- Jervois Global (JRV) receives US$15 million (A$22 million) in funding from the US Department of Defence (DoD) to begin work at its Idaho Cobalt Operations (ICO) mine
- The funding will accelerate drilling efforts at the mine, defining and expanding the RAM deposit’s existing cobalt resources
- Drilling will also aim to potentially delineate the adjacent Sunrise historic resource to modern geological standards
- Cobalt is a critical mineral as declared by the US Government thanks to its defence, military and energy transition applications
- JRV shares are soaring, up 38.9 per cent, trading at 10 cents at 2:06 pm AEST
Jervois Global (JRV) has received US$15 million (A$22 million) in funding from the US Department of Defence (DoD) to begin work at its Idaho Cobalt Operations (ICO) mine.
The agreement aims to accelerate drilling efforts at the mine, defining and expanding the RAM deposit’s existing cobalt resources. Drilling will also aim to potentially delineate the adjacent Sunrise historic resource to modern geological standards.
The company also plans to do a bankable feasibility study (BFS) for a cobalt refinery in the US, leaning on knowledge from its existing cobalt refining and advanced manufacturing operation in Kokkola, Finland.
In late March 2023, Jervois shut down construction at its ICO mine due to excessively low cobalt prices, and US inflationary impacts on construction costs, in a bid to preserve the value of its cobalt reserves.
ICO’s mineral resource and reserve is considered the largest and highest-grade confirmed cobalt orebody in the nation and when commissioned will be the only primary cobalt mine in the country.
Cobalt is a critical mineral as declared by the US Government thanks to its defence, military and energy transition applications.
JRV shares were soaring, up 38.9 per cent, trading at 10 cents at 2:06 pm AEST.