FREDERICKTOWN, Mo. (News First) — By this time next year, hundreds of people are expected to be employed at the cobalt mine in Fredericktown, and helping North American become independent from China’s grip on minerals used to make lithium batteries. The owner of the Fredericktown Cobalt Mine, U. S. Strategic Metals (USSM, announced Tuesday that it has raised nearly $500 million in funding and commitments to expand its operations.
The company said the latest financing, which includes a $230 million commitment from Appian Capital Advisory LLP, will enable it to commission the first commercial phase of its cobalt-nickel mine and battery recycling and mineral processing facility by the end of 2024.
USSM said its technology is green, ethical, low carbon and low emission, and will provide a secure and domestic supply of essential minerals for the electric vehicle and lithium-ion battery industries.
The company said it will reduce the US dependence on China, which currently dominates the global battery metals market, and create sustainable jobs in a marginalized rural area.
Missouri Governor Mike Parson praised the investment, saying it will strengthen the state’s and the nation’s position in the green energy sector and allow them to be less reliant on foreign sources.
USSM is the only vertically integrated producer and recycler of battery metals, including cobalt, nickel, copper and lithium, in North America. It has already deployed over $250 million to date, with contributions from its founders, HPS Investment Partners, and Glencore.
