TIMMINS -- First Cobalt Refinery in Temiskaming Shores is getting $10 million from federal and provincial governments to produce cobalt-sulphate, an element needed to make batteries for electric vehicles.
By next June, First Cobalt Refinery plans to work on recommissioning and expanding the facility in Temiskaming Shores.
“In the coming weeks, we'll announce the feedstock,” said Trent Mell, chief executive officer of First Cobalt Refinery. "The reality for this refinery is, for the early years, we're going to be looking to replicate what's happening in Finland and China and sourcing offshore cobalt product to bring into the refinery. So we need to announce who those partners are going to be. They're big reputable players we're quite proud of."
The facility will be the only permitted cobalt refinery in North America and will account for about five per cent of the world’s production of cobalt sulphate.
Government officials said the $5 million interest-free loan from Ottawa and a $5 million grant from the province will create a lot of jobs.
"It will help create more than a hundred jobs, reduce the company's environmental footprint and ensure EV manufacturers across North America have access to a secure supply of ethically sourced cobalt,” said Terry Sheehan, MP for Sault Ste. Marie.
Mayors in the area said they are looking forward to the impact the $80 million refinery will have on their communities.
"It's been fairly quiet other than the gold mines in the area, so I mean this is great news for the area,” said Carman Kidd, mayor of Temiskaming Shores.
"There's been a lot of talk about the Cobalt development as of late. Some people have been very skeptical about it, but an announcement like this will definitely get people talking and create some excitement,” said George Othmer, mayor of Cobalt.
