Cobalt 27 is victim of warehouse heist: report (Resource World – August 30, 2018)

Cobalt 27 Capital Corp. [KBLT-TSXV, 270-FSE] was among the victims in a warehouse heist in Rotterdam, Holland last month.

According to a report by Bloomberg news service, which was also posted by Scotiabank, thieves stole more than $10 million worth of cobalt, a key component in electric vehicle batteries.

About 112 tonnes of cobalt was stolen from the warehouse, which is owned by Vollers Group Gmbh, according to a statement by Minor Metals Trade Association, a U.K. based industry group, Bloomberg said. That metal is worth approximately $10 million at current prices.

Cobalt 27 Chairman and CEO Anthony Milewski did not comment on the report. However, corporate filings show the large majority of Cobalt 27’s 2,900-tonne holding is stored in Rotterdam warehouses run by C. Steinweg Group, Bloomberg said, adding that the company holds 100 tonnes of metal in Vollers depots in the port. However, Bloomberg said Cobalt 27 has insurance on all of the metal it holds, according to company filings.

The report said thieves would have been attracted by the explosion in the price of cobalt. Prices have tripled since early 2016 to a decade high in April, 2018 on the back of forecasts that rising demand for electric cars will boost demand for cobalt, which is a key component of lithium-ion batteries.

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