Jervois settles bond offering
PERTH (miningweekly.com) – Triple listed Jervois Mining has resumed share trading on the ASX after settling its $100-million bond offering, which will be used to fund the construction of the Idaho cobalt operation (ICO), in the US.
The first two drawdowns of 50% of the bond offering are anticipated in the fourth quarter of this year, following Jervois raising at least $50-million of additional equity and spending $35-million on the ICO project.
The company on Thursday reported that it has now committed to the purchase of a 100-person camp and associated services facilities for the ICO project, supporting its schedule for expedited concentrate production in mid-2022.
Following final permits related to the full operation of the camp, the purchase of the accommodation camp would support construction and commissioning activities at ICO, and then transition into providing year-round accommodation for the operation, Jervois said.
The ICO operation will comprise a 1 200 t/d mill and concentrator to produce separated cobalt and copper concentrates. Gold mineralisation in the reserve at ICO will be reported to the cobalt concentrate, and will be recovered at the São Miguel Paulista refinery, in Brazil, subject to Jervois completing the acquisition and restart of the refinery in stages during 2022 and 2023.
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