What would be the only new cobalt refinery made operational outside China is on target for starting operations within a year in Ontario, Canada.
Swiss firm Blackstone Resources AG announced that the First Cobalt project has gotten positive feasibility study results for the refinery plan. The production of cobalt sulfate would be crucial to the North American electric vehicle battery market, according to reports.
cobalt sulfate Auto manufacturers in North America have expressed the desire to source that element within the continent. However, a report from Benchmark Mineral Intelligence indicates there are no plans to commission new cobalt refineries outside of China, other than First Cobalt, according to the company’s release.
The Benchmark Mineral Intelligence report also estimates that cobalt demand from nickel-cobalt-manganese (NCM) batteries used in EVs will increase from approximately 20,000 tonnes in 2019, to over 730,000 tonnes in 2040.
First Cobalt has said it planned to begin production of refined cobalt sulfate by the start of 2021