The Cobalt News, April 2012 - Cobalt Development Institute
Transcription
The Cobalt News, April 2012 - Cobalt Development Institute
COBALT NEWS PUBLISHED BY THE COBALT DEVELOPMENT INSTITUTE 12/2 2 Comment 3 2011 Production Statistics 5 Solar Selective Coatings for Concentrating Solar Power Central Receivers 10 Industry News April 2012 COBALT NEWS CHAIRMAN S. Dunmead (OM Group, USA) VICE CHAIRMEN D. Morgan (Queensland Nickel, Australia) T. Shepherd (Shepherd Chemicals, USA) DIRECTORS I. Akalay (CTT, Morocco) P. Benjamin (BHP Billiton, Australia) K. Drinkwater (ICCI, Bahamas) G. Dyason (Xstrata Nickel, Canada) D. Elliott (Tenke Fungurume Mining, DRC) C. Hallberg (Sandvik, Sweden) T. Higo (Sumitomo MM, Japan) R. Martin (Shu Powders, China) A. Mehan (Rubamin, India) V. Mittenzwei (Kennametal, Inc., USA) R. Morris (Vale Inco, Canada) M. Mounier-Vehier (Eramet Group, France) T. Southgate (Chambishi Metals, Zambia) C. Tybaert (Umicore, Belgium) THE COBALT DEVELOPMENT INSTITUTE 167 High Street, Guildford, Surrey, GU1 3AJ, UK Tel: (0)1483 578877 Fax: (0)1483 573873 email: info@thecdi.com Website: www.thecdi.com Editor: D. Weight – Production: I. Porri The Cobalt Development Institute carries out activities from a head office in Guildford, UK, to promote the use of cobalt. It is legally incorporated as an association of a wholly non-profit making character in accordance with its memorandum and articles, which are available on request. Membership of the CDI is open to those engaged or interested in the industry, by application and acceptance by the Board. Cobalt News exists to disseminate promotion material on uses for, and development in, cobalt technology supported by items of interest to cobalt producers, users and all their customers. Unless otherwise stated as copyright reserved, Cobalt News permits the reprint of articles if fully credited to Cobalt News and its contributors where appropriate. Comment is the responsibility of the Editor. Views expressed by the contributors are their own. Neither necessarily reflect those of the Institute, its directors or its members. Material is presented for the gen- COMMENT As shown in this edition of Cobalt News, 2011 was another record breaking year for refined cobalt production and apparent consumption, according to CDI and WBMS data. Refined cobalt production was 82,247 tonnes and apparent consumption of the order of 75,000 tonnes. Apart from a brief wobble in 2008/09, consumption of cobalt has had a >5% CAGR over the past 10 years, and refined production has increased year-on year since at least 1994. Cobalt prices tended to drift off last year and LME stocks have continued to grow in 2012. Much will depend upon the economic fortunes of China/Asia and how well the developed economies emerge from recession. Regulatory matters continue to take up a significant amount of our time and we are currently interacting with the EU to provide information on cobalt in Europe as a result of an ECHA recommendation to prioritise cobalt salts for Authorisation under REACH. It is hoped to clearly demonstrate that this is a disproportionate application of the Regulation and that there could be significant unintended consequences for industry and the EU economy as a result. If you are an EU producer, importer or downstream user and would like to know how you can get involved please contact: Brigitte.amoruso@thecdi.com – time to react is getting shorter! The great and the good of the cobalt market will be attending THE Cobalt Conference in Vancouver on the 30/31 May and you are advised to book as soon as possible for this centrepiece of the cobalt calendar. Please refer to the website for information. eral information of the reader, and whilst believed to be correct, the CDI, its members, staff and contributors do not represent or warrant its suitability for any general or specific use and assume no liability of any kind in connection with the provision of the said information. The Cobalt Development Institute is an English Company Limited by Guarantee and is registered at 167 High St., Guildford, GU1 3AJ Cobalt News 12/2 2 2011 Production Statistics Table 1 – CDI Members Refined Cobalt Production (Tonnes) - 2011 Production Member Companies The CDI estimates that total refined cobalt supply in 2011 from the main sources reporting their production, was 82,247 tonnes, which is ~4% greater than in the previous year. Table 1 illustrates refined cobalt production from CDI members for calendar years 20052011. 