BERWYN, PA / ACCESSWIRE / September 12, 2024 / Chilean Cobalt Corp. (OTCQB:COBA) ("C3" or the "Company") is pleased to announce it has entered into a non-binding strategic partnership with Glencore AG, a wholly-owned subsidiary of Glencore plc (together, with its subsidiaries, "Glencore") and US Strategic Metals (together, with its subsidiaries, "USSM") to explore domestic United States ("US") downstream processing of cobalt and copper intermediate products from C3's La Cobaltera project in Chile.
On July 8, 2024, C3 announced a non-binding Letter of Intent ("LOI") with Glencore regarding an offtake agreement for cobalt and copper intermediate products, as well as a strategic partnership, for C3's La Cobaltera project in northern Chile. Today's announcement adds a non-binding processing LOI with USSM that builds upon this, with a three-way strategic partnership (the "Agreement") exploring collaboration on domestic US processing solutions with the objective of establishing an Americas-centric cobalt supply chain, connecting C3's La Cobaltera cobalt-copper project in Chile with USSM's integrated critical minerals processing site in Missouri, USA - which may include development of a dedicated processing line for La Cobaltera concentrate at USSM's site. This is expected to strengthen US critical minerals supply chains while providing a sustainable and traceable source of raw materials for the growing domestic lithium-ion battery manufacturing capacity and high-performance metal alloy markets. C3 and Glencore anticipate that the majority or full spectrum of cobalt and copper intermediate product stream will be shipped into the US and/or US Free Trade Agreement ("FTA") countries.
This Agreement works to satisfy C3 and USSM's own conditions precedent regarding both parties' potential strategic project financing from the Export-Import Bank of the United States ("EXIM Bank").
This Agreement will be subject to conditions precedent and contain standard termination rights, which are typical for an agreement and project of this nature. In any definitive agreement reached, all parties intend to include agreed upon responsible sourcing and sustainability provisions.
This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Chilean Cobalt Corp.
Chilean Cobalt Corp. ("C3") is a US-based and US-listed critical minerals exploration and development company focused on the La Cobaltera cobalt-copper project, located in the past-producing San Juan District in northern Chile, one of the world's few primary cobalt districts known globally. C3 has a deliberate focus on building a dynamic and sustainable business with an emphasis on applying leading environmental stewardship, social engagement, and corporate governance practices to its strategy.
Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results), and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan", and other similar expressions. Examples of forward-looking statements include, among other, statements the Company makes regarding its ability to enter into a definitive agreement with Glencore and/or USSM for strategic partnership(s) as provided for in the LOI(s), ability to establish "Proven" or "Probable" Reserves, as defined by the SEC under Industry Guide 7, through the completion of a Definitive Feasibility Study for the minerals that the Company seeks to produce and the inherent risks of mining exploration, development, and processing operations that may negatively impact the business. Consequently, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
CONTACTS:
Chilean Cobalt Corp.
Duncan T. Blount
Chairman & CEO
Duncan.Blount@chileancobaltcorp.com
SOURCE: Chilean Cobalt Corp.
View the original press release on accesswire.com
