FedNor's investment will enable the construction of Electra Battery Materials Corporation's cobalt refinery
Marc G. Serré, Member of Parliament for Nickel Belt and Parliamentary Secretary to the Minister of Energy and Natural Resources and to the Minister of Official Languages, and Anthony Rota, Member of Parliament for Nipissing-Timiskaming, today announced that the Government of Canada is investing $5 million to support the continued expansion of Electra Battery Materials Corporation's cobalt refinery in North Cobalt. The announcement was made on behalf of the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor.
Today's announcement will enable Electra Battery Materials Corporation to continue the recommissioning and expansion of its hydrometallurgical cobalt refinery in North Cobalt. The facility will be the first facility of its kind in North America. Once complete, the refinery will be capable of producing cobalt for up to 1.5 million electric vehicles annually. Provided through FedNor's Regional Economic Growth through Innovation (REGI) program, this strategic investment builds on the Government of Canada's initial investment of $5 million, announced in 2020.
With one of the largest concentrations of mining and related businesses in Canada, Northern Ontario's mining industry is a key economic driver that fuels social and economic growth, while creating jobs and opportunities for families throughout the region. This investment also helps advance the Canada-U.S. Joint Action Plan for Critical Minerals Collaboration, by strengthening the North American supply chain for this critical battery mineral.
