First Cobalt to form alliance for 70% option on 7 DRC exploration plays

Junior explorer First Cobalt has signed a letter of intent with an associate of Madini Minerals to form a strategic alliance and earn a controlling interest over seven prospective copper/cobalt exploration properties covering 190 km2 in the Democratic Republic of the Congo (DRC), the company announced Monday. London Metals Exchange cobalt prices have jumped about 60% so far this year to more than $55 000/t, sparking frenzied activity among explorers to get a foot in the door to capitalise on the widening supply gap.