Financing worth up to US$4 million has been secured by Ego Resources for startup of its Cobatec cobalt recovery plant near Cobalt, Ont.
Ego has reached an agreement with Amalgamet Canada to finance its cobalt products inventory; the funds are secured against finished goods inventory. Advances will be based on the current market value of the cobalt products. Ego’s feedstock includes ore from the Cobalt mining camp.
Amalgamet Canada, part of the Preussag AG group of companies, is the exclusive marketing and sales agent for Ego’s cobalt production.
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