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