Canada’s Electra Battery Materials to provide LG Energy Solution cobalt for 1.5M EVs

The Toronto-based mining and battery materials company said Sept. 22 that the agreement covers shipments of 7,000 tonnes of the key battery metal produced at Electra’s cobalt sulfate refinery between 2023 to 2025.Electra CEO Trent Mell said the company is “delighted” to sign its first strategic supply agreement with “such an important player in the lithium-ion battery market.”

Electra had planned to begin ramping up production of cobalt at the plant late this year, but delays to shipments of “critical equipment” forced it to reschedule the start of operations to spring 2023. The company also hiked projected costs for the project in August, to between US$76 and $80 million, up from $67 million originally.

LGES CEO Youngsoo Kwon said the agreement will contribute to the company’s strategic plans for North America.

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