Electra Studies $530M-$675M North American Nickel Refinery

Electra Battery Materials reported preliminary engineering results for the first phase of a proposed two-phase nickel refinery in Ontario, designed to process mined feedstock into about 20,000 tonnes a year of contained battery-grade nickel sulfate. Process modeling showed nickel and cobalt recoveries of at least 97%, with recovered cobalt hydroxide potentially supplying Electra’s planned cobalt refinery. A second phase could process recycled battery black mass and add roughly 20,000 tonnes of annual nickel capacity, along with cobalt, lithium and graphite byproducts. The project is intended to supply battery, industrial and military customers in North America while reducing reliance on Chinese and other foreign processing, with first-phase capital costs estimated at $530 million to $675 million. Electra is pursuing financing, feedstock and offtake agreements as it advances the project.