Jervois greenlights full construction of Idaho Cobalt operations
According to the company's statement, approval follows pricing and closure of the book of Jervois' subsidiary's offering of senior secured bonds to raise US$100 million, guaranteed by Jervois. The company said that proceeds will be used for the payment of capital expenditures, operating costs and other costs associated with the construction of ICO and bringing it into production.
Jervois said that the site is environmentally permitted with an approved Plan of Operations. First production from ICO continues to be expected from mid-2022.
Jervois acquired ICO in July 2019. ICO was partially constructed, with more than US$120 million invested by prior owners since discovery of the cobalt deposit.
ICO will comprise a 1,200 short tons of ore per day mill and concentrator to produce separated cobalt and copper concentrates.
Site early works are well underway, with full construction to commence on the ground in September 2021. ICO will create approximately 200 local construction jobs and 180 operational positions once the site transitions into commercial operation, the company added.
Jervois said it is excited to announcing this significant investment into Idaho. Idaho is an extremely supportive and attractive jurisdiction to invest and leads the U.S. with its stable legal and political system, tax and other regulations to facilitate investment and job creation, whilst simultaneously protecting the state's pristine natural environment.