- Jervois Mining has completed its previously announced eCobalt merger
- Jervois is now in the financial position to to advance its Idaho Cobalt Project (ICO) and continue negotiations on activities in Uganda and Tanzania
- ICO is potentially the company’s most crucial asset for becoming a cobalt producer to meet the demand in the U.S
- Jervois will be commencing drilling next month and is currently completing a Feasibility Study for ICO
Jervois Mining has completed its previously announced merger with eCobalt Solutions.
On July 23 2019, the Supreme Court of British Columbia approved the merger via the granting of the plan of arrangement with eCobalt under the Business Corporations Act.
Following the completion of the eCobalt merger, all equity placement conditions have been and the A$16.5 million oversubscribed equity placement will now close.
Jervois is now in the financial position to advance its Uganda exploration activities, continue negotiations with the governments of Uganda and Tanzania over base metal projects and the significant Idaho Cobalt Project (ICO) which has now been renamed “Idaho Cobalt Operations.”
ICO is potentially Jervois’ most crucial asset for transitioning from developer to producer status.
The ICO is a high-grade cobalt-copper deposit and a partially completed mine site and mill located outside the town of Salmon, Idaho in the United States. Jervois has a lot planned for the project to ultimately position it to take advantage of the improving cobalt market as demand for superalloys in the U.S and electric vehicles globally, continue to grow.
The ICO mine and mill site has undergone most necessary environmental approvals however the refinery still requires further study and permitting.
So far, pre works have been conducted at the site with the assistance of a US$100 million investment. Works include the construction of access and haul roads, portal bench, mill and concentrator pads and water retention and tailings ponds. Milling equipment has also been purchased and an advanced water treatment plant has been installed.
A combined infill and exploration drilling program will commence in August.
Jervois plans to update a Feasibility Study for the ICO and has put together an experienced team to lead it. Once the Feasibility Study is complete, Jervois plans to secure project financing to construct, commission and bring the ICO into commercial operation during 2021.
Cobalt is a metal in high demand for the U.S and its allies and producing such an in-demand metal will be significant for Jervois and the ICO mine.