- Jervois Mining (JRV) receives board approval for the final construction of its Idaho Cobalt Operations (ICO) in the United States
- The approval follows a pricing and book closing from Jervois’ subsidiary, which offered senior secured bonds to raise US$100 (million A$132 million)
- Funds from the bond issue will be used to fund the construction of ICO and bring it into production
- The company is expecting to commence commercial concentrate production at ICO from mid-2022
- On the market, Jervois is down 0.81 per cent and is trading at 61.5 cents per share
The board of Jervois Mining (JRV) has approved the final construction of its Idaho Cobalt Operations (ICO) in the United States.
ICO is located around east-central part of Idaho.
The approval follows a pricing and book closing from Jervois’ subsidiary, which offered senior secured bonds to raise US$100 (million A$132 million).
Funds from the bond issue will be used to fund the construction of ICO and bring it into production.
Site early works are well underway, with full construction to commence on the ground in September 2021. The project is expected to create around 200 local construction jobs and 180 operational positions once the site transitions into commercial operation.
The company is expecting to commence commercial concentrate production at ICO from mid-2022.
Jervois purchased ICO in July 2019 and at that time the project was partially constructed.
“Once in operation, ICO will be the first US cobalt mine in generations. Given cobalt’s many applications and significant supply chain risks, it has been designated a critical mineral by the US Government,” the company said.
On the market, Jervois is down 0.81 per cent and is trading at 61.5 cents per share at 12:08 pm AEST.