2005 2006 2007 2008 2009 2010 2011 BHPB/QNPL, Australia 1400 1600 1800 1600 1700 2141 2631 CTT, Morocco 1613 1405 1591 1711 1600 1545 1788 Eramet France 280 256 305 311 368 302 354 600 550 606 300 415 745 650 ICCI, Canada 3391 3312 3573 3428 3721 3706 3853 OMG, Finland 8170 8580 9100 8950 8850 9299 10441 0 0 0 0 0 517 579 471 920 1084 1071 1332 1935 2007 (1) (2) Gecamines, DRC Rubamin (Joined CDI 2011) Sumitomo, Japan (3) 3298 2840 2825 3020 2150 2600 3187 Vale, Canada 1563 1711 2033 2200 1193 940 2070 Xstrata (Norway) (4) Zambia 5021 3648 4927 3227 3939 2635 3719 2591 3510 235 3208 3934 3067 4856 29455 29328 29491 28901 25074 30872 35483 Umicore, Belgium Total (1) BHPB 700mtand Queensland Nickel Pty (QNPL) 1000mt in 2009. QNPL from 2010 When comparing the (2) Estimate for 2008 (3) Includes UMICORE Chinese production (4) Chambishi Metals plc current total of our Refined cobalt availability from other sources is outMembers production figures directly with those prelined in Table 2. Total refined production from these pared for some previous years it should be noted that non-CDI members in 2011 was 46,764 tonnes which Rubamin joined the CDI in 2011 and now reports reis a reduction of 1,626 tonnes (or -3.4%) compared fined production as a CDI Member, and prior to 2010 with 2010. Chinese production at 34,969 tonnes Norilsk had been a CDI Member but now reports as a shows a small decline of 960 tonnes (or -2.7 %) over non-CDI Member. For 2011, it will be observed that than that produced in calendar year 2010. According the production of CDI Members at 35,483 tonnes is to our records, this is the first decline in Chinese prosome 4,611 tonnes (or 15%) higher than for the same duction since our records began for this country in producers in 2010. Almost all CDI Members posted 1994. However, Chinese production figures for 2009 increased production in 2011. BHP Billiton sold its and 2010 have been revised upward because no acQueensland Nickel (Yabulu) assets to the Palmer count was previously made for cobalt by-product proGroup who formed QNPL in 2009, and from 2010 the duction from imported nickel ore. The 2009 figure refined production will be reported accordingly. BHP was increased from 23,138 tonnes to 25,544 tonnes, Billiton’s Kwinana operations produce a cobalt interand the 2010 figure increased from 32,930 tonnes up mediate and this production will therefore not appear to 35,929 tonnes. The 2011 refined production figure in the CDI Members figures from 2009 as it is unreincludes by-product cobalt produced from nickel ore. fined, but the cobalt will be captured elsewhere in the Chinese refined production arises mainly from imrefined production figures. ported concentrate, but cobalt is also derived from imported intermediates, white alloy and some local concentrate (about 6%). We have noted in the past that the figures for China would have included stockpiled material but we now understand that the connotative stockpile was ~5000 tonnes for 2009; about 7000 tonnes for 2010 and ~3000 tonnes in 2011. Therefore the refined cobalt availability for these years would have been affected ac- Cobalt News 12/2 3 cordingly. It is emTable 3 – Total Refined Cobalt Availability (Tonnes) - 2011 phasised that the 2005 2006 2007 2008 2009 2010 2011 figure for China 29455 29328 29491 28901 25074 30872 35483 CDI Member companies excludes Umi25379 24304 24166 27920 34777 48390 46764 core’s Chinese Others (10) Total 54834 53632 53657 56821 59851 79262 82247 production which is already included 9. Estimates for RSA Oct-Dec production 2010 in Table 1. Mod- 10. Total Supply does not include any estimates for producers not reporting their production est increases in ures. Global apparent consumption appears to be production were recorded by Votorantim, Brazil; around 75,000 tonnes for 2011, which is an increase Minara, Australia and India. Small reductions in proover the previous year of around 15%. The Americas duction were seen elsewhere, though Mopani figures and Europe appear to have seen modest increases in are a best estimate. There were no DLA deliveries consumption and Asia (including China) shows an during 2011, so the total availability of cobalt reportincrease in apparent consumption of about 18% over ing from other sources was 46,764 tonnes, as men2010. The publication can be purchased from either tioned above. Given the indication that China held a the CDI or the WBMS and figures for 2011 will be connotative stockpile of some 3,000 tonnes in 2011 available