Australia’s Jervois Mining has purchased Finland’s Freeport Cobalt from Koboltti Chemicals Holdings under a contract worth some US$160 million.
Jervois Mining said in a statement the deal will create a pathway for the company “to become the second largest producer of refined co-balt outside China,” and consolidate its “strategy to become a leading nickel and cobalt company”. In addition to this, the takeover will also ensure contractual rights for the Australian miner to toll refine some 6,250 million tonnes of cobalt per year at cost until 2093, according to the statement.
“The acquisition is expected to transform Jervois into a global, verti-cally integrated cobalt and nickel company of scale, led by a highly experienced management team, Jervois Mining said. “Post- acquisi-tion, Jervois will be diversified across multiple products and value chain segments with significant relevance to leading cobalt producers and end-users.”