Latest news with #DefenseProductionAct
The Market Online
19 hours ago
- Business
- The Market Online
North America's lone cobalt refinery begins path to production
Electra Battery Materials (TSXV:ELBM) has initiated its early works program towards restarting North America's only cobalt refinery Electra is a critical minerals company focused on cobalt sulfate refining, nickel refining and battery recycling for the North American lithium-ion battery market Electra Battery Materials stock has given back 38.56 per cent year-over-year Electra Battery Materials (TSXV:ELBM) has initiated its early works program towards restarting North America's only cobalt refinery. The battery-grade facility, located north of Toronto, employs hydrometallurgical processing with a low-carbon focus, and could play a potentially meaningful role in onshoring North America's critical metals supply chain and increasing the continent's stake in the growing US$17 billion cobalt market, which is expected to post a 6.7 per cent compound annual growth rate through 2030. The early-works program, which will cost an estimated C$750,000, will focus primarily on the refinery's solvent extraction (SX) facility, including: Installing previously delivered processing equipment. Pouring reinforced concrete bases for extraction tanks. Finalizing roofing work. Concurrently, tender and engineering preparations are underway to streamline the path to full-scale construction. These activities follow a C$200,000 upgrade to the refinery's septic, power and lighting systems, as well as the recent delivery of a prefabricated electrical house. The restart is partially supported by US$20 million from the U.S. Department of Defense under the Defense Production Act, awarded in August 2024, in addition to funding from Canada's Strategic Innovation Fund. According to Thursday's news release, 'backed by strong government endorsements and the refinery already significantly advanced, Electra expects it will be able to finalize the balance of the financing required to move the refinery into production.' Leadership insights 'The early works program represents a critical step in transitioning the refinery site back to construction mode,' Mark Trevisiol, vice president of Projects at Electra Battery Materials, said in a statement. 'By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place.' 'This project reflects our disciplined approach to advancing the refinery project,' commented Electra's chief financial officer, Marty Rendall. 'The early works program enables us to build critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package.' 'Our early works program is a clear signal: Electra is not standing still,' added Trent Mell, Electra's CEO. 'The early works program lays the physical and operational groundwork to accelerate into full construction. We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America's only battery-grade cobalt refinery.' About Electra Battery Materials Electra is a critical minerals company focused on cobalt sulfate refining, nickel refining and battery recycling for the North American lithium-ion battery market. Electra Battery Materials stock (TSXV:ELBM) opened unchanged trading at C$1.45. The stock has given back 38.56 per cent year-over-year. Join the discussion: Find out what everybody's saying about this critical metals company on the Electra Battery Materials Corp. Bullboard and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
20 hours ago
- Business
- Yahoo
Everest Metals gains DIBC membership to advance rubidium project in WA
Everest Metals has been granted membership in the US Defence Industrial Base Consortium (DIBC), enabling the company to advance its Mt Edon rubidium project in Western Australia (WA). Managed by Advanced Technology International on behalf of the US Department of Defence (DoD), the DIBC aims to strengthen the DoD's industrial base by fostering collaboration between the government and private sector entities. The approval provides Everest with opportunities for prototyping, access to commercial solutions and project development funding tailored for defence needs. This membership could also streamline contracting processes and potentially secure non-dilutive funding to expedite the development of the Mt Edon Project. Everest is actively aiming to establish a commercial pilot plant for the project by 2026. Everest Metals executive chairman and CEO Mark Caruso said: 'We are thrilled to join the DIBC, a testament to the strategic importance of our Mt Edon Rubidium Project. This approval opens doors to collaborate with the US Department of Defence, access non-dilutive funding, and advance our goal of establishing a commercial rubidium pilot plant. 'With rubidium's critical applications in defence and high-tech industries and forecast growing demand, Everest is well-positioned to address global supply constraints and meet growing demand for this extremely scarce mineral.' This initiative aligns with the strategic importance of rubidium in defence, aerospace, medical and high-tech industrial applications. With rubidium's classification as a critical mineral by the US, the project is poised to contribute to domestic production and reduce reliance on international supply chains. US President Donald Trump invoked emergency powers in March to boost domestic production of critical minerals, aiming to reduce the US' dependency on foreign sources, especially China. The executive order utilises the Defense Production Act to financially support the processing of critical minerals such as lithium and nickel, vital for electronics and electric vehicle batteries. "Everest Metals gains DIBC membership to advance rubidium project in WA" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
a day ago
- Business
- Hamilton Spectator
Electra Commences Early Works to Support Restart of North America's Only Cobalt Refinery
