Jervois confirms discussions with U.S. Government for ICO financing

0
97

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 …

(TheNewswire)

Important points

  • – – 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

For more information please contact:

Forward-Looking Statements

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. As used in this news release, the words “anticipate,” “believe,” “estimate,” “expect,” “aim,” “plan,” “forecast,” “may,” “plan,” and other similar words or expressions are identified forward-looking statements or information. These forward-looking statements or information may relate to the timing of production at ICO, the expected debt financing and / or debt guarantees for ICO, and certain other factors or information. These statements reflect the company’s current beliefs with respect to future events and are necessarily based on a number of assumptions and estimates that, although believed to be reasonable by the company, inherently pose significant business, economic, competitive, political and social risks , Contingent liabilities and risks are subject to uncertainties. Many known and unknown factors could cause results, performance or successes to differ materially from the results, performance or successes expressed or implied in such forward-looking statements. The company does not intend or undertake any obligation to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or other events that affect any such statements and information that do not comply with applicable laws, rules and regulations .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Copyright (c) 2021 TheNewswire – All rights reserved.