Electra inks deal with Glencore to produce EV battery-grade cobalt
The Canadian Press
General Materials Sustainability Automotive EnergyDeal part of Toronto firm’s objective to become first North American cobalt sulfate refinery.
Electra Battery Materials hopes to turn its northern Ontario facility into the first battery-grade cobalt refinery in North America.
(Photo credit: Electra Battery Materials Corp.)
The Toronto-based company says it also amended its previous five-year cobalt hydroxide feed purchase agreement with Glencore.
Electra (formerly First Cobalt) says the Canadian-made cobalt sulfate will be marketed as a premium product that is sustainably mined and refined with renewable hydroelectric power.
It says its battery-grade cobalt sulfate is expected to command a premium above normal market prices, with production slated to begin in late 2022.
Trent Mell, Electra’s chief executive officer, says the deal with the world’s largest cobalt miner is a validation of the company’s strategy.
He says partnering with Glencore will establish the company’s traceable and low carbon cobalt sulfate product as a premium brand in the electric vehicle market.
The deal is part of Electra’s objective to establish a North American low-carbon battery materials park in northern Ontario that will include battery-grade nickel and cobalt refining, battery recycling and precursor manufacturing.
https://electrabmc.com/
www.glencore.com
