(TheNewswire)
Highlights:
-
Detailed engineering and procurementat Jervois’s 100%-owned Idaho Cobalt Operations (“ICO”), inIdaho, United States are substantially advanced with commitments forapproximately 75% of all equipment and material required forconstruction.
-
Mine development has advanced to over136 feet on the west portal and 100 feet on the east portal, criticalprogress required to establish underground mininginfrastructure.
-
Jervois Global Chief ExecutiveOfficer Mr. Bryce Crocker returned to site to review constructionprogress.
-
Once complete, ICO will be the onlymine supply of cobalt in the United States, a critical mineralnecessary for industry, defense, electric vehicles and energygeneration and distribution in a carbon constrained economy.
Australia - TheNewswire - 22 November 2021 - Jervois Global Limited (“ Jervois ”) (ASX:JRV)(TSXV:JRV) (OTC:JRVMF) is pleased to update its progress onconstruction at its Idaho Cobalt Operations ( “ICO” ) in Idaho,United States.
To date, approximately three quarters of all equipmentand material for the project is now committed. Jervois has committed more than US$36.0 million of the Boardapproved capital budget of US$92.6 million towards equipment,materials and labour costs both onsite and for detailedengineering.
Jervois has ordered all long lead items for the processplant, which are expected to begin arriving onsite from December. Mining camp units are anticipated to arrive late December uponreceipt of necessary permits, with kitchen and supporting unitsexpected to arrive on site in February 2022. The delay in campcommissioning will decrease productivity through the winter in orderto ensure workforce safety.
Together with EPCM M3 Engineering, the project team ledon site by ICO Project Director Mike Romaniuk is undertaking adetailed review of the construction schedule. The date of commissioning in the second half of 2022 is expected to beincreasingly influenced by weather conditions of the current winterconstruction season.
This updated project schedule will then underpincompletion of a cost to complete test by Independent Engineer RPMGlobal, whom is engaged under the terms of the previously announcedUS$100 million Senior Secured Bond, ahead of the first US$50 milliondrawdown.
More than US$100 million has been invested at ICO todate. As part of the current construction cycle at site, Jervois hasadvanced construction of key infrastructure items including (seeAppendix A):
-
Dry stack tailings storage facility which is nowprepared for storage of mine waste material and tailings.
-
Advancing mill building erection and civilwork.
-
SAG and ball mill foundations are being finalized priorto form work and concrete pours.
-
Flotation building civil work is well underway, and anadditional steel erection crew has mobilized to site to completeflotation building erection.
-
A water treatment plant ( WTP ”) has beenwater commissioned and expected to complete in early December 2021.
-
A pump back system will move water from the portal pumpstation to the WTP and is expected to be complete and commissioned inearly December.
-
Mine development in the west portal has advanced over136 feet and the east portal has now advanced 100 feet.
Operational readiness activities are also advancing. ICO has completed recruiting for key management positions at theoperations level including finance manager, mill manager and minemanager in advance of full operations commencing in 2022.
A future domestic source of cobaltfor the United States
ICO is a key asset in delivering Jervois’ strategy tobecome a leading independent cobalt and nickel company providingmetals and minerals for the world’s energy transition through awestern supply chain. When commissioned, ICO will be the UnitedStates only domestic mine supply of cobalt.
Cobalt is a critical mineral for the United States andis used in applications across industry, defense, energy and electricvehicles. Jervois notes the United States’ increased focus on theimportance of developing a secure supply chain for critical materials,particularly cobalt. Jervois notes coverage in the New York Times article on November 21, 2021, that highlighted risks associated withthe current geographical concentration of cobalt mining andprocessing. Jervois is focused advancing ICO into commercialoperation, and together with its refining and advanced manufacturingbusinesses elsewhere in the Americas and Europe, the Company believesit can play a leading role in offering stable, secure supply ofcritical products to customers in the United States, Europe and Japanthat underpin the energy transition to a decarbonized economy incoming decades.
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 timingconstruction activities at ICO, the timing of productions at ICO andcertain other factors or information. Such statements representJervois’ current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by Jervois, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to be materially different from theresults, performance or achievements that are or may be expressed orimplied by such forward-looking statements. Jervois does not intend,and does not assume any obligation, to update these forward-lookingstatements or information to reflect changes in assumptions or changesin circumstances or any other events affections such statements andinformation other than as required by applicable laws, rules andregulations.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.