Latest eColbalt Solutions News
Jul 26, 2019
Former Idaho governor seeks to thwart Jervois Mining deal for eCobalt Jul. 26, 2019 5:47 PM ET An Australian company's acquisition of an Idaho cobalt mine is being challenged by a former governor of the state, who worries that "Idaho cobalt will be shipped to China" if the deal goes through. Jervois Mining this week closed a $44M deal to acquire eCobalt Solutions ( OTCQX:ECSIF ), giving Jervois control of the eCobalt's cobalt mining site in the state. The former governor, C.L. "Butch" Otter, also sits on the board of a rival company, First Cobalt ( OTCQX:FTSSF ), which made its own offer for eCobalt's mining operations and opposed the Jervois acquisition. Otter wants a review of the deal by U.S. Treasury Secretary Mnuchin, whose department oversees the Committee on Foreign Investment in the U.S. Jervois CEO Bryce Crocker says Idaho cobalt will not be sent to China for refining and dismisses Otter's complaints as an attempt by a losing bidder to scuttle the deal.