Cobalt Mining to in Idaho to Start in 2011

A Canadian mining company says it's gotten federal approval of its plan to mine cobalt from deep beneath the mountains of central Idaho, putting it on track to begin operations in 2011.

Formation Metals Inc., the Vancouver, B.C.-based company that aims to mine on public land near Challis, says winning the U.S. Forest Service's blessing means its workers can begin construction activities in January for mining and milling operations.

Mari-Ann Green, chairman and chief executive officer of Formation Metals, says her company now has "a clear path forward to start construction."

The company anticipates mining as much as 1,600 tons annually of high-grade cobalt, a key component of jet engines and batteries for hybrid and electric vehicles.

Formation must put up a $29.6 million reclamation bond, in stages, to address impacts of the mine.

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