Key Points – Jervois is advancing debt financing for Idaho Cobalt operations in Idaho, U.S. – Talks with the U.S. federal government are part of Jervois’ debt financing negotiations, which are in parallel with negotiations with private lenders that are moving forward – Jervois is considering ICO financing individually or combined with the São Miguel Paulista refinery in Brazil – ICO commercial …
– – Jervois is driving debt financing for Idaho Cobalt Operations (“ICO”) in Idaho, United States
– – Talks with the United States federal government are part of Jervois’ debt financing negotiations, which are held in parallel with ongoing negotiations with private lenders
– – Jervois is considering financing ICOs individually or in combination with its São Miguel Paulista (“SMP”) refinery in Brazil
– – Commercial ICO concentrate production is expected to continue from mid-2022, and SMP’s restart is expected that same year, all under Jervois’ plan to become a vertically integrated specialty nickel and cobalt producer
– – ICO will be the only cobalt mine in the US ever in production
TheNewswire – April 26, 2021 – Jervois Mining Limited (” Jervois ” or the ” Companies ” ) (ASX: JRV) (TSXV: JRV) (OTC: JRVMF) certifies that it is participating in funding discussions with the United States (” US “) Federal Government Completes Construction of Idaho Cobalt Operations (” ICO ”) Mine in Idaho.
Jervois acquired ICO in 2019 as a partially completed mining operation and expects to complete construction on the project to begin cobalt production next year.
Jervois has made specific proposals and negotiate to finalize the form of final applications on various US government weapons. These include the Ministry of Defense, according to the Defense Production Act Title III Expansion of domestic production capacity and financing options for capacities that The US International Development Finance Corporation, the US government’s development finance institution (which received a domestic mandate due to Covid-19), and the Department of Energy.
Jervois suggests a Debt guarantee or loan This would be in the national interest of the US, as the US government has included cobalt in a list of critical minerals that it is developing in accordance with the Executive Order “A federal strategy to ensure a safe and reliable supply of critical minerals” of December 17, 2017 has been.
Regardless of the potential availability of US government financial assistance, Jervois continues privately ahead External financing for ICO , which is expected to start production in mid-2022. ICO will be the only cobalt mine in the US once production begins.
Jervois does not plan to update the market in terms of any of its applications or discussions with the US government unless the Company reaches an agreement for a US government Loan or Guarantee of part or all of the leverage Jervois is trying to get ICO into production.
On behalf of Jervois Mining Limited
Bryce Crocker, CEO
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