(TheNewswire)
Highlights:
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Jervois has been awarded aconditional €12 million grant from the Finnish government under theState business development body, Business Finland, to partially fund apotential expansion of Jervois’ cobalt refining capacity in Kokkola,Finland
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The conditional grant recognisesJervois Finland’s innovations that improve environmental protectionand its ESG leadership in the cobalt industry
23 June 2023 – TheNewswire– Australia - Jervois Global Limited(“ Jervois ” or the “ Company ”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF)is pleased to announce its 100%-owned subsidiary, Jervois Finland Oy(“ JervoisFinland ”), has been awarded €12 million inreimbursable cash funding for its potential expansion of cobaltrefining capacity at the Kokkola Industrial Park (“ KIP ”) from BusinessFinland, a Finnish State development body, subject to meeting certainconditions.
Jervois expects this Business Finland grant will allowJervois to evaluate restarting work on the Bankable Feasibility Study(“ BFS ”) for a cobalt refinery expansion at KIP, as described inan announcement to the Australian Securities Exchange (“ ASX ”) on 16 May2022 (titled “Jervois Commencing BFS Refinery Expansion atKokkola”). That work was paused in April 2023 in favor of a BFS fora new cobalt refinery located in the United States (“ U.S. ”) to be fullyfunded by the U.S. Department of Defense (“ DoD ”).
Jervois expects its BFS for a U.S. cobalt refinery willshare a flow sheet and other elements with the BFS for a Finlandcobalt refinery expansion, creating synergies and timeline benefits tothe U.S. project. Jervois expects its DoD-funded BFS for a U.S.cobalt refinery will continue independently of any future work on aBFS for a Finland cobalt refinery expansion.
This Business Finland grant is expected to reimbursepart of its BFS costs and costs of any future construction of aFinland cobalt refinery expansion. The award relates to Jervois’environmental, social and governance (“ ESG ”) strategiesfor the facility, namely for an intention to exceed the EuropeanUnion’s (“ EU’s ”) environmental protection standardsand to reinforce Jervois Finland’s existing position of ESGleadership in the cobalt industry.
The Business Finland grant will be released subject tosatisfaction of a number of conditions, including Jervois Boardapproval (or final investment decision) to construct the facility;securing financing and receipt of certain environmental permits. Thegrant does not expire until the end of October 2024.
Jervois continues to evaluate cobalt refineryinvestments in both the U.S. and Finland. The Company only expectsto progress these projects in circumstances where project economicsare demonstrated to be robust, and where third-party financing isavailable for advancement of studies and construction. Jervoiscontinues to engage with potential partners in industry with regardsto such financing, including governments, automakers and other batteryand or critical mineral value chain participants.
On behalf of Jervois
Bryce Crocker, CEO
For further information, please contact:
Investors and analysts: James May Chief Financial Officer Jervois Global | Media: Nathan Ryan NWR Communications nathan.ryan@nwrcommunications.com.au Mob: +61 420 582 887 |
Forward-LookingStatements
This news release may containcertain “Forward-Looking Statements” within the meaning of theUnited States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When used in this news release,the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule”, “expected” and other similar words or expressionsidentify forward-looking statements or information. Theseforward-looking statements or information may relate to the timing offeasibility studies at Jervois Finland, future final investmentdecision to proceed, future project funding, permits required toconstruct and operate the new refinery, the amount of fundingprovided to Jervois Finland from Business Finland and certain otherfactors or information. Such statements represent Jervois’ currentviews with respect to future events and are necessarily based upon anumber of assumptions and estimates that, while considered reasonableby Jervois, are inherently subject to significant business, economic,competitive, political and social risks, contingencies anduncertainties. Many factors, both known and unknown, could causeresults, performance or achievements to be materially different fromthe results, performance or achievements that are or may be expressedor implied by such forward-looking statements. Jervois does notintend, and does not assume any obligation, to update theseforward-looking statements or information to reflect changes inassumptions or changes in circumstances or any other events affectionssuch statements and information other than as required by applicablelaws, rules and regulations.
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