After a series of investments and government fundings, the required project funding was $60 million as of early September.
Once fully commissioned, Electra’s facility could produce up to 6,500 tonnes of cobalt per year, which it estimates could support the production of over 1 million electric vehicles annually. South Korea’s LG Energy Solution has announced it intends to purchase up to 80% of capacity over the first five years of operation.
“Given our objective of resuming construction shortly upon completing the project financing package, part of our preparations for the final phase of construction of North America’s only cobalt sulfate refinery is initiating some early works before winter sets in,” stated Electra CEO Trent Mell in a news release.
“Reducing heavy reliance on China in the EV materials supply chain continues to be a focus for North American policymakers,” Mell continued….
