First Cobalt received a C$5 million grant from the Ontario government and a federal government grant for a 10 year interest-free loan of C$5 million for project capital.
In a recent update, First Cobalt (TSXV:FCC,OTCQX:FTSSF) CEO Trent Mell emphasized that First Cobalt’s Canadian government funding demonstrates the growing shift towards sustainable energy and electric power, a trend First Cobalt is in line to capitalize on significantly. “We’re one piece of the puzzle and hopefully, that leads to others. I’d love to see a battery maker come to Ontario or Quebec,” Mell commented.
First Cobalt received a C$5 million grant from the Ontario government, via the Northern Ontario Heritage Fund, as well as a federal government grant for a 10 year interest-free loan of C$5 million for project capital.
Global cobalt production and battery materials are currently supplied mainly through Africa and China to North American markets. According to Mell, localization of a supply chain building into the domestic redundancies is becoming important, especially with the growing influence of ESG worldwide. The company’s First Cobalt Refinery carves a significant space for Western cobalt supply and production.
The First Cobalt Refinery is a permitted asset with US$60 million in capital available to advance operations. The company intends to begin constructing this flagship asset in July 2021, with permit acquisition, extensive build-out and funding set as priorities over the next six months.
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