![]() ![]() ![]() Trent Mell, President & Chief Executive Officer, commented: Looking ahead, the enhanced credibility this funding brings will help attract investment partners to this critical project. This funding sends a strong signal to investors that our plan is credible, achievable, and realistic. "Today's announcement is a transformational investment from the Federal and Provincial governments and is further validation of the strategic plan that our management team has been executing for many months. John Pollesel, Chairman of the Board of Directors, commented: This investment reinforces Canada's position as an automotive powerhouse as the auto industry positions itself for an electric future. The Refinery adds another significant piece to the automotive supply chain in Canada, following recent announcements by both levels of government in support of battery electric vehicle production.Īs global EV sales continue to set new records, First Cobalt will play a critical role in the growing North American supply chain. This support will help secure well-paying, long-term jobs in Northern Ontario. Once complete, the facility will be the first of its kind in North America, capable of producing 25,000 tonnes of battery-grade cobalt sulfate annually, which could represent five percent of the global market for refined cobaltĪll amounts in this news release are in Canadian dollars unless otherwise indicated.įirst Cobalt's refinery project has an estimated capital cost of $77 million ( US$60 million), including Federal and Provincial contributions totaling $10 million.This combined strategic investment, totaling $10 million, will enable First Cobalt to recommission and expand its cobalt refinery north of Toronto. ![]() Government of Ontario: $5 million non-repayable grant, through the Northern Ontario Heritage Fund Corporation.Government of Canada: $5 million interest-free loan, through the Federal Economic Development Initiative for Northern Ontario.Key terms under the agreements with both governments are as follows: This critical funding will allow the Company to accelerate the commissioning and expansion of its Refinery in Northern Ontario, attract new investment, and execute against its strategic business plan. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is pleased to announce that it has signed contribution agreements and will be the recipient of $10 million in public funding from the Government of Canada and the Government of Ontario. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |