News

July 23, 2008

Formation Capital Focuses On Getting Approval

By Rob Davies

When people talk about the length of time it takes to find, develop and exploit a mine it is usually assumed that is because of technical issues. The fact that is not the case is demonstrated by the story of the Idaho Cobalt Project owned by Formation Capital. Mari-Ann Green, chairman and chief executive Officer of Formation Capital, explained in great length to Minews the steps that need to be taken to get permission to dig a hole in America these days. The company bought the property in 2002 and, depending on how things go over the rest of the year, production won’t start until early 2010.

That delay is not because of problems building the mine or altering the process plant. It is all to do with making sure everyone is happy; the public, the government and all the regulatory authorities. On June 16th the company was issued  with a record of decision on the project by the Forest Service which Mari-Ann Green says is the “most critical milestone the company has reached on the Idaho Cobalt Project”. The public has the right to appeal within 45 days then, all being well, it will...