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(Kitco News) - Battery metals firm Jervois Global (TSX-V: JRV) said today it has been awarded a conditional €12 million grant from the Finnish government under the State business development body, Business Finland, to partially fund a potential expansion of Jervois’ cobalt refining capacity in Kokkola, Finland.
Jervois added it expects this grant will allow the company to evaluate restarting work on the bankable feasibility study (BFS) for a cobalt refinery expansion in Kokkola, reimburse part of its BFS costs and costs of any future construction of a Finland cobalt refinery expansion.
According to a company press release, that work was paused in April 2023 in favor of a BFS for a new cobalt refinery located in the United States to be fully funded by the U.S. Department of Defense (DoD).
Jervois noted it expects its BFS for a U.S. cobalt refinery will share a flow sheet and other elements with the BFS for a Finland cobalt refinery expansion, creating synergies and timeline benefits to the U.S. project.
The company expects its DoD-funded BFS for a U.S. cobalt refinery will continue independently of any future work on a BFS for a Finland cobalt refinery expansion.
Importantly, the company said that the Business Finland grant will be released subject to satisfaction of a number of conditions, including Jervois Board approval (or final investment decision) to construct the facility; securing financing and receipt of certain environmental permits. The grant does not expire until the end of October 2024.
Jervois is a vertically integrated cobalt development company developing a fully-integrated cobalt value chain, with significant nickel and copper exposure. The company has development stage assets, growth opportunities and exploration projects.
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