The owners of a renovated cobalt refinery in northeastern Ontario have signed a supply agreement with Glencore to receive unprocessed cobalt from the Democratic Republic of Congo (DRC) by late 2022.
Toronto’s First Cobalt announced it has signed a five-year supply contract with Glencore AG to ship material from Kamoto Copper Company, its subsidiary in the DRC, starting in the fourth quarter of 2022. Glencore has helped finance First Cobalt’s plant-reopening plans.
A second supply agreement is in the works after First Cobalt inked a memorandum of understanding with IXM S.A., a subsidiary of China Molybdenum Co. (CMOC), to source cobalt from the Tenke Fungurume Mine in the DRC. The parties are working toward reaching a definitive contract.
In a Jan. 12 news release, First Cobalt president-CEO Trent Mell called it a “pivotal moment” in their strategy to be North America’s only refiner of processed cobalt to supply the electric vehicle market.
The refinery, located five kilometres east of the Town of Cobalt, is being upgraded and physically expanded with new buildings.