Should you buy this metals and mining stock – Australian Mines Limited?
Commencement of demonstration-size processing plant:Australian Mines Limited (ASX: AUZ)announced the construction of a $2 million demonstration-size high-pressure acid leach and solvent extraction (cobalt-nickel-scandium processing) plant in Perth, Western Australia, which will produce commercial grade, saleable cobalt, nickel and scandium products from November 2017. The plant is capable of processing over 15 tonnes of ore per week and deliver 67 kilograms of cobalt sulphate, 500 kilograms of nickel sulphate and 8 kilograms of scandium oxide each week. Importantly, it will become one of the only emerging cobalt companies in Australia producing cobalt sulphate and nickel sulphate products for potential off-take with 54,500 tones of cobalt resource. Notably, it has the potential to produce those commodities that constitute 95% of the raw materials in a Tesla Model-S battery pack cathode (80% nickel, 15% cobalt) and 100% of the iPhone battery cathode made exclusively from cobalt.
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