Canada Cobalt Works has signed a deal for the custom treatment of material from U.S. mines using its proprietary Re-2OX process.
A non-binding memorandum of understanding has been signed between Canada Cobalt and Global Energy Metals of Vancouver. Global Energy has two cobalt-copper projects in Nevada. Material from the Lovelock mine and Treasure Box property will be treated to confirm recoveries and create a battery grade test product.
Canada Cobalt will supervise the treatment program in order to protect its intellectual property, and will be paid an up-front $200,000 fee, the company's first revenue stream. Global Energy will pay for sampling and lab work up to a maximum of $100,000.
Canada Cobalt will also subscribe to 2.0 million units of Global Energy at $0.075 each, for a total investment of $150,000.
(This article first appeared in the Canadian Mining Journal)