Electra Battery Materials secures cobalt supply through 2031

Electra Battery Materials has secured its cobalt supply through 2031 to support its refinery project in Ontario, Canada. The company extended a cobalt hydroxide purchase agreement with Glencore AG, covering 100% of the feedstock required for the commissioning and ramp-up of the refinery through 2027.

The agreement involves approximately 10,000 metric tonnes of contained cobalt over five years, valued at more than US$500 million at current prices. The Ontario facility is designed to produce cobalt sulfate, a battery-grade input for electric-vehicle cathodes, and is positioned as the only cobalt sulfate refinery in North America.

On the sales side, Electra has an updated binding term sheet with LG Energy Solution, which commits roughly 60% of the planned cobalt sulfate output through 2029, with an option to extend to 2032. Construction of the refinery is currently underway, with engineering substantially complete.