American Rare Earths Limited (Broken Hill Prospecting)
American Rare Earths Limited (Broken Hill Prospecting)
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Renowned mining journalist, author and commentator Ross Louthean reports on the end of a feud at Broken Hill, the historic home of many of Australia’s most colourful mining characters and events – the belated resolution of the confrontation between the partners in the Thackaringa cobalt prospect.
Australian explorer Cobalt Blue Holdings will take 100% ownership of the Thackaringa cobalt project in NSW after reaching agreement to acquire the 30% stake of former partner Broken Hill Prospecting.
Cobalt Blue will pay $A0.5M cash and issue 9M shares at $0.15ps plus a $1M 3-year convertible note and $3M 5-year promissory note to BPL, which will retain a 2% NSR on cobalt production and rights to the project’s precious metals and exploration database.
An independent expert report may be enough to settle the lengthy row between Australian explorers Broken Hill Prospecting and Cobalt Blue over their Thackaringa cobalt project near the NSW mining centre of Broken Hill.
The companies have been at odds since early 2018 after 70% holder and operator Cobalt Blue chose not to go ahead with a BFS, saying the project needed more work.
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Australian explorer Cobalt Blue Holdings is expecting a decision by mid-August from an independent expert inquiry into its dispute with JV partner Broken Hill Prospecting over the Thackaringa cobalt project near Broken Hill, NSW.
It’s a corporate dispute at a time of booming interest in cobalt, but mining commentator Ross Louthean draws parallels with one of the most dramatic events in the outback mining centre’s colourful history.
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The growing attractiveness of cobalt for electric vehicles and energy storage has attracted the interest of experienced Australian mining commentator ROSS LOUTHEAN to the bitter dispute between explorers Broken Hill Prospecting and Cobalt Blue Holdings over the Thackaringa project – yet another page in the colourful history of Broken Hill.
It may seem futile in light of all that has gone before, but Australian explorer Broken Hill Prospecting says it still hopes to negotiate a settlement with Cobalt Blue Holdings over their hotly disputed Thackaringa project near Broken Hill in southern NSW.
Despite Cobalt Blue’s claim to now hold 100% of the potential world-class cobalt project, BPL asserts it retains 30% interest and rejects the bid to refer their dispute to an independent expert.