Welcome to our dedicated page for Electra Battery Materials news (Ticker: ELBM), a resource for investors and traders seeking the latest updates and insights on Electra Battery Materials stock.
Electra Battery Materials Corp (ELBM) drives innovation in sustainable battery material production, specializing in North American cobalt refining for electric vehicle supply chains. This resource provides investors and industry stakeholders with timely updates on strategic initiatives shaping the clean energy transition.
Access authoritative coverage of ELBM's operational milestones, including refinery developments, partnership announcements, and sustainability progress. Our curated news collection simplifies tracking of material processing advancements and supply chain innovations critical to EV manufacturing.
Key updates include quarterly performance summaries, ESG initiative disclosures, and technology adoption reports. All content undergoes rigorous verification to ensure alignment with factual corporate communications and regulatory filings.
Bookmark this page for streamlined monitoring of ELBM's role in building ethical battery material ecosystems. Regular updates provide insights into North America's growing capacity for low-carbon critical mineral processing.
Electra Battery Materials (NASDAQ: ELBM) has appointed Marty Rendall, CFA, as its new Chief Financial Officer, effective January 1, 2025, succeeding David Allen upon his retirement. The transition comes as the company advances its cobalt sulfate refinery project in Ontario, which has received a US$20 million award from the U.S. Department of Defense.
The company needs to raise approximately US$60 million to complete construction of its low-carbon hydrometallurgical refinery, which has an estimated replacement value of US$200 million. The facility is expected to achieve cash flow by 2026 and will initially produce 5,000 tonnes per annum of battery-grade cobalt, with plans to expand to 6,500 tonnes.
Rendall brings 17 years of experience as CFO at Victoria Gold, where he helped grow the company to a C$1 billion enterprise value and secured over C$1 billion in financings.
Electra Battery Materials has secured a important 10-year exploration permit from the U.S. Forestry Service for its Idaho copper and cobalt properties. The permit covers 91 designated drill pad locations across the Iron Creek Deposit, Ruby Project, and neighboring properties, spanning 73.15 km² of mining patents and exploration claims.
The Iron Creek project's updated Mineral Resource Estimate includes 4.5 million tonnes of Indicated Resources grading 0.19% cobalt (18.4M lbs) and 0.73% copper (71.5M lbs), plus 1.2 million tonnes of Inferred Resources grading 0.08% cobalt (2.1M lbs) and 1.34% copper (36.5M lbs).
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) announced CEO Trent Mell's participation in the 2024 OECD Conference of Mining Regions and Cities in Greater Sudbury, Canada, from October 8 to 11, 2024. The conference focuses on partnering for sustained development in mining regions and future-proofing regional mineral supply for the energy transition.
Mr. Mell will speak on a panel about advancing circular practices to increase local added value, discussing opportunities like recycling. Electra recently announced a joint venture, Aki Battery Recycling, with the Three Fires Group to process lithium-ion battery waste in southern Ontario.
In 2023, Electra processed 40 tonnes of black mass at its refining complex, successfully recovering various products. The company's near-term priority is recommissioning and expanding its Ontario cobalt refinery, with long-term plans to extend critical mineral refining processes across North America.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) has appointed Michael Green as Construction Director for its Ontario refinery project. With over 30 years of experience in construction management, Green will focus on completing North America's first cobalt sulfate refinery in Temiskaming Shores.
Green's extensive background includes leadership roles in large-scale infrastructure, mining, and power generation projects at companies like Trans Mountain , Enbridge Pipelines, and Suncor. His expertise in project execution and safety-first approach will be important in advancing the refinery to completion and commissioning.
The Ontario refinery is a strategic asset in Electra's vision to onshore the EV supply chain in North America. The company's long-term plans include battery recycling and nickel production, further expanding critical mineral refining processes for the North American electric vehicle battery supply chain.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) announces its commercial team's participation in the London Metal Exchange (LME) Week from September 30th to October 4th, 2024. Led by Vice President Michael Insulan, the team will focus on meeting battery supply chain partners and discussing Electra's role in the North American EV materials supply chain.
