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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.
“Critical minerals are an essential element of the electric vehicle supply chain. Today’s investment from the Government of Canada means that Northern Ontario will seize the economic opportunities created by Canada’s transition to a green economy. This investment also means good-paying jobs for middle-class families in the region. This is part of our plan to build an economy in Northern Ontario that works for everyone, not just the few.”
– The Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor
“Building up a low-carbon economy is a generational economic opportunity for Canada. Canada has vast critical mineral resources, materials that are integral to the development of the clean technologies, like electric vehicles, we need to reduce emissions and create good jobs. By supporting companies like Electra, Canada is making the smart investments necessary to secure reliable and prosperous electric vehicle value chains and drive sustainable economic growth in communties right across Canada.”
“The Government of Canada is stepping up to support innovation and the green economy in Northern Ontario. This strategic investment will fuel economic growth, create jobs, and stimulate the regional economy.”
– 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
“The Government of Canada, through FedNor, is working hard to expand the electric vehicle supply chain right here in Northern Ontario. Today’s funding ensures that Northern Ontario’s mining sector will continue to play an important role in our transition to a clean and sustainable economy, and will promote a strong and thriving regional economy in Nipissing-Timiskaming.”
– Anthony Rota, Member of Parliament for Nipissing–Timiskaming
“This is an important announcement that shows the Government of Canada’s commitment to Northern Ontario. By investing in Electra, the Government of Canada is leveraging the unique expertise and innovation available right here in Northern Ontario and taking concrete steps to build a domestic supply chain for electric vehicles. This is the type of investment that is needed to grow our economy and create a greener, more sustainable future.”
– Viviane Lapointe, Member of Parliament for Sudbury
“Canada has surpassed China as the top jurisdiction in the global battery supply chain, given its strength in raw materials mining and processing. Today’s announcement from the Government of Canada’s demonstrates its continued commitment to building a strong, domestic EV supply chain. We are grateful for this additional investment as it represents additional validation of our progress and will allow Electra to continue to work toward our goal of producing secure, clean, and ethically sourced materials that are a crucial part of a sustainable future for electric vehicles in Canada.”
– Trent Mell, President & CEO, Electra Battery Materials Corporation
Office of the Minister of Indigenous Services and Minister responsible for FedNor
Federal Economic Development Agency for Northern Ontario
Vice President, Investor Relations & Corporate Development
Electra Battery Materials