Ottawa is weighing into the processing of critical minerals with a $5-million investment in Electra Battery Materials’ cobalt refinery in Temiskaming, the first dedicated plant of its kind in North America.
The funding will go toward a restart of a construction project that was mothballed in 2023 and for other preparatory technical and processing work.
In an interview with Northern Ontario Business, Electra CEO Trent Mell called today’s funding announcement “great news, but it is only a first step.”
Five million dollars “moves the needle,” he said, but construction won’t resume until they have a full funding package in place. A few more funders, both in government and the private sector, need to come forward to get the refinery project across the completion finish line.
Toronto-based Electra is short the US$60 million ($80.7 million) it needs to finish construction and start supplying the North American electric vehicle sector.
This is the second investment in the refinery project. Ottawa contributed a $5-million loan in 2020.
“The Government of Canada is stepping up to support innovation and the green economy in Northern Ontario,” said Nickel MPP Marc Serré in a news release. “This strategic investment will fuel economic growth, create jobs, and stimulate the regional economy.”
Electra is part of a wider ‘on-shoring’ movement to create a domestic mines-to-electric vehicle assembly plant supply chain when it comes to critical mineral processing. China dominates the global metals processing production space, a capability that Washington and Ottawa want to replicate at home.
“This is not just a Northern Ontario story,” said Mell. “It’s also a North American geopolitical story.”
Electra has poured millions into the former Yukon refinery between Temiskaming Shores and the town of Cobalt.
The original footprint of the building has been refurbished and recommissioned for a black mass recycling demonstration plant. Additional buildings have been constructed to delve into nickel processing down the road to create a critical minerals industrial park.
After a forgettable 2023, Mell is hopeful 2024 will be a turning point for the company and more project funding will arrive in the months ahead.
Electra weathered some severe headwinds last year.
Facing a cash crunch, inflationary pressures, supply chain issues and tough equity markets, Electra halted construction at the refinery site, sending construction crews home and laying off staff.
Mell can’t place a date on when construction will resume and when commercial production will start. He’s aiming for some time in 2025.
“When I get my money. How’s that?” said Mell, laughing. “It starts with when Electra will be fully funded.”
He expects the project funding will be split between Ontario, Canadian and U.S. funding agencies, keen on supporting critical mineral infrastructure development, and the private sector in the form of battery and original equipment manufacturers and metal traders. A strategic investor would be welcomed, he said.
“We can’t get ahead of ourselves,” said Mell. “We got hit pretty hard, like everyone else did, post-COVID. As a small cap company you can’t get ahead of your balance sheet so we’ll get fully funded and then we’ll hit the gas.”
When Electra makes a decision to restart, a minimum 15 months of construction activity lies ahead. Ahead of that will be three months of procurement and recruiting to get supplies and staff in place.
“How it all rolls together is hard to say; 18 months or longer is a good start.
“It’s about when we get the money in and how quickly we can reload.”
Once the refinery is running, there will be 55 to 60 positions filled, double that with the number of indirect jobs.
He sees their refinery being a huge economic contributor to the area.
“What remains is a big construction job. I see 120 people on that property for a little over a year installing the equipment and doing a lot of piping and electrical work.”
Mell said they’ll be adding skilled trades from Temiskaming Shores, North Bay, Sudbury and Timmins, while looking for a solution to house those contractors coming from further afield.
“But these are challenges I welcome. Getting back to what we wanted to do is pretty exciting.”
Today’s announcement comes on the heels of a $4-million federal investment earlier this week to Ucore Rare Metals for a Kingston facility that specializes in rare earth element separation technology.
Ottawa’s focus seems to be quickly pivoting from funding the downstream electric vehicle manufacturers and carmakers, such Volkswagen and Stellantis, in southern Ontario to now funding the upstream processors.
Mell said government has some catching up to do since 37 battery cell manufacturing plants have been announced across North America.They’ll need a few more refiners like Electra to feed those plants and produce the specialized battery-grade material that’s needed.
But Mell said they’re capable of expanding and boosting cobalt production. By their third year of operation, they have plans to increase from 5,000 tonnes to 6,500.
Electra already has a major customer waiting in the wings.
LG Energy Solution of South Korea, one of the world’s largest electric vehicle battery makers, has a five-year agreement to scoop up 80 per cent of their cobalt production when production starts. Mell said there will be no problem selling the remainder.
Electra has also been approached by the Quebec government to establish a second refinery in the port city of Becancour.
“I do feel optimistic that the time is now.” Mell said if Electra is successful with those two plants, expansion to the U.S. is a possibility.
The company has been fine-tuning its proprietary technology to recover critical metals such as copper, lithium, nickel, cobalt and manganese from shredded battery materials.
Last year, Electra struck an agreement with the Three Fires Group, a regional Indigenous economic development entity, to source future raw materials from the battery cell plants in southern Ontario. The valuable metals would be shipped north to Temiskaming to convert into a valuable precursor metals to sell back to the market.
On the cobalt production side, Electra will be sourcing a concentrated cobalt hydroxide from the Democratic Republic of Congo (DRC). While the African country has a less-than-stellar reputation for environmental and human rights abuses in mining, Mell said they are sourcing material from the largest and most responsible operators in-country, most notably companies like Glencore.
The DRC, he said, is easily the global leader in cobalt production in volume, quality and grade, followed by Indonesia. There are sources of cobalt supply in North America, but bringing those into production is at least five years out.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
