Toronto-based Electra Battery Materials has announced it has signed a five year cobalt trolling contract with multinational commodity trading and mining company Glencore.
The deal will result in the production of low carbon, battery grade cobalt for electric vehicle (EV) batteries.
Electra says the Canadian-made cobalt sulfate will be sustainably mined and refined with renewable hydroelectric power, allowing them to market it at a premium compared to other cobalt suppliers.
“Today’s announcement is a validation of our strategy by the world’s largest cobalt miner. We are very pleased to partner with Glencore as a means to establish our cobalt sulfate product as a premium brand in the EV market due to its traceability and low carbon footprint,” said Trent Mell, Electra Battery Materials CEO in a statement.
Production is expected to begin in late 2022, and have an annual production target of 5,000 tonnes, increasing to 6,500 tonnes per year over time.
