The Equator Resources Ltd (ASX: CO1) share price won’t be going anywhere today after the cobalt producer’s shares went into a trading halt.
Equator Resources, now known as Cobalt One, requested the trading halt pending an announcement related to a potential merger proposal from an unnamed party.
Its securities will remain in pre-open until the earlier of the announcement to the market or the commencement of trade on Monday 26 June 2017.
Its shares have been on a tear this year and have more than doubled in value.
This gain is largely thanks to the bullish outlook for cobalt. Thanks partly to rising demand from electric vehicle manufacturers, cobalt prices have rocketed this year.
Pleasingly for Cobalt One, earlier this week equity analysts from Macquarie Group Ltd (ASX: MQG) revised their cobalt price forecast upwards.
In addition to Cobalt, Macquarie also lifted its lithium forecast.
This was no doubt a big relief to shareholders of Australia’s lithium miners. Their shares suffered a sharp sell-off recently.
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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.