Hundreds of jobs expected after 1,800 acres in Madison Co., MO to be used for mining colbalt

Hundreds of jobs expected after 1,800 acres in Madison Co., MO to be used for mining colbalt
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ST. LOUIS, MO (KFVS) - A  St. Louis businessman has acquired 1,800 acres of a former mine operation in Madison County, Missouri from Anschutz Mining Corporation of Denver, Colorado.

According to Missouri Cobalt, LLC, St. Louis businessman Stacy W. Hastie, CEO of Environmental Operations (EOI), and financier J. Randall Waterfield, CEO of Waterfield Holdings (Waterfield) announced on Wednesday, April 11 that Missouri Cobalt, LLC (MC) acquired the land.

The site holds an estimated 35-million pounds of recoverable cobalt, possibly making it the largest such reserve in North America. according to Missouri Cobalt, LLC.

According to the company, environmental remediation of the site will employ up to 50 people. The new mining operation will create more than 250 permanent local jobs, plus construction jobs. In total, the project will produce some 600-700 temporary and permanent jobs.

Missouri Cobalt anticipates obtaining a mining permit from the Missouri Department of Natural Resources and expects to be producing a cobalt product on-site in less than six months. A full cobalt mining operation will follow within two years, according to the company.

The site contains 51 million pounds of nickel and 65 pounds of copper the company reported.

The former Anschutz site is part of The Madison County Mines Superfund Site on the Environmental Protection Agency's National Priorities List.

“This project represents a multi-fold opportunity for us and the community,” said J. Randall Waterfield. “Our affiliate, Environmental Risk Transfer, will perform remediation on the site, helping clean up the environment, while the new cobalt mining operation will create jobs and support important US renewable energy advancement.”

“Our enormous reserves of cobalt, some of which are immediately available for processing, will support our national renewable energy efforts with a reliable and stable supply of this critical natural resource produced here in Missouri,” said Stacy W. Hastie, Chairman and CEO of Environmental Operations, Inc. and a partner in MC and ERT. “We are very excited about the unique combination of my company’s responsible environmental experience and the financial strength of Waterfield to make large projects like this possible. Neither of us could take on an effort like this alone, but the strengths we each bring make us more than capable of doing so.” 

The demand for cobalt is high due to projected electric vehicle use and demand for high-performance batteries.

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