Commodities
Canadian Cobalt Refiner Agrees to Buy Supply From Congo Mine
- Electra Battery Materials getting 3,000 tons a year: statement
- North America trying to wean its EV supply chains off China
Raw cobalt.
Photographer: Lucien Kahozi/BloombergThis article is for subscribers only.
Electra Battery Materials Corp. agreed to buy cobalt produced in the Democratic Republic of Congo to feed a refinery the company is building in Canada.
The Toronto-based firm, part of North America’s dash to expand its capacity to process the minerals key to electric vehicles and the wider energy transition, signed a binding letter of intent with Eurasian Resources Group Sarl, according to a statement Tuesday. ERG will supply 3,000 tons of cobalt hydroxide annually starting in 2026 under the three-year deal, Electra said.