries and overseas markets that it has the support of the federal government.

Following the announcement, Cobalt Blue Holding’s stock price rose 21.74% on Wednesday morning and then 22.8% at noon.

“Unique, high-tech jobs”

Cobalt Blue general manager Joe Kaderaveks said the status was a milestone.

He said it was recognition of the importance of the project to the Australian economy.

“It is recognition of the importance of the project in the Critical Minerals Strategy and, above all, it is recognition of a project that will bring enormous benefits to the region of New South Wales and the region. ‘South Australia,’ he said.

The company said in a statement to the ASX that the project has “attracted strong support from many stakeholders including the New South Wales Government, Broken Hill City Council and the Broken Hill Foundation. “.

The company also said it was “undertaking exploration and development programs on the Broken Hill Cobalt Project.”

Mr Kaderavek said the project would also create around 400 full-time jobs.

“Over 150 of those 400 will be involved in advanced metalworking and processing jobs. These are jobs that don’t exist in Australia,” he said.

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2/ https://www.abc.net.au/news/2022-03-02/cobalt-blue-s-project-given-national-significance-recognition/100874302

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