Cobalt digger eyes northeastern Ontario refinery.

CobalTech Mining announced Feb. 21 that it's signed a letter of intent to acquire a fully permitted processing plant in North Cobalt that's close to its stable of prospective cobalt mineral properties.

The Vancouver exploration outfit said this acquisition will enable them to become one of the first companies in North America to process and refine cobalt.

CobalTech Mining owns the Duncan Kerr Property, a former mine site, south of Cobalt, and has been adding more properties to its stable in recent weeks.

The facility is believed to be the former Yukon refinery which closed in late 2014 when Swiss-based United Commodity ran out of cash.

The facility has a permitted production capacity of 4,000 tonnes daily, which can be expanded with additional permitting.

CobalTech expects the transaction to be completed within 60...