July 6 (Reuters) – Australia's Jervois Mining Ltd said on Tuesday its board had approved the final construction and development of its cobalt operations in the U.S. state of Idaho, with first production expected in mid-2022.
Cobalt is all the rage of late due to its use as a key ingredient in electric vehicles (EVs) and demand for the metal has seen a sharp uptick with rising EV sales and use in batteries.
The approval follows a $100 million bond issue by Jervois on Monday to fund the Idaho project and bring it to production.
Final construction of the project, which the company acquired in 2019, is scheduled to deliver its first ore to an operational mill in July 2022.
The company said it continues to engage with the U.S. government over the "geopolitical and economic importance" of the Idaho facility and further funding support. (Reporting by Savyata Mishra in Bengaluru; Editing by Subhranshu Sahu)