First Cobalt (TSX-V:FCC, OTCQX:FTSSF) Corp said it has received another permit amendment needed to recommission its hydrometallurgical refinery in Ontario.
The recently received Air & Noise Environmental Compliance Approval from the Ontario Ministry of the Environment, Conservation and Parks is the second of three permits needed ahead of the company's plans to produce North America's only supply of battery-grade cobalt for the electric vehicle market.
According to First Cobalt, the third and final permit amendment has undergone community consultations and has now been submitted to the Ministry for review. Final approval is expected shortly.
READ: First Cobalt awards Canadian refinery contract to Metso Outotec
The US$60 million facility expansion remains on schedule to be commissioned during the fourth quarter of 2022. Once operational, First Cobalt expects its hydrometallurgical refinery to have peer-leading ESG credentials, with the lowest Scope 1 and Scope 2 emissions in the industry.
"In the first half of 2021, sales of electric vehicles in the US were up more than 130% and that trend could accelerate with several new EV models hitting the market,” Trent Mell, president and CEO said in a statement. “With financing in place, receipt of this latest permit keeps us on schedule for Phase 1 of our North American Battery Materials Park strategy.”
Mell went on to say, the company plans to be the only producer of battery-grade cobalt sulfate in North America by the end of 2022.
“In 2023, Phase II will entail commercial-scale battery recycling from the same facility, leveraging existing personnel and infrastructure,” the company leader added. “In Phase III, we will set our sights on building a nickel sulfate plant, once again becoming the sole North American supplier of an important raw material for the EV industry."
First Cobalt will continue to update the market as key construction and commercial milestones are achieved.
Contact the writer at georgia@proactiveinvestors.com