Cobalt Blue Holdings Limited (COB), an ASX-listed minerals processing and mining company focused on developing midstream processing capabilities in Australia to diversify supply chains, has announced a significant milestone in its development plans. The company has received a works approval from Western Australia’s Department of Water and Environmental Regulation (DWER) for the Kwinana Cobalt Refinery (KCR). This approval marks a crucial step towards achieving a Final Investment Decision (FID) with project partner Iwatani Australia (IWA).
The Kwinana Cobalt Refinery aims to be Australia’s first dedicated cobalt refinery, designed to supply high-purity cobalt products to global battery, industrial, and defence markets. According to Cobalt Blue, the project will have a low-capex of approximately A$120 million. COB has made substantial progress on key milestones required to enable the FID by the end of 2025. These include the binding pre-FID consortium deed with Iwatani, a secured feedstock contract with Glencore from DRC, and the appointment of Tetra Tech Coffey as engineering partner.
CEO of Cobalt Blue, Dr Andrew Tong, stated the company is thrilled to receive the Works Approval, marking a significant milestone in advancing the Kwinana Cobalt Refinery toward a final investment decision. IWA Managing Director Naomasa Ueda added that Iwatani Australia welcomes the positive outcome of the Works Approval process, marking a significant step in strengthening their partnership with Cobalt Blue.
In parallel with securing the Works Approval, Cobalt Blue continues to advance technical, regulatory, and commercial work required to finalise the FID. This includes ongoing discussions with prospective offtakers, continued test work and flowsheet optimisation, and securing financial support for the project. The Kwinana Cobalt Refinery is strategically important, de-risking mine development and supporting Australia’s Critical Minerals Strategy.
