Electra announces leadership changes
Electra mentions supply chain struggles as it expects to approach a 70% commitment level within the next month of its US$67 million capital budget.
Mining & Resources
TORONTO — Electra Battery Materials Corporation today provided an update on its Battery Materials Park project along with leadership changes, including the departure of Chief Financial Officer Ryan Snyder. Mr. Snyder has accepted a new opportunity with a senior precious metals producer and will be leaving Electra at the end of April.
“We are fortunate to have had someone of Ryan’s calibre at Electra over the past several years, as we were building our business. As we approach commercial production from Phase 1 of our Battery Materials Park, I am truly disappointed to see him leave but I fully respect his decision to pursue a new challenge with a global miner. On behalf of the Board and the senior leadership team, I thank Ryan for his immeasurable contributions to Electra and wish him well in his next endeavour,” said Mr. Trent Mell, Chief Executive Officer.
“I am very encouraged by the calibre of our growing team at the Refinery and the collective effort to keep the recommissioning and expansion project on time, on budget and without any health, safety or environmental incidents. As we ramp up construction, we continue to add talented individuals to our team, most of whom will transition to operator roles upon commissioning in December of this year.”
Electra also mentioned that it has commitments in place for 52% of the US$67 million capital budget, inclusive of amounts spent to date. The Company expects to approach a 70% commitment level within the next month, with the overall project currently on budget.
Electra mentions that footings and foundations for the solvent extraction building were recently completed, and preparations are underway for the support of SX tanks and steel structures. The first SX modules will arrive on site in the coming weeks.
Prior to commissioning its cobalt sulfate refinery, Electra intends to complete a bulk sample processing of litium-ion battery “black mass” in Q3, leveraging existing refinery infrastructure. Ancillary long lead items required for this recycling demonstration plant have been ordered.
An executive search firm has been retained to recruit a new Chief Financial Officer to the senior leadership team. The Company does not anticipate any difficulty attracting qualified candidates to the role. Michael Insulan has been appointed interim CFO until a successor is in place.