Core Insights - Electra Battery Materials Corporation has resumed construction of North America's first cobalt sulfate refinery after securing approximately US$82 million in project financing [1][7][10] - The refinery is positioned to produce 6,500 tonnes of battery-grade cobalt annually, which is essential for lithium-ion battery manufacturing and strengthens the domestic supply chain [9][12] Company Developments - The construction reactivation is a significant milestone in Electra's strategy to onshore critical minerals processing in North America, supported by government and private investments [4][7] - The project is fully funded through a combination of equity financing and government support, including US$48 million from U.S., Canadian, and Ontario governments [10][12] - Electra has engaged EXP for construction management support and is focused on disciplined execution, including detailed engineering and site preparations [4][6] Operational Plans - Major mechanical, electrical, and instrumentation contracts are expected to be awarded soon, leading to a substantial increase in the workforce and full-scale construction by early 2026 [6][8] - The company plans to provide a market update in January to clarify final costs, an accelerated schedule, and execution milestones [6][10] - Key activities include finalizing engineering, restarting critical systems, and upgrading existing infrastructure to align with updated designs [8][12] Strategic Importance - The refinery will be the only cobalt sulfate production facility in North America and one of only two major facilities outside China, enhancing the region's critical minerals supply chain [7][12] - Electra's operations align with U.S. and Canadian industrial policies aimed at reshoring critical minerals processing and reducing reliance on foreign supply chains [12][13] - The company has an offtake agreement with LG Energy Solution, indicating its strategic role in the North American battery materials supply chain [11][12]
Electra Reactivates Construction at Cobalt Sulfate Refinery