Three Fires Group to take equity stake in Electra Battery Materials
Electra Battery Materials, the developers of a Temiskaming cobalt refinery, have come out with a financing package to finish construction of the plant and kick-start the development of a battery recycling operation.
The Toronto company’s new joint venture Indigenous partner, the Three Fires Group, is tentatively prepared to invest $10 million or half as part of a total $20-million arrangement for this venture, according to an Electra spokesperson.
A June 26 news release from Electra said the “commitment for a strategic investment” by Three Fires in this venture will be reviewed by shareholders of Three Fires. Talks are ongoing with the federal and provincial governments and other potential funders to advance progress of the refinery project.
Electra is well into construction of cobalt and nickel refining complex at the site of the former Yukon refinery located between town of Cobalt and Temiskaming Shores in northeastern Ontario.
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