Guildford, Tuesday 12th January, 2021:
First Cobalt has announced a long-term strategic cobalt partnership including a commitment to apply the Cobalt Institute procurement framework CIRAF in annual public reporting on environmental and social issues specific to the cobalt supply chain. First Cobalt believes CIRAF will help it establish a premium brand of cobalt sulphate for the electric vehicle market.
The long-term cobalt hydroxide feed arrangements with Glencore AG and IXM SA, a fully owned subsidiary of CMOC, will provide a total of 4,500 tonnes of contained cobalt per year to the First Cobalt Refinery commencing in 2022.Once operational, the First Cobalt Refinery will be North America’s only producer of cobalt sulphate for the electric vehicle market.
Trent Mell, President & Chief Executive Officer, commented:
“This is a pivotal moment for our North American cobalt refining strategy. Our globally competitive cost structure and industry-leading ESG credentials put us in a strong position for a rapidly growing EV market. With feedstock arrangements in place, we can continue to advance our vision to create a new cobalt supply chain in North America. Electric vehicle sales in Europe were up more than 100% in 2020 and the U.S. will be the next large market to take off. We are now focused on offtake arrangements and the financing package with the goal of commencing construction in mid-2021 and full commissioning in the second half of 2022."