Electra Battery Materials (TSXV: ELBM) is nearing the completion of its refinery expansion project. The company is currently working towards bringing the only cobalt sulfate refinery in North America to the production stage.
The firm has reportedly now received its Industrial Sewage Works permit, a significant milestone for the project. The permit governs the firms ability to process both water and tailings from the production process, and the awarding of the permit indicates that the government finds its planned processes for dealing with the environmental impact of such operations as acceptable.
Next, the company is working to receive approval for its Final Closure Plan, which relates to how the site will be treated once operations are concluded at the site. Included is the rehabilitation plan for the site, and the current estimates of such related costs. The plan was submitted to the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry on January 19, and is subject to a 45-day review period.
Finally, the company also indicated it will look to amend its current water permit to ensure its water supply is sufficient for the planned operations.
The cobalt sulfate refinery is expected to be completed in 2022, with commissioning slated to occur this year. The project is referred to as being the first of a four phase plan for a “battery materials park” being planned by the company. Future phases are said to include recycling capabilities for battery scrap materials, the production of nickel sulfate, and precursor active material production.
In terms of future phases, the company expects to be able to produce battery grade nickel sulfate by 2024, while 2025 will see cathode active material production. Cobalt production meanwhile is estimated to hit 5,000 tonnes per annum just next year. On the recycling side of things, a pilot plant for black mass recycling is scheduled to be completed this year, with commercial operations beginning in 2023.
Electra Battery Materials Corp last traded at $0.29 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization unless otherwise mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