TORONTO, June 19, 2025 (GLOBE NEWSWIRE) — Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) ('Electra' or the 'Company') announces the launch of an early works program at its cobalt refinery north of Toronto, reaffirming the Company's commitment to onshoring North America's critical minerals processing and building a resilient, domestic battery materials supply chain. The early works program encompasses targeted site-level activities designed to prepare for the restart of full-scale construction. The initiative reflects growing momentum around the project, supported by strategic funding from both the U.S. and Canadian governments. The work, budgeted at approximately C$750,000, is particularly focused on advancing the solvent extraction facility. 'The early works program represents a critical step in transitioning the refinery site back to construction mode,' said Mark Trevisiol, Vice President, Projects at Electra. 'By focusing on key infrastructure, particularly in the SX area, we are ensuring the site is ready for a seamless ramp-up as soon as full funding is in place.' Work scheduled over the summer will focus on advancing high-priority activities in the solvent extraction (SX) area, which is a key component of Electra's hydrometallurgical refining circuit. Crews will relocate and install SX processing equipment previously delivered to site, pour reinforced concrete bases for the SX tanks, and complete structural roofing work on the SX building. In parallel, tender preparation and engineering support activities will proceed to facilitate the transition to full construction. These works follow a C$200,000 investment earlier this year into the septic, power and lighting systems, as well as the recent delivery and placement of the site's prefabricated electrical house, all further enhancing construction readiness. 'This project reflects our disciplined approach to advancing the refinery project,' said Electra CFO, Marty Rendall. 'The early works program enables us to build critical infrastructure and maintain project momentum while we work to finalize the remaining elements of our funding package.' The early works initiative is partially supported by a US$20 million award from the U.S. Department of Defense under the Defense Production Act, announced in August 2024. This funding underscores the strategic role of Electra's refinery in strengthening domestic industrial capacity and securing North America's critical minerals supply chain. The project has also received support from Canada's Strategic Innovation Fund. 'Our early works program is a clear signal: Electra is not standing still,' said Trent Mell, CEO of Electra. 'The early works program lays the physical and operational groundwork to accelerate into full construction. We are confident in our project and its strategic importance. Preparing for the final leg of construction is a reaffirmation of our commitment to delivering North America's only battery-grade cobalt refinery.' Electra's refinery is the only project in North America designed to produce battery-grade cobalt sulfate at scale. By integrating advanced hydrometallurgical processing and pursuing low-carbon production pathways, Electra is redefining how critical minerals are refined, offering a cleaner, traceable alternative to overseas supply chains. Following a temporary pause in construction in 2023, Electra has continued to make strategic progress toward completing the remaining financing needed to bring the cobalt sulfate refinery into full commercial operation. With foundational funding already secured, including significant contributions from both the U.S. and Canadian governments, the Company is actively advancing complementary funding initiatives to support project completion. Backed by strong government endorsements and the refinery already significantly advanced, Electra expects it will be able to finalize the balance of the financing required to move the refinery into production. About Electra Battery Materials Electra is a leader in advancing North America's critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America's only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra's strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visit . Contact Heather Smiles Vice President, Investor Relations & Corporate Development Electra Battery Materials info@ 1.416.900.3891 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This news release may contain forward-looking statements and forward-looking information (together, 'forward-looking statements') within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as 'plans', 'expects', 'estimates', 'intends', 'anticipates', 'believes' or variations of such words, or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'occur' or 'be achieved'. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at and on EDGAR at . Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A photo accompanying this announcement is available at
The Market Online
3 days ago
- Business
- The Market Online
Strategic property acquisition in prolific copper-gold region in BC
Canadian-based Grid Battery Metals focuses on exploration for high-value battery metals required for the electric vehicle (EV) market. The company has just made a big move in copper and Tim Fernback, President and CEO of Grid Battery Metals joined Coreena Robertson in studio to discuss the details. The following is a transcription of the above video, and The Market Online has edited it for clarity . Coreena: Let's start with the big news. Grid just closed on the acquisition of a copper property. Can you walk us through what this asset is and what kind of potential you see there? Tim: It's a 275 square kilometer mining tenure, five distinct claim blocks in a very prolific Omineca region of central BC. So it is a prolific copper gold region in British Columbia. And there are three deposits adjacent to ours, which are being worked by Northwest Copper. And of course, we're in the region where Centerra Gold's Mount Milligan mine has already produced 1.8 million ounces of gold and 750 million pounds of copper. Coreena: Now, you've already got a strong focus on lithium. How does adding copper to the mix strengthen the portfolio for shareholders? Tim: You know, it's all about diversification. We are a battery metals focused company, so we're looking for good projects with good metal potential. And copper and lithium are both in high demand and also they are projected to have a supply crunch going forward. So it's a good place to be for a Grid shareholder to have both of these metals in your portfolio. Coreena: Alright. Now copper's obviously a big deal, but from a defense angle, what exactly makes it so critical? Tim: So, it's the best conductor of electricity. So, if you have equipment that's powered by a diesel engine or nuclear power or even a battery, a rechargeable battery, it's going to need copper to get to where it's got to go to make it function. So copper, titanium, stainless steel. These are really critical metals within the defense industry because all their equipment uses quite a larger quantity of it. Coreena: Alright. And we're going to need more of it. Tim: Yes, of course. Coreena: We've seen this shift in political momentum from Trump