Electra Battery Materials inks supply agreement with Japan’s Marubeni Corporation
Electra Battery Materials has found an overseas supplier of recycled battery material to feed its soon-to-be commissioned refinery in Temiskaming.
The Toronto processing company has signed a memorandum of understanding with Marubeni Corporation, a Japanese trading conglomerate, to source a part of the ‘black mass’ material for the recycling operation Electra wants to start up in 2023.
This agreement with Marubeni also lays the groundwork for Electra to market a portion of its northeastern Ontario-made refined cobalt sulfate product to Japan and the lithium-ion battery manufacturers there.
It’s the first of many feed and offtake agreements Electra expects to sign in what’s expected to be a transformational year for the company. Electra has supply deals with Glencore and IXM S.A., a subsidiary of China Molybdenum Co., to receive cobalt from mines in the Democratic Republic of Congo.