USSM secures fresh capital for recycling plant in the USA

Appian Capital Advisory has committed USD 230 million to battery materials producer US Strategic Metals (USSM) for the completion of its cobalt and nickel mine and a hydrometallurgical battery materials recycling plant in the US state of Missouri. The latter is scheduled to go into operation at the end of next year.

Image: Appian Capital Advisory

In total, USSM has raised nearly $500 million to date and plans to mine, process and recover cobalt, nickel, lithium and copper for electric vehicle batteries in Fredericktown. “Most importantly, USSM expects to be the first significant near-term battery critical minerals recycling and processing solution to reduce sourcing dependence on China,” the company’s statement reads.

“USSM is capable of processing various metallic feedstocks including recycled lithium-ion batteries, battery production scrap, mixed metal concentrate, and traditional ore. This makes USSM the only domestic operation fully permitted with significant processing capacity,” said Stacy W. Hastie, CEO of USSM.

Commissioning of the recycling plant is planned for the end of 2024. A pilot plant has already been active since 2020. USSM is talking about a processing capacity of around 240 tonnes of raw material per day. The company also wants to cover the majority of the US demand for cobalt for electric car batteries.

“This funding milestone will enable USSM to provide auto makers a secure and ethical domestic supply to meet the majority of U.S. demand for cobalt for vehicle batteries—a game changer for the auto industry and the U.S. strategic battery materials supply chain all while repurposing a former Superfund site in the American heartland,” Hastie said.


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