invoking the Defense Production Act to Mark Carney's push for resource security here in Canada. What steps is the government taking to make sure metals like lithium and copper are sourced more domestically? Tim: So, the big trend with these critical minerals is reshoring or onshoring them back to North America. So North America over the last 40, 50 years has given away its refining capacity and its production capacity. So now that's being brought back onto North American shores and we're focused on developing our own internal resources. So good quality copper and lithium projects in North America will go forward and will be supported by the governments. Coreena: And with Carney's recent push to ramp up Canada's defense spending, how does Grid fit into that picture? Tim: So, what's happening in Canada is that there's a renewed focus on spending on military equipment and as mentioned before, copper's a big part of that, so is lithium. So Canada in particular has committed to going from about 1.4 per cent of GDP to 2 per cent of GDP in terms of defense spending. So that is $18 billion annually in addition to what we already spend for a total of about $60 billion. Most of that is going into equipment and metals like copper and lithium are a big part of what's being bought. Coreena: And finally, do you see your asset base aligning with those evolving national priorities? Tim: Definitely, having great lithium and copper assets as North America is onshoring those metals and developing those projects, they're going to be supported by the governments and it's really important for our shareholders to have those in their portfolio. Thank you so much, Tim for taking the time to stop by here in studio. You can find Grid Battery Metals trading on the venture under the ticker symbol FLT, and on the OTCQB under the ticker symbol TAKOF. Check them out at for more information. Join the discussion: Find out what everybody's saying about this stock on the Grid Battery Metals investor discussion forum, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
American Military News
4 days ago
- Business
- American Military News
Trump mulls using defense powers to fund rare-Earth projects
The Trump administration is developing a plan to use Cold War-era powers to prioritize and fund rare earth projects it deems critical to national security, people familiar with the matter said. Officials are discussing using the Defense Production Act to tap financing, loans and other means for rare earths element-related projects, including mining, processing and other downstream technologies to bolster the U.S.'s capability to build a domestic supply chain, the people said. A specific course of action or a timeline have yet to be finalized, the people said. MP Materials Corp., the sole domestic producer of rare earths, would be a prime beneficiary. Deputy Defense Secretary Steve Feinberg is working to line up funding for the company, people familiar with that matter said. The Nevada-based mineral processor has received millions in funding from the Defense Department. MP Materials rose as much as 17% to $29.96 at 3:45 pm in New York, the highest on an intraday level since March 14. A spokesman for MP Materials declined to comment. Representatives for the White House and the Pentagon didn't immediately respond to requests for comment. Defense Secretary Pete Hegseth in a congressional hearing this week said that MP Materials 'is a great example of a place where we can partner with industry' and that Feinberg is focused on sourcing rare earth supply. The U.S. currently lacks the so-called mine-to-magnet capability at scale, and invoking the emergency authority will give the Defense Department and other agencies tools to speed up sourcing that severely lags China's dominance in the industry. The urgency has only increased since Beijing flexed its rare earths capacity as leverage in trade talks with Washington over the past month. Beijing's decision to block exports of rare earths focused Trump administration attention on China's dominance in processing the materials used in semiconductors, jet engines and other technology, and it's stoked a surge of interest in rapidly developing U.S. supply chains. 'This is a wake-up call for America,' Interior Secretary and National Energy Dominance Council Chairman Doug Burgum told Bloomberg News in a June 1 interview. 'We are so exposed, right now — precariously exposed — to China's grip on not just the mining, but the processing. They're mining all over the world, but they control 85% of the processing.' An existing U.S. stockpile is 'massively insufficient' Burgum said, adding that billions of dollars could be needed to build a bigger mineral reserve. The latest discussions come more than two months after President Donald Trump signed an executive order to boost production of critical minerals that encouraged faster permitting for mining and processing projects. White House Efforts While that order encompassed rare earths, one of the people familiar with the matter said issuing a new directive is essentially a chance for Trump to publicly message that he's countering Beijing on a U.S. vulnerability that's inflamed trade tensions between the world's largest economies. At the National Energy Dominance Council, David Copley is leading work on the rare-earths issue and has been tasked with coordinating most efforts related to critical minerals, people familiar with the matter said. Copley, a former executive with the mining company Newmont Corp., has been receiving proposals for how the U.S. can quickly build out its own critical minerals supply chains and lists of potential shovel-ready projects the government can quickly invest in through DPA and other funding avenues. Copley's role has taken on new prominence as a result of Elon Musk's efforts to downsize the federal bureaucracy that have led to a wave of buyouts, resignations and retirements at key federal offices working on supply chain issues. The Trump administration revived Biden-era efforts to create a domestic supply chain for rare-earth magnets after China in April clamped down on exports of the materials, Bloomberg News reported last week. As part of the effort, officials solicited proposals to bolster domestic supplies of the magnets within the next six to 12 months as pressure mounted that China's recent retaliation was putting serious pressure on the Pentagon's stockpiles, as well as the inventories of U.S. automakers and some aerospace-related companies. ___ © 2025 Bloomberg L.P. Distributed by Tribune Content Agency, LLC.
