Jervois readies for refinery studies
PERTH (miningweekly.com) – ASX- and TSX-V-listed Jervios Mining has made the first $2.9-million tranche payment for the São Miguel Paulista nickel/cobalt refinery, in Brazil.
The company in October this year announced plans to acquire the refinery from Companhia Brasileira de Aluminio (CBA) – a subsidiary of Votorantim – for $22.5-million, payable in tranches.
Jervois said on Tuesday that following this initial payment, the company had entered into an initial lease arrangement with CBA allowing Jervois access to undertake a feasibility study to restart the refinery.
The lease will continue until the closing of Jervois’ acquisition of the refinery, which is subject to the satisfaction of a number of conditions precedent, and is expected by December 2021.
The timing of the balance of the purchase price is conditional on permitting, the outcomes of the restart feasibility studies, and future production thresholds, with an outside date of June 2023.
As part of the acquisition agreement, Jervois will pay for the care and maintenance of the refinery from March of next year, through the monthly payment of $300 000.
The refinery was placed on care and maintenance in 2016, after its primary source of raw material at the time was also paused. The refinery has a production capacity of 25 000 t/y of refined nickel cathode and 2 000 t/y of refined cobalt cathode.
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