Refinery developer optimistic more government, private funding will arrive to finish construction
Ottawa is weighing into the processing of critical minerals with a $5-million investment in Electra Battery Materials’ cobalt refinery in Temiskaming, the first dedicated plant of its kind in North America.
The funding will go toward a restart of a construction project that was mothballed in 2023 and for other preparatory technical and processing work. In an interview with Northern Ontario Business, Electra CEO Trent Mell called today’s funding announcement “great news, but it is only a first step.”
Five million dollars “moves the needle,” he said, but construction won’t resume until they have a full funding package in place. A few more funders, both in government and the private sector, need to come forward to get the refinery project across the completion finish line.
Toronto-based Electra is short the US$60 million ($80.7 million) it needs to finish construction and start supplying the North American electric vehicle sector.