Insulan highlights recent milestones, including the achievement of technical grade lithium carbonate production and the formation of Aki Battery Recycling, an Indigenous-led partnership for closed-loop battery materials recycling. Electra's refinery is positioned to be the first to produce cobalt sulfate in North America, offering recycling services to gigafactories in Ontario and beyond.
The company's long-term vision includes expanding critical mineral refining processes, establishing a second cobalt sulfate facility in Bécancour, Quebec, and developing a strategically located North American nickel sulfate refinery to supply the global EV battery market.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) has successfully produced technical grade lithium carbonate with over 99% purity in its black mass recycling project. This achievement, potentially the first of its kind in North America, strengthens Electra's ability to produce high-quality products for the battery industry.
The company's proprietary hydrometallurgical process has demonstrated success in producing lithium carbonate, nickel-cobalt MHP, and graphite. Electra recently received a C$5 million funding commitment from the Canadian government to develop this phase of their business. Additionally, Electra has formed a joint venture, Aki Battery Recycling, with the Three Fires Group to secure a steady source of black mass for future operations.
Electra is also addressing a Nasdaq non-compliance notice regarding the minimum bid price requirement. The company has submitted an appeal request, with a hearing scheduled for November 5, 2024.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) has announced a joint venture, Aki Battery Recycling, with Indigenous-owned Three Fires Group to produce battery black mass through recycling lithium-ion battery scrap. The venture aims to address the environmental impact of battery waste by returning scrap to the supply chain. Three Fires Group will lead capital resourcing and facility location, while Electra provides technical and commercial leadership.
The joint venture will establish a state-of-the-art facility in southern Ontario to process battery waste into black mass, which will then be refined at Electra's hydrometallurgical refinery. This initiative aligns with Electra's mission to onshore North America's EV battery supply chain sustainably. The global volume of lithium-ion batteries available for recycling is forecasted to increase from 23.3 GWh in 2023 to 376.1 GWh by 2035.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) has received a non-binding term sheet for a $20 million prepayment facility from a strategic player in the battery materials sector. This investment, if consummated, would be comprised of an immediate $10 million investment and a follow-on $10 million during the refinery's commissioning phase. The company needs an additional $60 million in capital costs to complete its $250 million cobalt facility in North America.
Electra's facility could produce up to 6,500 tonnes of cobalt per year, potentially supporting the production of over 1 million EVs annually. LG Energy Solution intends to purchase up to 80% of capacity over the first five years of operation. The company is also making progress in securing other non-dilutive financing sources, including government programs.
China's new export controls on critical minerals, set to take effect on September 15, 2024, are raising concerns about global supply chain implications. The changes directly impact the tungsten market and could signal potential future restrictions. This comes as the United States needs to increase its critical mineral usage tenfold for clean energy transition.
In response, mining companies are working to improve critical mineral production outside China:
- Troy Minerals Inc. (CSE: TROY) acquired two high-purity silica assets and is developing vanadium and rare earth element projects.
- United States Antimony (NYSE: UAMY) acquired Alaskan mining claims with high copper values.
- Perpetua Resources Corp. (NASDAQ: PPTA) is advancing its Stibnite Gold Project, which would be the only mined source of antimony in the US.
- Electra Battery Materials (NASDAQ: ELBM) is developing North America's only cobalt sulfate refinery.
- MP Materials Corp. (NYSE: MP) operates America's only scaled rare earth production source at Mountain Pass.
Electra Battery Materials (NASDAQ: ELBM; TSX-V: ELBM) announced its participation in Indonesia's first critical minerals conference, Fastmarket's International Critical Minerals and Metals Summit: Indonesia. CEO Trent Mell will discuss Indonesia's role in building an IRA-compliant supply chain for the North American battery materials sector. This follows Electra's recent US$20M Department of Defense grant for advancing domestic cobalt refining capabilities.
Electra's near-term priority is recommissioning and expanding its Ontario cobalt refinery. Long-term plans include onshoring additional critical mineral refining processes, potentially including a closed loop for recycled battery materials, a second cobalt sulfate facility in Bécancour, Quebec, and a North American nickel sulfate refinery.
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