Rich People Trades
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Rich People Trades

Investing

Electra Secures Federal Support for North America’s Only Cobalt Sulfate Refinery

by admin March 26, 2025
March 26, 2025
Electra Secures Federal Support for North America’s Only Cobalt Sulfate Refinery

Electra Battery Materials (TSXV:ELBM,NASDAQ:ELBM) announced on March 21 that it has received a letter of intent from the Canadian government for C$20 million in proposed funding.

The money would support the construction and commissioning of North America’s first battery-grade cobalt refinery, a critical step toward strengthening the region’s electric vehicle (EV) supply chain.

The refinery, located in Temiskaming Shores, Ontario, is set to produce 6,500 metric tons of cobalt sulfate annually, enabling domestic production of up to 1 million EVs per year. According to Electra, it would be a key step in reducing North America’s dependence on China, which currently refines approximately 90 percent of the world’s cobalt.

“We are grateful to be working with the Government of Canada,” said CEO Trent Mell. “Today’s announcement underscores their commitment to advancing North American energy security and critical mineral independence.”

Mell further noted that the company has already secured commitments from major buyers, with LG Energy Solution (KRX:373220) set to purchase up to 80 percent of the refinery’s future output.

“Buyer interest for the remainder far exceeds our capacity,” he added.

Anita Anand likewise emphasized the strategic importance of domestic mineral processing.

“Canada has everything it takes to be a leading force in critical minerals processing, manufacturing, and recycling. Critical minerals are essential to power a low-carbon economy,” said Canada’s minister of innovation, science and industry.

With necessary permits in place, infrastructure largely developed and advanced negotiations with the government ongoing, Electra aims to finalize discussions quickly and resume construction.

The non-binding letter of intent, which was agreed to on January 27, signals the government’s intent to work toward a final agreement, but does not yet guarantee funding. If finalized, the investment would accelerate construction and commissioning of the refinery, which is projected to have the lowest carbon footprint of any facility of its kind worldwide.

Beyond cobalt refining, Electra is exploring expansion into other battery materials.

In 2023, the company successfully operated a battery recycling demonstration plant at its Temiskaming Shores complex, recovering lithium, nickel, cobalt and other critical minerals from spent batteries.

This year, Electra commenced a feasibility study for a battery recycling refinery adjacent to its cobalt refinery. It is considering a second cobalt sulfate facility in Bécancour, Québec, as well as a North American nickel sulfate plant.

“Our Temiskaming Shores refinery complex is the first step in Electra’s vision,” noted Mell.

“We are building the right assets at the right time and are extremely well-positioned to leverage the refinery complex to grow along with the EV and battery markets,’ emphasizing the need for secure sources of battery materials.

Electra’s refinery will be one of the few cobalt suppliers outside of China that is free from Foreign Entity of Concern involvement, reinforcing supply chain resilience for North American automakers.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Gold Price Rally Sparks Renewed Interest in Mining Stocks
next post
GOP senator says Dr Oz ignored his questions on transgender issues, abortion

Related Posts

Lupin Modification Trial Validates Manufacturing Scale Up

June 26, 2025

Peter Krauth: Silver Market “Very Tight,” Watch This...

March 6, 2025

Top 5 Canadian Nickel Stocks of 2025

April 5, 2025

High Grade surface silver results up to 920g/t...

May 15, 2025

Crypto Price Update: Q1 2025 in Review

April 7, 2025

How to Invest in Quantum Computing Companies

February 7, 2025

Rule Symposium 2025: Gold, Geopolitics and the Real...

July 16, 2025

CoTec Holdings Corp. Notes HyProMag USA Press Release...

September 5, 2025

First Helium Completes Drilling 7-30 Well & Cases...

January 31, 2025

Rio Tinto and Hancock Pledge US$1.6 Billion to...

June 25, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      First lady Melania Trump’s new official portrait revealed

      January 28, 2025
    • 2

      American fighters are dying in Ukraine in growing numbers. Bringing their bodies home is a complex task

      January 30, 2025
    • 3

      ECOWAS pledges to ‘keep door open’ after 3 coup-hit West African nations exit regional bloc

      January 30, 2025
    • 4

      Vale Launches Strategic Review of Thompson Nickel Operations Amid Market Challenges

      January 28, 2025
    • 5

      Europe’s busiest airport is set to get bigger, as Britain green-lights tortured Heathrow expansion project

      January 30, 2025
    • 6

      Top Altcoins to Watch in 2025: An Investor’s Guide

      January 28, 2025
    • 7

      DeepSeek is giving the world a window into Chinese censorship and information control

      January 30, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: richpeopletrades.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 richpeopletrades.com | All Rights Reserved