Toronto plant developer looks to lock up US$60 million to start supplying North American battery manufacturers
Electra Battery Materials will continue to hold off on completing the last phases of construction its Temiskaming cobalt refinery until it can secure the remaining US$60 million to finish the job.
“We’ll be very careful before we press start,” said Trent Mell, the company’s president-CEO in a recent conference call and webcast on its third-quarter performance. Most of the refinery’s remaining equipment, ordered and fabricated overseas, has arrived on site but won’t be installed until project financing comes through.
Without getting into specifics, Mell said on a web call with industry analysts last week that he’s encouraged they’ll land the $60 million, maybe not by year’s end but sometime in 2024.
Mell expects they’ll cobble together a funding package from government sources, commercial partners and trading houses. “I’m feeling better about that than I have in a year,” he said.