Global Cobalt Not Worried About Russian Sanctions

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Global Cobalt CEO Erin Chutter says she does not believe the company will lose title to its flagship cobalt project following the Russian annexation of Crimea, sanctions imposed on Russia by Canada and the US and recent heightened tensions over clashes in other parts of Ukraine.

Speaking to Business News Network, Chutter was asked if she is worried about possible seizure of Global Cobalt’s right to earn a 100% stake at the Karakul cobalt project in the Republic of Altai, southern Siberia.“No,” she said. “At the project we are earning into, the title is held by a Russian entity. We are about 18 months away from fully vesting title,’’ she said. “I would expect that by that point in time, the issue will be resolved in some shape or form.’’

Tensions in the region heightened this week as an armed clash between Russian separatists and Ukrainian military left three dead. US Vice President Joe Biden traveled to the region to both negotiate with and warn Russia not to escalate tensions and US troops were sent to Poland.

Closing at CNY 415,000 ($66,615) per metric ton on the weekly Renewables MMI®, neodymium finished as the week’s biggest mover with a 2.4 percent decline. Prices for Chinese cobalt cathodes remained constant, closing the week at CNY 204,000 ($32,746) per metric ton. Closing at CNY 14,250 ($2,287) per metric ton, silicon remained unchanged for the week. Chinese steel plate traded sideways last week, hovering around CNY 3,880 ($622.81) per metric ton.

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Following a steady week, prices for Japanese steel plate closed flat at JPY 76,000 ($740.19) per metric ton. Korean steel plate remained essentially flat from the previous week at KRW 900,000 ($866.38) per metric ton. At CNY 3,880 ($622.81) per metric ton, the week finished with no movement for Chinese steel plate. US steel plate saw a 0.6 percent decline over the past week to $821.00 per short ton.

For the fifth consecutive day, US grain-oriented electrical steel (GOES) held flat at $2,964 per short ton.

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