- Jervois Mining acquires Freeport Cobalt for $160 million.
- The acquisition includes 6,250 mtpa refining capacity in Finland until 2093.
- Jervois raises A$313 million through equity raising to fund the acquisition.
- The deal is expected to close by the end of August 2021.
Acquisition Details
Jervois Mining Limited has agreed to acquire 100% of Freeport Cobalt for US$160 million. This acquisition will make Jervois the second-largest refined cobalt producer outside China, enhancing its existing operations in Idaho and Brazil.
Refining Capacity
The acquisition provides Jervois with access to 6,250 mtpa of refining capacity at the Kokkola refinery in Finland, operated by Umicore, through a toll refining agreement valid until 2093.
Financial Strategy
To fund the acquisition and the development of its Idaho Cobalt Operations, Jervois has raised A$313 million through a fully-underwritten equity raising.
Strategic Benefits
This acquisition diversifies Jervois' product portfolio and value chain, positioning the company for further growth. It also aligns with Jervois' commitment to responsible sourcing practices.
Closing Timeline
The acquisition is expected to close by the end of August 2021, subject to customary closing conditions.
