Jervois Mining appoints RPMGlobal to assist with financing Idaho Cobalt Operations
Jervois Mining has appointed RPM Global as an independent engineer for prospective lenders as it works to finalise debt financing for its Idaho cobalt project.
Advanced cobalt explorer Jervois Mining (ASX: JRV) has appointed the US arm of RPMGlobal (ASX: RUL) to act as an independent engineer for the financing of its Idaho Cobalt Operations.
Headquartered in Australia, RPMGlobal has a 50-year track record of acting as an independent engineer for financiers on mining projects globally, including base and precious metal experience in North America.
RPMGlobal USA will assess the Idaho Cobalt Operations on behalf of lenders in relation to the project financing required for the final phase of construction.
The scope of work includes RPMGlobal completing an independent due diligence review of the project and preparing an independent technical expert report in a form suitable for debt financiers.
Jervois said the appointment of RPMGlobal is an important step to maintain the company’s targeted timeline of debt facility drawdown availability by mid-2020.
Jervois took ownership of the project in July 2019 and the current schedule will enable final construction to commence at the project during the second half of 2020.
First commercial cobalt production is anticipated at the end of the 2021 fourth quarter.
Financing proposals
Jervois said it received indicative financing proposals last month after sending information to selected senior lenders in December.
The company expects to make a final decision on the appointment of lenders in line with the finalisation of the Idaho project’s bankable feasibility study, which is on track for completion by the end of March.
Resource upgrade
Located near the town of Salmon in the US state of Idaho, Jervois’ 100% owned Idaho Cobalt Operations is comprised of a high-grade cobalt-copper deposit and a partially completed mine site.
Today’s announcement follows news last month that Jervois had expanded the measured resource at the Idaho Cobalt Operations by 22% to now total 2.92 million tonnes at 0.45% cobalt for 26.2 million pounds of contained cobalt (using a 0.15% cobalt cut-off).
The combined measured and indicated resource now stands at 5.77Mt at 0.44% cobalt for 50.1Mlb of contained cobalt.
The project’s measured and indicated resource also includes 80.1Mlb of copper and 89,000 ounces of gold credits.