TORONTO — Electra Battery Supplies Corp. says it has signed a five-year cobalt tolling contract with mining big Glencore to provide a low carbon, battery grade cobalt product for the electrical automobile market.
The Toronto-based firm says it additionally amended its earlier five-year cobalt hydroxide feed buy settlement with Glencore.
Electra says the Canadian-made cobalt sulfate can be marketed as a premium product that’s sustainably mined and refined with renewable hydroelectric energy.
It says its battery-grade cobalt sulfate is anticipated to command a premium above regular market costs, with manufacturing slated to start in late 2022.
Trent Mell, Electra’s chief govt officer, says the take care of the world’s largest cobalt miner is a validation of the corporate’s technique.
He says partnering with Glencore will set up the corporate’s traceable and low carbon cobalt sulfate product as a premium model within the electrical automobile market.