Madison Mines Press Release
For Immediate Release
April 11, 2018
ENVIRONMENTAL OPERATIONS, INC. AND WATERFIELD HOLDINGS, LLC FORM MISSOURI COBALT, LLC, ACQUIRE LIKELY THE LARGEST COBALT MINE IN NORTH AMERICA
Environmental remediation underway; new operations to begin within six months
St. Louis, Mo.— Tesla, BMW, Volkswagen, Panasonic and other industry leaders have created tremendous momentum behind projected electric vehicle use and resultant demand for high performance batteries; products which require significant cobalt resources. The annual demand for cobalt reached $8 billion in 2017. St. Louis businessman Stacy W. Hastie, CEO of Environmental Operations (EOI), and financier J. Randall Waterfield, CEO of Waterfield Holdings (Waterfield) announced today that Missouri Cobalt, LLC (MC), has acquired land and operational control of 1,800 acres of a former mine operation in Madison County, MO from Anschutz Mining Corporation of Denver, CO.
Between proven and inferred reserves, the site holds an estimated 35 million pounds of recoverable cobalt, likely making it the largest such reserve in North America. MC anticipates obtaining a mining permit from the Missouri Department of Natural Resources (MDNR) and expects to be producing a cobalt product on-site in less than six months. The full MC operation, including on-site cobalt processing, will follow within two years, the company said. The site also contains an estimated 51 million pounds of nickel and 65 million pounds of copper.
The former Anschutz site is part of The Madison County Mines Superfund Site on the Environmental Protection Agency’s National Priorities List. Another Hastie/Waterfield company, Environmental Risk Transfer (ERT), will perform the environmental remediation closure on the recently acquired site.
“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.”
Both partners praised EPA Region 7 and MDNR for their collaborative approach in working through the details of a clean-up plan which will create environmental benefits and a significant number of new jobs for the Madison County area. 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.
For more information about ERT visit the company's website.
About Stacy W. Hastie
Stacy W. Hastie is Chief Executive Officer of Environmental Risk Transfer, and Chairman and Chief Executive Officer of Environmental Operations, Inc. He has nearly 30 years of experience in the environmental services industry, including the management and/or assumption of environmental liabilities in a number of significant real estate redevelopment projects with a total market value of more than $2 billion. His development participation includes the determination of cost-effective alternatives for high-profile and large environmental/demolition projects. Mr. Hastie’s understanding of the construction and financing aspects of real estate development enables him to develop cost-effective remedial solutions for environmental liabilities encountered during real estate transactions.
Mr. Hastie attended Murray State University in Murray, KY receiving his BS in Accounting and MS in Occupational Safety and Health (Emphasis in Industrial Hygiene and Environmental Studies) in 1990 and 1992, respectively. In 1992, EOI hired Mr. Hastie to spearhead a new consulting and engineering division. In 1997, Mr. Hastie was part of an investment group that purchased EOI, and in 2002 he became the principal owner. Mr. Hastie successfully managed EOI’s first environmental liability project in 1999 and has been actively conducting real estate development projects since 2004.
About J. Randall Waterfield
Mr. J. Randall (Randy) Waterfield is Chairman of Environmental Risk Transfer, a portfolio company of the Waterfield Group. The Waterfield Group is a diversified financial service holding company that traces its origins to 1928. After selling the largest private mortgage company in the US and largest Indiana based bank in 2006 and 2007 respectively, Waterfield Group has diversified into technology, real estate, and asset management. Mr. Waterfield served as Chairman and lead investor in a number of real estate related businesses where risk management within financial and environmental underwriting were key value drivers to customers and partners.
Mr. Waterfield currently serves on the Board of Directors of Asure Software (Nasdaq: ASUR), SMTC Corporation (Nasdaq: SMTX), Red Oak Partners, WTI Holdings, various Waterfield entities, and YPO. Previously, Mr. Waterfield was at Goldman Sachs & Co., where he worked from 1996 through 1999, responsible for the small capitalization growth portfolios.
He holds the Chartered Financial Analyst designation, is a member of Mensa, and a graduate of Harvard University.
Mr. Waterfield supports various education, environmental and community development charitable causes through the nonprofit Waterfield Foundation, and was elected by the Board of YPO as the YPO International Chairman for 2017-2018.
For information about Cobalt offtake opportunities from our site please contact:
FACT SHEET FOR MISSOURI COBALT, LLC
Former Madison Mine previously owned by Anschutz Mining Corporation Madison County, Missouri
Size of Project:
Currently 1800 acres
Estimated Proven and Inferred Reserves:
- 35,000,000 pounds of Cobalt
- 51,000,000 pounds of Nickel
- 65,000,000 pounds of Copper
Board of Managers:
J. Randal Waterfield, Co-Chairman
Stacy W. Hastie, Co-Chairman
Missouri Cobalt, LLC Officers:
Chief Executive Officer: Michael R. Hollomon, II
Vice President/General Counsel: John J Diehl, Jr.
Vice President/Director of Operations: Marty Thomas
Vice President/ Director of Finance: Thomas Bene