- Electra Battery Materials Corporation (ELBM) has signed a benefits agreement with the Métis Nation of Ontario (MNO)
- It will provide employment, training, procurement, and business opportunities related to the battery materials refinery north of Toronto Temiskaming Shores
- Electra has also agreed to issue 20,000 of its common shares to the MNO
- The plant is designed to hold 51,000 tonnes of cobalt sulphate
- Electra Battery Materials Corporation (ELBM) is up 4.11 per cent and is trading at $4.31 per share as of 3:18 p.m. ET
Electra Battery Materials Corporation (ELBM) has signed a benefits agreement with the Métis Nation of Ontario (MNO).
The company will provide employment, training, procurement, and business opportunities related to constructing and expanding the battery materials refinery north of Toronto Temiskaming Shores.
Electra has agreed to issue 20,000 of its common shares to the MNO as a supportive measure of the Nation’s economic participation in the company’s low-carbon battery materials vision. The shares are still pending regulatory approvals at this time.
“We welcome the signing of the benefits agreement and Electra’s commitment to support economic, cultural, and educational activities in the region… construction of a battery materials plant in Ontario on the James Bay and Abitibi/Temiscamingue Métis Traditional Territories represents an exciting development that will create many opportunities while also supporting environmental sustainability through reducing carbon emissions as a result of the adoption of electric vehicles,” Lorette McKnight, President of the MNO Temiskaming Métis Council, said.
Electra stated it is advancing with the refinery in Temiskaming Shores, Ontario and plans to have a plant capacity of 5,100 tonnes of cobalt in sulphate. The company expects s to launch a battery materials recycling demonstration plant this upcoming fall.
Electra is a processor of low-carbon, ethically sourced, battery materials and currently contracts the only North American cobalt sulfate refinery.
Electra Battery Materials Corporation (ELBM) is up 4.11 per cent and is trading at $4.31 per share as of 3:18 p.m. ET.