Jervois Explores Partnership with Global Tungsten for U.S. Cobalt Refinery
Australia -- June 3, 2024 -- NewsGenie -- Jervois Global Limited has signed a non-binding memorandum of understanding with Global Tungsten & Powders LLC (GTP) to explore a potential minority equity investment by GTP in Jervois’ proposed U.S. cobalt refinery.
Jervois has resumed its bankable feasibility study (BFS) for the U.S. cobalt refinery, with an annual capacity of 6,000 metric tonnes of cobalt in sulphate form, suitable for electric vehicles (EVs). The facility is expected to supply enough cobalt for approximately 1.2 million EVs annually. The BFS is fully refundable through the U.S. Department of Defense (DoD) Defense Production Act (DPA) Title III funding agreement.
GTP, an existing cobalt customer of Jervois, may also provide recycling feedstock for the U.S. refinery as part of its potential equity investment. One potential site for Jervois’ U.S. cobalt refinery is at GTP’s existing facilities in Towanda, Pennsylvania. Jervois is also considering a site in Louisiana.
Jervois has applied for a Department of Energy (DOE) advanced technology vehicle manufacturing loan to finance the refinery, which it believes will be a critical part of the U.S. critical mineral supply chain. The company notes increasing demand for compliant cobalt sulphate, as required under the U.S. Inflation Reduction Act for U.S. sold EVs to be eligible for buyer rebates.
GTP is a leading Western supplier of tungsten and tungsten carbide powders, with over 75 years of experience. GTP operates manufacturing facilities in Europe and the U.S.