Electra Battery Materials extended its cobalt hydroxide supply agreement with Glencore through 2031. The deal secures 100% of the feedstock required for the Ontario refinery’s commissioning. This coverage continues through the initial ramp-up phase ending in 2027.
The agreement covers approximately 10,000 metric tonnes of contained cobalt. Deliveries will occur over a five-year period. Current market prices value this supply at over US$500 million.
Electra targets mechanical completion and full commercial production of the facility by 2027. The site will operate as North America’s only battery-grade cobalt sulfate refinery.
This supply arrangement complements an existing offtake agreement with LG Energy Solution. LG Energy Solution will purchase approximately 60% of the refinery’s planned output.