Electra Battery Materials (NASDAQ: ELBM; TSXV: ELBM) has signed a benefits agreement with the Métis Nation of Ontario (MNO), solidifying a relationship between the two parties and providing employment, training, procurement, and business opportunities related to the construction and expansion of the company's battery materials refinery in the amalgamated community of Temiskaming Shores, Ont.
"Signing our first benefits agreement marks an important milestone for Electra as we advance with the commissioning of our refinery," said Trent Mell, CEO of Electra. "It demonstrates our commitment to operations that are environmentally, culturally, and socially responsible, and also reflects our commitment to working with Indigenous communities in respectful and mutually beneficial ways."
"We welcome the signing of the benefits agreement and Electra's commitment to support economic, cultural, and educational activities in the region," added Lorette McKnight, president of the MNO Temiskaming Métis Council. "The construction of a battery materials plant in Ontario on the James Bay and Abitibi-Temiscamingue Métis traditional territories represents an exciting development that will create many opportunities while also supporting environmental sustainability through reducing carbon emissions as a result of the adoption of electric vehicles."
In connection with the benefits agreement, Electra has agreed to issue 20,000 common shares of the company to the MNO as a means of providing a measure of economic participation in the success of Electra's low-carbon battery materials visions.
Electra is currently commissioning a battery materials refinery Ontario, with a plant capacity of 5,100 tonnes of cobalt in sulphate. The only one of its kind in North America, the refinery represents part of the company's multipronged strategy focused on onshoring the electric vehicle supply chain.
In concert with its effort to commission the refinery, Electra intends to launch a battery materials recycling demonstration plant this fall.
For more information, please visit www.electrabmc.com.