Australian cobalt miner Jervois Global’s subsidiary Jervois Finland has received a €12m grant from state business development body Business Finland for a potential expansion of its cobalt refining at the Kokkola Industrial Park (KIP) in Finland.
Subject to certain conditions, the grant from Business Finland will allow the company to evaluate restarting work on a bankable feasibility study (BFS) for the refinery’s expansion at KIP.
The company initially announced its plans to expand the facility in May 2022.
Jervois paused that work in April this year, in favour of a new cobalt refinery at its Idaho cobalt operations mine, in the US, to be fully funded by the US Department of Defense (DoD).
Earlier this month, it secured $15m in funding under the Manufacturing Capability Expansion and Investment Prioritization (MCIEP), using the US Defense Production Act (DPA).
The company expects that the BFS for the US refinery and the Finnish refinery’s expansion will both share a flow sheet and other elements.
These projects will share synergies and timeline benefits, the miner stated.
The DoD-funded project in the US is expected to continue independently of the BFS for the Finnish refinery’s expansion.
The grant will reimburse part of the BFS costs and other future construction costs at the refinery.
It is also linked to the company’s environmental, social and governance (ESG) strategies, with an aim to surpass European Union’s environmental norms.
The grant is expected to be released only after satisfying several conditions including approval from Jervois’ board or the final investment decision to build the facility, securing financing and upon the receipt of environmental permits.
It will be valid until the end of October next year.