in May. See this website for details. then overall refined cobalt availability was about 43,764 tonnes. At 31 December 2011, the uncommitPrice ted cobalt inventory in the US DLA stockpile remained at 301 tonnes The graph below illustrates the change seen in the A summary of total refined cobalt availability from 2005 to 2011 is shown in Table 3. It can be seen that overall availability in 2011 totalled a record 82,247 tonnes, some 2,985 tonnes (or 3.4%) higher than in 2010, largely as a result of improved refined production by CDI Members. Because of the possibility of Chinese stockpile material at 3,000 tonnes for 2011, the overall availability would have been 79,247 tonnes. As in the past, we emphasise that the figures do not include production of refined cobalt from companies treating various cobalt-containing intermediate products and scrap who do not report their numbers to the CDI. We would like to thank those non-member companies and organisations for their kind cooperation in helping in the preparation of these important industry figures Demand The CDI publishes supply and demand information and this data will soon be available in the WBMS/CDI book “World Cobalt Statistics” for 2008-2011. These data were derived from worldwide import/export fig- Cobalt News 12/2 average quarterly Metal Bulletin free market price quotation for cobalt since 1995 for 99.8% (HG) and 99.3% (LG) min. cobalt. This information is based on quarterly averages so the graph does not show shortterm price fluctuations. The HG price opened 2011 at US$19.5/lb and ended the year at US$14.70/lb while the LG price opened at just over US$18/lb and finished the year at about US14/lb. The 2011 annual average HG price was US$17.60/lb and for LG it was US$16.44/lb (the CDI takes the average bid/offer spread for both the HG and LG Metal Bulletin price quotation when calculating its average price). Cobalt has traded on the LME since February 2010 with the 3M contract which was followed by cash trading in May of that year. The average LME cash price for 2010 (part year) was US$17.55/lb and for 2011 it was US$15.99/lb (the CDI takes the average daily bid/offer cash spread for cobalt and averages this over the year). The C-3 spread varied between a US$375/tonne contango and a US$1500/tonne backwardation with an average spread for the year in backwardation of just over US$200/tonne. 4 Solar Selective Coatings for Concentrating Solar Power Central Receivers Concentrating solar power (CSP) is a renewable energy technology that converts solar thermal energy to mechanical work via a heat engine, which is then converted to electricity through a generator. These systems are typically large—capable of generating tens to hundreds of megawatts of electricity. Nearly 500 MW of concentrating solar power are currently installed in the U.S. CSP systems use numerous mirrors to reflect and concentrate the sunlight onto receivers that heat a working fluid. Several mirror configurations are possible, including dishes, parabolic troughs, linear Fresnel, and heliostats. One of the most promising CSP technologies is the central receiver (or power tower) system, which consists of a field of large, nearly-flat mirror assemblies (heliostats) that track the sun and focus the sunlight onto a receiver on top of a tower (Fig. 1). In a typical configuration, a heattransfer fluid such as water/steam or molten salt is heated in the receiver and used to power a conventional steam-turbine Rankine cycle to generate electricity. Excess thermal energy collected in molten salts can be stored in large insulated tanks allowing operation of the steam turbine during the night or on cloudy days. The efficiency of a power tower can be increased if the energy absorbed by the receiver is maximized while the heat loss from the receiver to the environment is minimized. When a material heats up, energy is radiated in the infrared wavelengths. This phenomenon is known as thermal emittance and represents a heat loss for the CSP system. Thus, heat loss occurs because of thermal emittance from the hot receiver surface to the environment, as well as convection due to wind and buoyancy effects. Higher central receiver operating temperatures (>600°C) are needed to improve power cycle efficiency and lower the cost of solar generated electricity. However, higher operating temperatures result in increased energy loss due to thermal emittance. Therefore, improved selective absorber coatings are an important part of CSP receiver