ASX- and TSX-V-listed battery metals miner Jervois Mining is participating in financing discussions with the US federal government to complete construction of its Idaho Cobalt Operations (ICO) mine, in Idaho.
Jervois states that ICO will be the only cobalt mine in the US once it starts production.
Jervois has submitted specific proposals and is negotiating to finalise the form of final applications to various arms of the US government, including the Department of Defense, pursuant to the Defense Production Act Title III Expansion of Domestic Production Capability and Capacity funding opportunity.
The other departments involved include the US International Development Finance Corporation and the Department of Energy.
Jervois acquired ICO as a partially-complete mining operation in 2019 and expects to complete construction of the project and start cobalt production in 2022.
The mining company proposes that a debt guarantee or loan would be in the US national interest since the US government included cobalt on a list of critical minerals.
Independent of the potential availability of US government financial support, Jervois continues to advance private debt financing for ICO.