ERG signs deal to sell cobalt to US battery materials producer
Luxembourg-Based Eurasian Resources Group (ERG) has signed a deal to sell cobalt for five-years from 2026 to electric vehicle battery materials producer EVelution Energy in the United States, ERG said in a statement on Wednesday.
Investment in the electric vehicle battery supply chain in the US has soared due to President Joe Biden's Inflation Reduction Act (IRA), which has provided billions of dollars in green energy tax credits for cutting the nation's carbon emissions.
ERG said it would sell 3 000 metric tons of contained cobalt metal a year to EVelution, which plans to start building a low-carbon cobalt sulphate plant in Arizona in 2024.
The plant will be operational by 2026 and will be powered with energy from solar panels.
"Currently, there are no cobalt processing facilities, on a commercial scale, in the U.S., over 70% of the global production of cobalt sulphate is based in China," ERG said.
Most of the world's electric vehicle batteries and materials are produced in China.
ERG’s cobalt hydroxide which is easily turned into sulphate used in the cathode component of rechargeable batteries will be supplied by Metalkol, the company's operation in Democratic Republic of Congo.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation