Cobalt Blue Holdings has announced that its Broken Hill cobalt project in New South Wales, Australia has been awarded a three-year extension of major project status by the Commonwealth Industry Minister.

The designation, initially granted in March 2022, recognises the project's potential to enhance Australia’s resources and critical minerals sector.

Major project status provides additional Commonwealth government regulatory support for projects deemed of national significance for their contribution towards strategic priorities, economic growth, employment and regional development in the country.

The extension is expected to enhance the prospects for the Broken Hill cobalt project to advance into development and has positive implications for Cobalt Blue’s other initiatives, including the Kwinana Cobalt Refinery and the Broken Hill Technology Centre.

Cobalt Blue CEO Andrew Tong stated: “Major project status acknowledges the strategic significance of the Broken Hill cobalt project in the delivery of the Australian Government’s A Future Made in Australia agenda, as well as the critical minerals strategy and the national battery strategy.

“Obtaining a three-year extension to major project status for the Broken Hill cobalt project is an important enabler for our project development plans.

“The development [...] has the potential to position Australia as a leading global cobalt producer and strengthen supply chain security for like-minded partners. It also creates an opportunity for locally-sourced feedstock to support the growth of new Australian downstream industries – an ambition we are actively pursuing through our Kwinana cobalt refinery and Broken Hill Technology Centre.”

The endorsement enhances Cobalt Blue's ability to engage in investment discussions, mostly with international funding sources and domestic investors.

Cobalt Blue's relationship with project partner Iwatani is also strengthened by this recognition, as it demonstrates that the Broken Hill cobalt project is a national priority for the Australian government.

Iwatani Australia managing director Naomasa Ueda commented: “Iwatani Australia welcomes this support from the Australian government, and it reinforces our decision to invest in Australia.

“The recognition of the Broken Hill cobalt project further strengthens the case for progressing the Kwinana cobalt refinery toward a final investment decision.”