IHS - Jervois welcomes U.S. Congressional Select Committee proposal for a reserve to sustain cobalt price

(TheNewswire)

Australia - TheNewswire - 13 December 2023 - Jervois GlobalLimited (“ Jervois ”) (ASX:JRV) (TSX-V:JRV) (OTC:JRVMF) welcomes a bipartisan proposal today of theUnited States Congress’ Select Committee on the StrategicCompetition Between the United States and the Chinese Communist Party(“the Congressional Select Committee”) to create a criticalmineral reserve (“Resilient Resource Reserve”) to sustain cobaltprice (among other critical minerals) for U.S. producers when theprice dips below a floor, and for producers to recontribute duringperiods of high cobalt prices.

The proposed Resilient Resource Reserve is designed toinsulate U.S. critical mineral producers, including cobalt, from thecurrent price volatility resulting from China’s dominance of globalcritical mineral supply chains.

The Congressional Select Committee also proposes thatthe U.S.’ Export-Import Bank (“EXIM”) would expand and extendEXIM’s risk appetite under the China and Transformational ExportsProgram (“CTEP”), including for the financing of mining andcritical minerals activities, including cobalt. EXIM has previouslyadvised Jervois that its 100%-owned Idaho Cobalt Operations(“ICO”) is eligible for potential financing support under CTEP(see ASX announcement titled “ U.S. EXIM Bank confirms ICO’s eligibility for domestic financinginitiatives” dated 24 April 2023 ) .

These extensive bipartisan legislative proposals areincluded in the Congressional Select Committee’s report entitled Reset, Prevent, Build: AStrategy to Win America’s Economic Competition with the ChineseCommunist Party, which will be introduced forconsideration of the full U.S. Congress in 2024.

Jervois owns 100% of ICO. ICO’s mineral resource andreserve is the largest and highest grade confirmed cobalt orebody inthe U.S..

On behalf of Jervois Global Limited

Bryce Crocker, CEO

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