International Cobalt Corp (CNSX: CO) spent two days in Washington talking cobalt and the commodity's domestic production and manufacturing needs.
Despite cobalt’s steadily rising demand, there is a severe shortage of domestic production in the US.
Currently, there is not a single active domestic cobalt source, leaving the US 72% net import-reliant for its cobalt needs, highlighted the company.
The company has identified several potential mining projects in the historic Idaho Cobalt belt.
Those recently discovered in the company’s Blackbird Creek and “Champion” projects, confirmed the presence of extensive cobalt mineralization and they are near to the former Blackbird Creek Cobalt Mine, the only primary cobalt mine in the United States.
Once developed, these sites could make International Cobalt one of the largest holders of cobalt prospects in North America, the company highlighted.
"We are excited to be growing our relationship with our U.S. Government allies on such a key strategic issue. We hope that these productive visits continue and that the U.S. is able to take positive steps towards domestic cobalt autonomy," said Tim Johnson, the company’s president and chief executive said of the trip.
Also today, the firm also said in the statement, that its agreement with Iron Forge Capital Corp has been terminated.
Shares are unchanged in Toronto at C$0.075.