The company has agreed to terms for a US$30-million financing agreement with a syndicate of backers including Cantor Fitzgerald Canada and ECM Capital. The Ontario government is giving the project, near Temiskaming Shores, Ont., another $17.5 million. (The Logic)
Talking point: The revived project is expected to be the first cobalt refinery of its kind in North America. But it has struggled to get the necessary financing, and paused construction on the plant in 2023 due to lack of capital. Cobalt, which is used to make batteries, is mined mostly in the Democratic Republic of Congo and refined primarily in China. Companies from Apple to Mercedes-Benz have been revamping their cobalt supply chains to address human rights concerns in DR Congo. Electra CEO Trent Mell said in a press release that the refinery will help cut “reliance on offshore supply” of the mineral. Shares in Electra rose 16 per cent in mid-afternoon trading.
