2023-03-28 17:50:14 ET
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Jervois Global ( TSXV: JRV:CA ) ( OTCQX:JRVMF ) said Tuesday it will suspend the final construction and full concentrator commissioning at its Idaho Cobalt Operations mine in the United States.
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The company said it is suspending construction due to continuing low cobalt prices and U.S. inflationary impacts on construction costs.
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Jervois remains confident regarding the medium and longer term future of cobalt.
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The company said the U.S. Department of Defense has advised that it intends to award Jervois an immediate need for Defense Production Act Title III with US$15 million of funding.
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Jervois expects to complete construction of and commission ICO when cobalt prices recover, which it also expects will align with cobalt refining capacity in the U.S. brought into operation by Jervois and/or third parties.
For further details see:
Jervois suspends final construction at ICO mine in the U.S. citing inflationary pressures