According to the CNW news, First Cobalt Corp. Signed a memorandum of understanding with Glencore, Glencore will be the first Cobalt Corp. The cobalt refinery located in Ontario, Canada provides cobalt raw materials and financial support to accelerate the restart of the only primary cobalt refinery in North America to provide cobalt sulfate for the lithium battery industry or metal cobalt for aerospace and other military industries in North America.
The refinery is expected to be operational within 18-24 months, with an investment of approximately $ 30 million, and annual production of cobalt sulfate will reach 2,000 to 2,500 tons.
Both companies have said that no final decision has been reached on whether to resume the cobalt refinery, and any decision will depend on ongoing discussions and the results of research.
With the rapid development of the electric vehicle industry, the status of cobalt in the metal industry has also risen, and giants in various industries have increased their investment in cobalt metal.
Glencore's Congo-based subsidiary has previously restarted Congo's cobalt export, with output reaching 9.3 million tons. The market continues to be bullish on cobalt prices.
Sherritt International has said that although there will be some fluctuations in cobalt prices this year, overall it will continue to rise this year. This is mainly due to the increase in speculation, the strong market demand brought by electric vehicle batteries, and the ongoing tight supply of cobalt ore in the Congo.