Formation is committed to its duty of social responsibility for local and all affected stakeholders. This includes the sustainable benefits generated from well-paying jobs in a worksafe environment.
The Idaho Cobalt Project is expected to have a significant positive impact on local economies. The mine is projected to operate for a minimum of 12.5 years in addition to construction. With a strong opportunity to extend that mine life, Formation hopes to create long-term opportunities that will continue to benefit the region for years to come. Our goal is to help build careers for many of those residing in nearby communities helping them grow their economies in an environmentally responsible and sustainable manner.
Local business will benefit significantly from these commitments. One of Formation's directives is a “buy local policy” wherever possible, affecting dozens of retail merchants, mechanical & fabrication shops, trucking companies, building contractors and auto dealers. Additional professional local service providers, such as lawyers, doctors, accountants and others will also benefit.
Being part of a local community requires an allegiance to that community. This includes supporting schools, county and other services, protecting clean water and enhancing fish and wildlife habitat and supporting other conservation efforts that help sustain and grow their local work and natural environments.
Current cobalt market conditions means we have had to impose cost control measures across the company while we focus on securing a customer for our product and finalize the Feasibility Study. We remain fully committed to bringing the ICP into production, therefore we are taking the necessary steps so that the company can deliver on this once better market conditions return. Once better conditions return we intend to get started back up quickly and are in a position to do so thanks to all of the great work that has been accomplished by the Formation team.