Electra inks deal with Glencore to produce EV battery-grade cobalt
Deal part of Toronto firm’s objective to become first North American cobalt sulfate refinery.
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.