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Cobalt Blue ups Thackaringa ownership to 70%

Cobalt Blue (ASX:COB) has completed the second stage of its farm-in obligations to effectively increase its ownership in the Thackaringa cobalt project at Broken Hill, New South Wales, to 70%.
Cobalt Blue ups Thackaringa ownership to 70% Cobalt Blue ups Thackaringa ownership to 70% Cobalt Blue ups Thackaringa ownership to 70% Cobalt Blue ups Thackaringa ownership to 70% Cobalt Blue ups Thackaringa ownership to 70%

On track: Cobalt Blue is on its way to increasing its ownership in Thackaringa to 100%

Staff reporter

The company previously acquired an initial 51% interest in the project and is undertaking exploration and development programmes to acquire 100% of Thackaringa.

It said its Thackaringa joint venture partner Broken Hill Prospecting had completed a rigorous review of the stage-two deliverables and upped Cobalt Blue's ownership of the project's four tenements.

Cobalt Blue had to spend a minimum A$2.5 million (US$1.8 million) and deliver a pre-feasibility study to achieve the second stage goals. It completed the PFS in July, which justified the commercial development of the project and allowed project financing negotiations to start.

The company said in its June quarter results that it had begun bankable feasibility studies and project optimisation studies.

It aims to fast-track development of the project to achieve commercial cobalt production.