Glencore signs cobalt feedstock, financing deal for First Cobalt refinery

Glencore AG has signed an agreement to supply cobalt feedstock and financing to recommission the First Cobalt refinery in Ontario, Canada.

The memorandum of understanding could result in annual production of roughly 2,000-2,500 tonnes of cobalt in sulfate from the plant, which is North America’s only primary cobalt refinery. Glencore will evaluate making a loan to fund the capital requirements to recommission the refinery and will enter into a tolling agreement with First Cobalt. A study completed in 2018 estimated that under a 24 tonnes per day base case scenario, the refinery could be recommissioned for around $$30 million. The study also...

Published

Andrea Hotter

May 23, 2019

02:05 GMT

Seattle