development. An ideal selective absorber coating for CSP receivers would have high absorptivity in the solar spectrum to maximize energy capture at the receiver and a low emissivity in the infrared spectrum to minimize thermal radiative losses. For CSP systems to meet an electricity cost target of $0.06/kWh[1], new materials capable of extended operation at temperatures above 600°C are needed. Ideally, these materials will have high absorptance (> 0.95) in the solar spectrum (~250-2500 nm) and low thermal emittance (< 0.05) in the infrared spectrum (~1.5-20 µm at an emittance temperature of ~600°C). Note that there is some overlap in these solar and thermal spectra, which makes the development of selective properties challenging. In addition, the materials need to be stable in air, low-cost, easily applied at large scales in the field, and capable of surviving thousands of heating and cooling cycles. Currently, Pyromark Series 2500 high-temperature paint is the standard for CSP central receivers. It has a measured solar absorptance of 0.96, is low cost, and is easily applied. However, with a thermal emittance of 0.86, it suffers from large thermal losses during high temperature operation. It also degrades over time when operated in air causing a decline in performance and added operating costs for CSP facilities. Research at Sandia National Laboratories that ad- Fig. 1 – A field of heliostats (mirrors) surrounds the Concentrating Solar Power Tower Central Receiver at the National Solar Thermal Test Facility at Sandia National Laboratories in Albuquerque, N. Mex. Courtesy of Randy Montoya (SNL) Cobalt News, 12/2 5 dresses the issue of more efficient, durable solar selective materials for CSP receiver applications with coatings prepared using thermal spray and solution-based synthesis techniques is discussed in this article. Coating preparation Thermal spray technology offers the ability to rapidly prepare thick (>1 mm) ceramic and metal coatings in the field. Sandia applied thermal spray coatings on 304L stainless steel using an air plasma spray (APS) torch using a number of commercially available thermal spray feed stock materials. Detailed spray process conditions can be found in Ref. 2. Solution-based approaches (spin coating and dip coating) were used to prepare spinel coatings. These techniques allow for considerably more flexibility in coating composition than thermal spray techniques. Dopants can be incorporated in spinel films by adding species to the aqueous precursor solutions. Both spin and dip coating techniques involve preparation of aqueous precursor solutions containing metal nitrates and a wetting agent (Triton X). Solution precursors for spin coating also use citric acid as a complexing agent. A thin layer of solution is applied to a 304L substrate using spin or dip coating, and the coated substrate is dried and sintered at high temperature (500 or 600°C) for up to six hours to burn off nitrates and organics, forming the spinel phase. The process can be repeated multiple times to build coatings of the desired thickness. Specific details of the solution based coating preparation can be found in Ref. 3. Coating characterization Solar absorptance (α) was measured using a solar spectrum reflectometer weighted to provide a measurement spectrum that closely approximates the air mass solar spectrum. A white diffuse standard (α = 0.198) was used for calibration. Thermal emittance (ε80°C) measurements were performed using an infrared reflectometer with an 80°C black body source. A gold standard (ε = 0.02) and a black standard (ε = 0.908) were used to calibrate the instrument. Due to instrument limitations, values given below for emissivity are assumed to have a ±10% error. Diffuse reflectance (absorbance) was taken at room temperature using a spectrophotometer from wavelengths of 200-2400 nm. A BaSO4 reference standard was used for calibration. Test coupon performance was ranked using a figure of merit (FOM) defined as: FOM (W/cm2) = 60αsolar – 5[(ε80°C + ε2400nm)/2] where αsolar, ε80°C, and ε2400nm are the solar absorptance, emittance at 80°C, and emittance at 2400 nm, respectively. The constants 60 and 5 have the units (W/cm2) and represent the energy flux incident on a central receiver and the energy flux emitted by Cobalt News, 12/2 a blackbody at 700°C, respectively. The emittance term provides an estimate of the average emittance over the wavelength spectrum of interest. The emittance at 2400 nm was calculated from