Thank you for that question, Mr. Sheehan. It's good to see you again.
If I go back to the day of that announcement, as a start-up in the Canadian market, it's hard. Capital formation is difficult. That's why I said, “Pick winners”, because there are a lot of wannabes. When I started this company four years ago, there were probably 50 different cobalt companies vying for attention in the market. We just came out of a bear market, and there are only two or three of us left, perhaps.
That announcement allowed us to triple our stock market valuation overnight. That $5 million federal contribution and the $5 million from Ontario led to another $16 million of almost immediate investments in the company thereafter. That kind of collaboration does have an multiplier effect. What it means for us is that we were able to get going a lot faster, frankly, and keep on schedule. When I say go faster, it's to keep to the target we had originally set out, which is to start producing in October 2022.
We have a small local crew that's gearing up. Once we're operating, we're looking at roughly 45 full-time jobs. These are good-paying jobs. It's not like a mining operation—you're there five or 10 years and gone. The Port Colborne refinery that Vale owns has been around 100 years. However, these are long-term and really good-quality jobs. It may not be a lot, but strategically important to the supply chain.
Indirectly, what's the multiplier effect of that? You're going to get at least one to one and a half jobs for every job at the refinery. We have indigenous engagement and ongoing discussions. With construction, we have another 100 jobs or so. For an area like Temiskaming Shores, this is a pretty important driver of economic activity.