Electra, MNO sign benefits agreement for Temiskaming Shores project
Electra Battery Materials has signed a benefits agreement with the Métis Nation of Ontario (MNO) that sees the company provide employment, training, procurement and business opportunities during the construction and expansion of its battery materials refinery in Temiskaming Shores.
"Signing our first benefits agreement marks an important milestone for Electra as we advance with the commissioning of our refinery," said CEO Trent Mell. "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," said Lorette McKnight, President of the MNO Temiskaming Métis Council. "The construction of a battery materials plant 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 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. The issuance of the common shares remains subject to the approval of the TSX Venture Exchange. Once issued, the common shares will be subject to a statutory hold period of four-months-and-one-day in accordance with applicable securities laws.
Electra also recently announced that it has awarded its 2022 Electra Excellence Bursaries of $1,000 to two students from the graduating classes of several schools in the region.
Electra is advancing with the commissioning of a battery materials refinery in Temiskaming Shores, Ontario with a plant capacity of 5,100 tonnes of cobalt in sulfate. In concert with its effort to commission the refinery, Electra intends to launch a battery materials recycling demonstration plant in the fall of 2022.