the diffuse reflectance data by assuming zero transmission through the sample and by applying Kirchoff’s law. The FOM reflects the idea that maximizing absorptance at the central receiver does more to improve receiver efficiency than minimizing thermal emittance. The magnitude of energy absorbed by the receiver depends directly on the energy flux magnitude incident upon the surface; whereas, the magnitude of energy emitted by the receiver is only affected by the incident radiation if this flux leads to an increase in the receiver body temperature. Additionally, receiver materials are opaque to solar energy; therefore, maximizing the receiver absorptance minimizes the reflectance from the receiver surface. Measured thermal radiative properties for Pyromark Series 2500 are αsolar = 0.964, ε80°C = 0.862, and ε2400nm = 0.960, which equates to a FOM of 53.3. Each data set was obtained by making measurements on multiple samples taken from the same coating. For samples containing data with an uncertainty interval, the number of samples within the data set ranged from two to five. Data without an uncertainty interval indicate that only one sample was tested for that condition. Uncertainty intervals (∆), where shown, were calculated according to: ∆ = t0.75,n-1(σ/n1/2) where σ is the standard deviation of the data set, n is the number of values in the data set, and t0.75,n-1 is the critical value for capturing 75% of a two-sided tdistribution used to describe the data set. 6 reflectance of light waves reaching the surface from both outside and within the samples. Figure 2 compares FOM values for coatings with as-sprayed surface roughness and with a polished 1 mm surface finish. These data show that the average FOM difference between the as-sprayed and polished coupons, calculated according to ∆FOM = [(FOMas – FOMpol)/FOMas]×100 was ~40% (as = as sprayed; pol = polished). Properties of thermal spray coatings Measured optical property data for each thermal spray coating are presented in Tables 1-4. The effects of surface roughness and heat treatment were also evaluated. Effect of surface roughness: Data in Tables 1-3 indicate that reducing the surface roughness lowered both the solar absorptance and emittance values. Such decreases are consistent with an increase in Cobalt News, 12/2 Effect of heat treatment: Figure 3 shows the change in FOM for different coating compositions following heat treatment for six hours at 600°C in air. Heat treatment increased the FOM for all compositions. During heating, two aspects of the coating surface expected to change for all compositions are an increase in thickness of the surface oxide covering the coating and minimization of surface energy propromotes diffusion, which reduces surface roughness. Spreading and solidification of liquid droplets should not generate a significant amount of high aspect ratio surface asperities that would significantly change shape with a postspraying heat treatment. Furthermore, evidence presented above suggests decreasing the surface roughness produces a decrease in the FOM. Therefore, changes in the oxide layer on the coating surface are likely the dominant factor causing the FOM to change with heat treatment. The WC-Co coatings delaminated and fractured during heat treatment due to residual stress and/or coefficient of thermal expansion mismatch between the coating and substrate. The damage to the WCCo coatings made it impossible to collect absorption and emittance data after heat treatment. These data are supported by published reports on the use of nickel-aluminium and tungsten carbidecobalt alloys as solar selective coatings. Santala 7 Fig. 3 – Figure of merit (FOM) values for as-deposited (filled bars) coating test coupons and coating test coupons heat treated for 6 hours at 600°C (open bars) and Sabol produced nickel + 50wt% aluminium coatings by roll bonding that exhibited absorptance values >0.9 and emittance values <0.4 [4]. Butler, et al., obtained similar absorptance and emittance values from a tungsten carbide + 12wt% cobalt plasma-sprayed coating heated to temperatures between 200 and 600°C [5]. Properties of spinel coatings Spinels are oxide materials with the general formula AB2O4. A variety of stoichiometric spinel films, AB2O4 (A, B = Ni, Co, Fe, Cu), were formulated via dip and spin coating. Spinels were investigated as solar selective materials because of their inherent high temperature and oxidation stability [3-6]. They are also amenable to cation doping