First Cobalt hits over 1-1/2-year high on funding for Canada refinery

Electra Battery Materials

16/12/2020 18:36

** Shares of cobalt miner  FCC.V  surge as much as 46% to
C$0.205, their highest since April 2019
    ** Co secures C$10 mln ($7.84 mln) in government loans and
grants, allowing it to accelerate restart and expansion of North
America's first cobalt refinery  urn:newsml:reuters.com:*:nL1N2IV2EK
    ** FCC says restart of the refinery likely to cost C$77 mln
    ** Cobalt is crucial for the lithium-ion batteries used in
the fast-growing electric vehicle sector 
    ** Stock has gained over 32% YTD 

($1 = 1.2749 Canadian dollars)
    

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))