Off The Wire
First Cobalt has capacity to supply 5% of global EV cobalt market
(Kitco News) - Citing a newly-released independent feasibility study, First Cobalt (TSX-V:FCC) said Monday its permitted cobalt refinery in Ontario, Canada, will be North America's first producer of cobalt sulfate, an essential component in the manufacturing of batteries for electric vehicles.
Annual production of 25,000 tonnes of battery-grade cobalt sulfate from third party feed, representing 5% of the total global refined cobalt market and 100% of North American cobalt sulfate supply.
Trent Mell, First Cobalt president and CEO, emphasized the diversified supply that will be provided by First Cobalt: production outside of China.
"The study shows strong asset-level economics that position the refinery to be competitive globally and provide attractive investment returns. The outlook for electric vehicles and the push by automakers to develop shorter supply chains creates an excellent opportunity. With most of the world's cobalt refining capacity located in China, there is strong demand for a North American alternative. Our focus will now turn to working with Glencore, our strategic partner, on implementing a new, ethical and transparent supply chain," said Mell.