Electra Battery Materials Corporation has signed a five-year cobalt contract and amended the previously concluded cobalt hydroxide feed purchase agreement with Anglo-Swiss mining firm Glencore.
The Canada-based company intends to produce a traceable, low carbon battery grade cobalt sulfate for the electric vehicle market beginning in Q4 of this year.
Glencore will have an option to toll around 1,000 tonnes of contained cobalt at Electra’s refinery, and Electra will have an option to purchase an additional, undisclosed, quantity of cobalt hydroxide feed material from Glencore, each on an annual basis for a five-year term for refining at Electra’s Canadian refinery.
The firm’s plan to develop an annual production target of 5,000 tonnes of cobalt, increasing to nameplate capacity of 6,500 per year.
Electra intends to join the Fair Cobalt Alliance and adopt the Cobalt Institute’s Cobalt Industry Responsible Assessment Framework.
