Despite being the world's largest producer of cobalt, the DRC processes very little of it, exporting a large portion of its production to Chinese refineries. To be less dependent on China, the Central African country has been striking deals with Western countries to refine its cobalt.
In the DRC, Electra Battery Materials and Eurasian Resources Group (ERG) sealed a deal to source cobalt from the Democratic Republic Congo (DRC). Under the deal, which Electra Battery unveiled on April 2, ERG will deliver 3,000 tonnes of cobalt hydroxide per year to Electra Battery Materials starting in 2026, sourced from its Congolese operation Metalkol, to supply a refinery north of Toronto.
Electra and Eurasian Resources Group Sign Cobalt Supply Agreementhttps://t.co/aBhdGvsFyH
— Electra Battery Materials Corporation (@ElectraBMC) April 2, 2024
NASDAQ: $ELBM | TSX.V: ELBM#ElectricVehicles #Cobalt #Co #Refinery #NewsRelease #PressRelease pic.twitter.com/iYU5BdBZLx
The deal aligns with the US' strategy to secure minerals essential for its energy transition; minerals like cobalt which is primarily used in electric vehicle (EV) batteries. The deal is compliant with Electra with the U.S. Inflation Reduction Act (IRA), which provides subsidies for EV purchases. Electra's plant is expected to provide enough cobalt to power up to 1.5 million vehicles per year.
“Electra’s Canadian refinery is uniquely positioned as North America’s first cobalt sulfate refinery, with IRA-compliant feedstock to support growing EV demand. We are very proud to have ERG, one of the best cobalt hydroxide suppliers in the world, as a partner,” said Electra CEO Trent Mell.
The DRC is the world's largest producer of cobalt. However, it refines very little of its output, leaving most of the processing to China.
Emiliano Tossou
ECOWAS central bank governors reaffirm a 2027 target for launching the Eco. Nigeria signals...
South Africa led with 35% of total deal value, ahead of Kenya and Egypt Inbound deal value ro...
Investigation targets alleged breaches of Nigeria’s 2023 data protection law Platform processes p...
The main point of contention between Niamey and France’s Orano concerns the uranium stock extracted ...
China’s initiative aims to address the imbalances that have long characterised bilateral trade relat...
Bayobab has activated a new cross-border fiber link between Zambia and Mozambique. The interconnection gives landlocked Zambia direct access to...
Ethio Telecom has launched TeleStream to diversify revenue and boost data consumption. The move aligns with its “Next Horizon Digital and Beyond...
Services are projected to employ 3.8 million more African youth than agriculture by 2033, marking a historic structural shift Service jobs pay...
Liberia now requires mobile network operators to separate telecom and mobile money activities. Orange Liberia has spun off Orange Money into a...
Located about 500 kilometers southwest of Cairo, between the oases of Bahariya and Farafra, the White Desert stands out as one of Egypt’s most distinctive...
The University of Lomé on Wednesday opened a fossil and rock exhibition hall showcasing specimens from the country’s coastal sedimentary basin. Led by the...