Canada subsidises Electra Battery Materials’ cobalt sulphate refinery
According to Electra, the plant would account for around five per cent of the global supply of battery-grade cobalt. However, the company is not commenting on the exact timetable for construction and commissioning.
Last year, Electra showed off a demonstration plant at its refinery complex, which the company had announced two years prior. According to the Canadian company, it processed more than 40 tonnes of black mass and extracted high-quality nickel, cobalt and lithium products.
Electra signed a supply agreement with LG Energy Solution in 2022, which was extended to a volume of 19,000 tonnes in 2023. According to Electra’s announcement, the cobalt sulphate is to be delivered in early 2025. One reason for the deal is and remains the location: Electra is currently the only supplier that can refine cobalt sulphate in North America.
“Canada has surpassed China as the top jurisdiction in the global battery supply chain, given its strength in raw materials mining and processing,” said Trent Mell, CEO of Electra. “Today’s announcement from the Government of Canada’s demonstrates its continued commitment to building a strong, domestic EV supply chain.”
“Building up a low-carbon economy is a generational economic opportunity for Canada. Canada has vast critical mineral resources, materials that are integral to the development of the clean technologies, like electric vehicles, we need to reduce emissions and create good jobs,” added Jonathan Wilkinson, Minister of Energy and Natural Resources. “By supporting companies like Electra, Canada is making the smart investments necessary to secure reliable and prosperous electric vehicle value chains and drive sustainable economic growth in communities right across Canada.”