OTCPicks Featured Company: Caledonia Mining Corp. (CALVF.OB) Announces Signing of Cobalt Off-take Agreement with Large Chinese Refiner
Caledonia Mining Corporation (OTCBB: CALVF) announced the signing of a cobalt off-take agreement with a large Chinese refiner. The agreement calls for Caledonia to supply a minimum of 21,000 tons of cobalt metal equivalent in the form of cobalt hydroxide from its Nama Cobalt Project over the next six years. The terms also call for the price to be based on the published monthly average for 99.3% cobalt from the London Metal Exchange, which involves a guaranteed "Take or Pay" minimum cobalt price of US $12/lb of cobalt metal. The company is currently outlining a detailed plan of the project…