[ferro-alloys.com]Canada's Cobalt 27 Capital Corp. has received an insurance settlement in excess of $6.8 million related to the July theft of 76 mt of physical cobalt from a Rotterdam warehouse in the Netherlands, the Toronto-based company said Thursday.

At the time, the stolen cobalt was valued at around $5 million.

The company said the insurance recovery represents the highest price of premium grade cobalt during the month of loss, which was $40.85/lb

Proceeds from the settlement, as well as any excess liquidity, will be used to repurchase Cobalt 27's common shares, the company said this week. The share buyback will be "highly accretive to our net asset value and represents the most attractive use of proceeds of any excess liquidity available to the company," Chairman and CEO Anthony Milewski said in a statement.

The 76 mt represented about 2.6% of Cobalt 27's total physical cobalt holdings at the time, which today stand at 2,905.7 mt.

All of the physical cobalt is stored in London Metal Exchange-certified and bonded warehouses in the US and Europe, the company said.

In another development, Cobalt 27 said it continues to work toward the closing of the previously announced acquisition of a cobalt-nickel stream on the Ramu nickel-cobalt mine in Papua, New Guinea, owned by Australia's Highlands Pacific Limited.

Cobalt 27 did not give a precise completion date for the transaction.

（S&P Global Platts）

• [Editor:王可]