and substitution on both the A and B sites, which can affect their optical properties. Optical properties for Co3O4 are shown in Table 5. Increasing the film thickness (# Coatings, Table 5) leads to an increase in absorptance, but it also leads to an increase in emittance. Each Co3O4 film was aged at 500°C in air atmosphere for four days. Absorptance and emittance values were essentially the same before and after aging, suggesting that the films exhibit good thermal stability. The optical properties of 5 and 20wt% metal-doped Co3O4 are shown in Table 6. Neither doping concentration nor film thickness had an effect on coating absorptance. Nevertheless, emittance increased significantly with thickness and modestly with dopant concentration. Table 7 shows the optical properties of various spin coated spinel coatings deposited with the same number of layers. These data indicate that the NiCo2O4 (high α) and FeCo2O4 (low ε) materials show promise, with absorptance at or above 0.9 and thermal emittance below 0.7. Cobalt News, 12/2 8 References 1. D.M. Mattox and R. R. Sowell, A Survey of Selective Solar Absorbers and Their Limitations, SAND79-2371C, Sandia National Laboratories, Albuquerque, NM, 1979. 2. K.J. Van Every and A.C. Hall, Plasma-sprayed Solar Selective Coatings for Solar Power Tower Receivers, SAND2010-7076, Sandia National Laboratories, Albuquerque, NM, 2010. 3. J. Vince, et al., Solar absorber coatings based on CoCuMnOx spinels prepared via the sol-gel process: Structural and optical properties. Solar Energy Materials and Solar Cells, 79(3), p 313, 2003. 4. R. Bayon, et al., Preparation of selective absorbers based on CuMn spinels by dip-coating method. Renewable Energy, 33(2), p 348, 2008. 5. Q.-F. Geng, et al., Sol–Gel Combustion-Derived CoCuMnOx Spinels as Pigment for Spectrally Selective Paints. Jour. Amer. Ceramic Soc. 2010, in press. 6. L. Kaluza, et al., Sol-gel derived CuCoMnOx spinel coatings for solar absorbers: Structural and optical properties. Solar Energy Materials and Solar Cells, 70 (2), p 187, 2001. 7. A. Ambrosini, et al., Improved High Temperature Solar Absorbers for use in Concentrating Solar Power Central Receiver Applications, Proc. ASME 2011 5th International Conference on Energy Sustainability & 9th Fuel Cell Science, Engineering and Technology Conference, ESFuelCell2011, August, 2011, Washington, D.C. 8. T. Santala and R. Sabol, COO/2600-76/3, Texas Instruments, Dallas, Tex., 1976. 9. C.P. Butler, R.J. Jenkins, and W.J. Parker, Absorptance, Emittance, and Thermal Efficiencies of Surfaces for Solar Power, Solar Energy, v. 8, n. 1, p 2/8, 1964. Each of the as-prepared spinel films were heated in air, first at 600°C for 6 hours, followed by 800°C for 6 hours. The coatings survived heat treatment with no cracking or delamination. Optical properties after heating at 600°C did not change appreciably, but both absorptance and emittance degrade in all materials after heating at 800°C (Fig. 4). One exception is the absorptance of CoFe2O4, which increases after sintering at 800°C. Conclusions The efficiency of concentrating solar power systems can be improved by operating at higher temperatures. Higher temperature operation of CSP systems demands improved materials for solar receivers. Durable, low cost, high absorptivity, low emissivity coatings are needed for this application. The current industry standard for solar receiver coatings is Pyromark Series 2500 high temperature paint. Based on the data in Tables 2 and 7, the Ni-25 graphite, Ni-5Al, and WC-20Co thermal spray coatings and the NiCo2O4, CuCo2O4, and (NiFe)Co2O5 spinel coatings are optically competitive with Pyromark paint. Ongoing investigations are being performed to determine the durability and reliability of these coatings relative to Pyromark. Cobalt News, 12/2 Acknowledgement: This work was partially supported by the Laboratory Directed Research and Development program at Sandia National Laboratories. Sandia is a multiprogram laboratory managed and operated by Sandia Corp., a wholly owned subsidiary of Lockheed Martin Corp., for the U.S. Department of Energy’s National Nuclear Security Administration under contract DE-AC04-94AL85000. Pyromark is a registered trademark of Tempil Inc., Plainfield, N.J. For more information: Dr. Aaron Hall, Sandia National Laboratories, Dept. 01831, PO Box 5800, MS1130, Albuquerque, NM 87185-1130; tel: 505/284-6964; fax: 505/844-6611; email: achall@sandia.gov; www.sandia.gov. Co-authors of the paper are Andrea Ambrosini, Clifford Ho, Kent Van Every, Marlene Knight, James Mccloskey*, David Urrea, Timothy Lambert, Marlene Bencomo, Nathan Siegel, and Alan Mahoney. This article was first published by ASME as “Improved High Temperature Solar Absorbers for Use in Concentration Solar Power Central Receiver Applications,” by Andrea Ambrosini, Timothy N. Lambert, Marlene Bencomo, Aaron Hall, Kent vanEvery, Nathan P. Siegel, Clifford K. Ho, Proceedings of ASME 2011 5th International Conference on Energy Sustainability & 9th Fuel Cell Science, Engineering and Technology Conference. Republished with kind permission. 