TORONTO, June 24, 2020 /CNW/ - First Cobalt Corp. (TSXV:
FCC) (OTCQX: FTSSF) ("the Company") is pleased to announce that it
has taken steps to strengthen its Environmental, Social and
Corporate Governance (ESG) practices by joining the Cobalt
Institute as an Associate Member.
The Cobalt Institute is the leading forum for global cobalt
market participants and helps to shape industry best practice
across the supply chain. A key part of the Institute's mandate is
to promote the responsible and sustainable production and use of
cobalt.
In connection with this membership, the Company intends to
qualify the First Cobalt Refinery under the Responsible Minerals
Initiative (RMI). RMI is one of the most utilized and respected
resources for companies from a range of industries addressing
responsible mineral sourcing issues in their supply chains. A
central tenet of the RMI is application of the OECD Due Diligence
Guidance for Responsible Supply Chains of Minerals from
Conflict-Affected and High-Risk Areas.
First Cobalt is in the initial stages of quantifying and
benchmarking the expected carbon footprint of the First Cobalt
Refinery. To assist with this work, the Company has obtained a
grant of $50,000 from the
National Research Council of Canada
Industrial Research Assistant Program (NRC IRAP) to model its
greenhouse gas (GHG) emissions and identify opportunities to reduce
its carbon footprint throughout the refining process.
Trent Mell, First Cobalt
President & CEO, commented:
"Our strategic objective is to offer a premium supply of
ethically-sourced cobalt by creating a closed supply chain. Over
the next several years, Glencore intends to provide the feed for
the First Cobalt Refinery from a single mining operation, with no
other feed sources entering the downstream supply chain. This will
give buyers of our refined cobalt comfort that conflict minerals
are not being introduced into their consumer products.
Becoming a member of the Cobalt Institute demonstrates our
commitment to implementing the most rigorous supply chain sourcing
and ESG standards. The grant from Canada's National
Research Council will allow First Cobalt to accelerate our
efforts to reduce our carbon footprint and play an exemplary role
in the industrial and automotive sectors."
About First Cobalt
First Cobalt owns North
America's only permitted cobalt refinery. Cobalt refining is
a critical component in the manufacturing of batteries for electric
vehicles, consumer electronics and industrial applications. Cobalt
is a critical mineral and forms a foundational piece of the next
generation of the North American auto sector. First Cobalt also
owns an advanced cobalt project in the
United States and controls significant mineral assets in the
Canadian Cobalt Camp.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995,
which relate to the proposed development of the First Cobalt
Refinery, the intended processing of cobalt hydroxide feedstock at
the First Cobalt Refinery and the ability to secure financing and
feedstock materials necessary to commence production at the First
Cobalt Refinery. All statements, other than statements of
historical facts, are forward-looking statements. Generally,
forward-looking statements can be identified by the use of
terminology such as "plans", "expects', "estimates", "intends",
"anticipates", "believes" or variations of such words, or
statements that certain actions, events or results "may", "could",
"would", "might", "occur" or "be achieved". Forward-looking
statements involve risks, uncertainties and other factors that
could cause actual results, performance and opportunities to differ
materially from those implied by such forward-looking statements.
Factors that could cause actual results to differ materially from
these forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
First Cobalt, filed on SEDAR at www.sedar.com. Although First
Cobalt believes that the information and assumptions used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed times frames or at
all. Except where required by applicable law, First Cobalt
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE First Cobalt Corp.