Jervois Mining Confirms Discussions with U.S. Government for Idaho Cobalt Operations Financing
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Jervois Mining has confirms it is participating in financing discussions with the United States federal government to complete construction of its Idaho Cobalt Operations mine in Idaho.
Jervois acquired ICO as a partially complete mining operation in 2019 and expects to complete construction of the project to commence cobalt production next year.
Jervois has submitted specific proposals and is negotiating to finalize the form of final applications to various arms of the U.S. government. These include the Department of Defense, pursuant to the Defense Production Act Title III Expansion of Domestic Production Capability and Capacity funding opportunity, the U.S. International Development Finance Corporation, the U.S. government’s development finance institution, and the Department of Energy.
Jervois proposes a debt guarantee or loan would be in the U.S. national interest since the U.S. government included cobalt on a list of critical minerals developed by it pursuant to the executive order, “A Federal Strategy to Ensure Secure and Reliable Supplies of Critical Minerals” dated December 17, 2017.
Independent of the potential availability of U.S. government financial support, Jervois continues to advance private debt financing for ICO, which is forecast to commence production in mid-2022.
ICO will be the only cobalt mine in the U.S. once it starts production.
About Jervois Mining
Jervois Mining Limited explores for and evaluates mineral properties in the United States, Australia, and Uganda. The company explores for cobalt, nickel, copper, tin, and gold deposits. Its flagship project is the Idaho Cobalt Operations project located in the state of Idaho. The company was founded in 1962 and is based in Hawthorn East, Australia.
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