9 Industry News Sherritt Provides Ambatovy Progress Update Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) today announced that all of the systems in the pressure acid leach (PAL) area at the Ambatovy Joint Venture in Madagascar are either in operation or start-up. Of the key PAL process components, the slurry thickener, three ore leach autoclaves, neutralization circuit and countercurrent decantation (CCD) wash circuit are operable. The final step in the PAL process - slurry precipitation - which results in the production of mixed sulphides, is in startup and is expected to be operational in April. The delivery of mixed sulphides is a significant milestone towards achieving the production of finished metal, which is expected in the second quarter. The majority of the systems in the refinery are awaiting the production of mixed sulphides to progress into startup and operation. Ambatovy remains focused on reaching commercial operation safely and reliably by the end of 2012 or early 2013. Ambatovy has an expected project life of approximately 30 years and is designed to produce 65,600 tonnes (100% basis) of finished nickel and cobalt annually when fully operational, more than doubling Sherritt's gross (100% basis) metals production capacity. LME Cobalt trading surges to new records The London Metal Exchange (LME) saw record volumes transacted in LME Cobalt in March 2012 with 1,310 lots traded, the equivalent of $40 million. “Our cobalt contract has seen a very healthy start to the year,” said Chris Evans, head of business development at the LME. “The strong volumes show growing recognition from the cobalt industry of the LME contract.” Volumes were up 86% in Q1 2012 compared with the corresponding period in 2011. Over the quarter, 111 tonnes were delivered in and 63 tonnes delivered out. LME Cobalt now has 19 brands listed from nine countries and 15 warehouses listed for good delivery in four locations in four countries. Cobalt News, 12/2 Sasol unveils new cobalt catalyst plant South Africa’s Sasol said it would spend R40-billion on local projects over the next two years, as the petrochemicals giant unveiled its new R1-billion cobalt catalyst manufacturing plant in Sasolburg this month. The new cobalt catalyst manufacturing plant, owned by Sasol Synfuels International’s (SSI’s) subsidiary, Sasol Cobalt Catalyst Manufacturing, would produce cobalt catalysts for use in SSI’s gas-to-liquids (GTL) and coal-to-liquids (CTL) projects in Qatar, Nigeria and Uzbekistan. In future, the plant would also supply other projects with the cobalt catalyst, which is destined exclusively for the export market, as the company’s local GTL and CTL plants make use of an ironbased catalyst. The plant, located at the Sasol One facility, would operate under licence from chemicals supplier and development partner BASF, with whom Sasol also produces cobalt catalyst in De Meern, in the Netherlands. “This is a milestone for us, as we can now exercise more control over the high-quality product that our international plants need,” senior group executive Lean Straus said. Sasol’s proprietary cobalt catalyst is at the heart of the technology that makes its GTL process possible. “Given that Sasol’s proprietary slurry-phase distillate process was developed in South Africa, it is also important to have the GTL and CTL processes on South African soil for the first time,” he said. However, Sasol would only supply the catalyst to projects in which it owned equity, as it is a proprietary product. Using aluminium, cobalt and other noble metals, such as platinum, the 1 nm cobalt catalyst particles are deposited in wax. The support materials are robust and can have high surface areas of around 200 m2/g, making the catalyst highly reactive to synthesis gas molecules. The new plant used about 700 local contractors during the construction phase, and has created 50 permanent jobs. 10