Cobalt refinery builder Electra secures C$17.5m Ontario funding
TSX-V and Nasdaq-listed cobalt processor Electra Battery Materials has finalised definitive agreements with an agency of the Ontario government, Invest Ontario, for C$17.5-million in funding to support the construction of its cobalt sulphate refinery in Temiskaming Shores.
Ontario Minister of Economic Development, Job Creation and Trade Vic Fedeli says Electra's cobalt refinery will onshore a key capability needed to support North America's manufacturing sectors at a time when secure supply chains have never mattered more.
The refinery is advancing with structural steel erection, concrete work, and equipment and piping installation, with select commissioning activities targeted to begin in the fourth quarter of the year.
Electra aims to reach mechanical completion of the refinery in the second half of 2027, full commissioning and production ramp-up during the third quarter of 2027 and commercial production in the fourth quarter of 2027.
The company recently secured 100% of the cobalt feedstock required for commissioning of the refinery through 2027 under an extended supply agreement with diversified miner Glencore.
“We are focused on completing North America’s first cobalt sulphate refinery and creating the long term employment and economic activities that come with it. Ontario brings together a rich mineral endowment, a highly skilled workforce, abundant renewable energy and more than a century of natural resources expertise.
"This project leverages those advantages to establish essential critical mineral processing capacity that strengthens North America’s supply security," concludes Electra CEO Trent Mell.
The cobalt sulphate refinery will initially produce 5 120 t/y of contained cobalt.
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