An aerial view of Electra’s cobalt sulfate refinery in Ontario.
Electra Battery Materials (TSXV, NASDAQ: ELBM) said it’s resumed construction at its Ontario cobalt sulfate refinery after securing about $82 million in project financing.
Work in Temiskaming Shores, 500 km north of Toronto, is now under way to advance site preparations and reinstate mechanical, electrical and instrumentation systems, with full-scale construction targeted for the start of 2026, Electra said Wednesday. Previous cost estimates are being updated to reflect inflationary impacts and work already completed, and new figures will be provided in January, the company added.
Construction of the $250 million refinery has stalled since August 2023 due to cost overruns and supply chain disruptions. At the time, about $60 million was still required to complete the project. With cobalt markets improving this year on the back of export…
