Jervois Mining has taken a big step toward becoming a globally relevant battery minerals producer, after acquiring the cobalt processing division of copper giant Freeport-McMoran.

Jervois got the $US160 million ($218 million) deal, revealed by Street Talk on Tuesday morning, over the line after Freeport, Lundin Mining and AustralianSuper agreed to support a $313 million issuance of new Jervois shares.