Jervois Mining Acquires Freeport Cobalt for US$160 Million, Becoming Major Cobalt Player in Kokkola, Finland

Jervois Mining Limited (JRV) announced today it has agreed to acquire 100% of Freeport Cobalt for US$160 million. This acquisition positions Jervois to become the second-largest refined cobalt producer outside China, complementing its existing Idaho Cobalt Operations (ICO) and the São Miguel Paulista (SMP) nickel and cobalt refinery in Brazil.

Highlights of the Acquisition

Long-Term Cobalt Refining Capacity: Jervois gains access to 6,250 mtpa of refining capacity at the world-class Kokkola refinery in Finland (operated by Umicore) through a toll refining agreement until 2093.
Downstream Expertise: Freeport Cobalt brings a well-established downstream advanced materials platform with long-standing customer relationships across Europe, the US, and Japan.
Financial Strength: Jervois raises A$313 million through a fully-underwritten equity raising to fund the acquisition and ICO development.

Strategic Benefits

Diversification: Jervois expands its product portfolio and value chain, becoming a major player in the cobalt market.
Growth Potential: The acquisition unlocks potential synergies with Jervois' existing assets and positions the company for further growth.
Sustainability: Freeport Cobalt prioritizes responsible sourcing practices, aligning with Jervois' values.

Jervois CEO Statement (paraphrased): "This acquisition transforms Jervois into a global, vertically integrated cobalt and nickel company. We are excited to combine Freeport Cobalt's expertise with our existing operations to create significant value for shareholders."