Bolt Metals Corp. (CSE: BOLT) (OTCQB: PCRCF) (XFRA: NXFE), an Indonesia-based company focused on developing battery mineral projects in the Asia‐Pacific region, today noted reporting by the Financial Times that Huayou Cobalt (“Huayou”), “China’s top cobalt producer halts buying from Congo miners.” The Democratic Republic of Congo (the “DRC”) has been widely reported to represent 60% of global cobalt production. Huayou, which supplies cobalt to battery makers LG Chem of South Korea and CATL of China, as well as Chinese carmaker BYD and Germany’s Volkswagen, is the latest conglomerate to exit the DRC, joining Apple, Google and several auto manufacturers. According to the update, Huayou is looking to raise $870m in an effort to expand nickel and cobalt sulphate production in Indonesia, with its Morowali Industrial Park plant expected to produce at least 60,000 tonnes of annual nickel content within two years. “Cobalt remains an important ingredient in battery chemistries, and international markets are increasingly demanding conflict-free sources for the metal,” Bolt Metals CEO Ranjeet Sundher stated in the news release. “Bolt Metals believes Indonesia represents a unique opportunity to exploit cobalt as a byproduct of the country’s abundant nickel resources. Our flagship Cyclops nickel-cobalt asset has demonstrated strong results from 2018-19 drilling and benchmark analysis, providing an essential foundation for the eventual development of a pilot plant.”
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About Bolt Metals Corp.
BOLT Metals is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. For more information, visit the company’s website at www.BoltMetals.com.
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