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| |  | |  | | |   The Company's flagship property, the Idaho Cobalt Project, is a 100 % owned unique high-grade, primary cobalt deposit that is metallurgically favourable for the production of super-alloy grade cobalt metal and cobalt chemicals. The project is in the mine permitting stage of development and is owned by Formation Capital Corporation, U.S., a wholly owned subsidiary of Formation Capital Corporation. The mine is forecast to produce approximately 3.3 million pounds of super-alloy grade cobalt (equivalent to 5.0 - 8.0 million pounds of value added cobalt chemicals per year, representing close to 4% of world cobalt production). The U.S.A. is the largest world consumer of this environmental and strategic metal but currently has no primary cobalt production and is dependent on imported sources.
Another of Formation Capital Corporation's wholly owned subsidiaries, Essential Metals Corporation, purchased the Big Creek Hydrometallurgical Complex in 2002. The Complex is located 200 miles north of the Idaho Cobalt Project, near Kellogg Idaho. The Sunshine Silver Refinery section of the facility, operational since the summer of 2004, is currently producing high purity precious metal bullion for its clients and continues to attract new customers. Ultimately, the Company plans retro-fit the remainder of the Complex to accept Idaho Cobalt Project concentrate to produce value added cobalt chemicals. The refining of precious metals and processing of cobalt concentrate with the Complex can occur concurrently.
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