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and ERG deal brings North America closer to commercial cobalt sulphate production ","electra-and-erg-deal-brings-north-america-closer-to-commercial-cobalt-sulphate-production","article/electra-and-erg-deal-brings-north-america-closer-to-commercial-cobalt-sulphate-production",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":721,"featured":51,"reporter":722,"_editable":726,"component":727,"seo_title":553,"categories":728,"visibility":734,"author_company":49,"featured_image":735,"seo_description":721,"author_full_name":49,"author_job_title":49,"formattedDate":740,"formattedArticleDate":741},"26c05aff-31fc-43b0-bfe2-4cd6251fc241","2024-04-12 00:00",[560,563,566,569],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"drc","DRC",{"slug":567,"name":568},"electra-battery-materials","Electra Battery Materials",{"slug":570,"name":571},"usa","USA",[573],{"slug":574,"name":575,"content":576},"didi-bostock","Didi Bostock",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Editor - Energy Transition & Economics",{"filename":579},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":583,"content":584},"doc",[585,592,597,602,609,614,619,634,647,652,657,662,667,672,677,698,711,716],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589],{"text":590,"type":591},"Electra Battery Materials (Electra) has locked up all of its required feedstock as it progresses North America’s first cobalt sulphate refinery towards commercial production later this year. ","text",{"type":586,"attrs":593,"content":594},{"textAlign":49},[595],{"text":596,"type":591},"Last week, the Canadian battery materials refiner signed a binding letter of intent with Eurasian Resources Group (ERG) on the long-term supply of cobalt hydroxide to feed its plant in Ontario, Canada.",{"type":586,"attrs":598,"content":599},{"textAlign":49},[600],{"text":601,"type":591},"A positive step towards onshoring the North American battery supply chain; the US and its free trade agreement (FTA) partners will need several similar tie-ups to match ambitions of diversifying supply chains away from China. Currently, Benchmark projects IRA-compliant cobalt sulphate supply to meet just 19% of North America’s regional demand by the end of the decade. ",{"type":603,"attrs":604,"content":606},"heading",{"level":605,"textAlign":49},4,[607],{"text":608,"type":591},"What has happened:",{"type":603,"attrs":610,"content":611},{"level":605,"textAlign":49},[612],{"text":613,"type":591},"De-risking from China a challenge",{"type":586,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":591},"Until now, the US and its Western allies have largely relinquished control of the cobalt supply chain to China.",{"type":586,"attrs":620,"content":621},{"textAlign":49},[622,624,632],{"text":623,"type":591},"According to ",{"text":625,"type":591,"marks":626},"Benchmark’s Cobalt Forecast",[627],{"type":628,"attrs":629},"link",{"href":630,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/","url",{"text":633,"type":591},", Chinese financed cobalt mines are set to account for 56% of global mined output in 2024, up from 15% in 2015.",{"type":586,"attrs":635,"content":636},{"textAlign":49},[637,639,645],{"text":638,"type":591},"The US Government classifies China as a “foreign entity of concern” (FEOC) and ",{"text":640,"type":591,"marks":641},"caps Chinese-ownership in a project to 25%",[642],{"type":628,"attrs":643},{"href":644,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://source.benchmarkminerals.com/article/us-moves-to-cut-china-from-its-battery-supply-chain",{"text":646,"type":591}," for material to be eligible for tax credits. From 2025, an eligible clean vehicle may not contain any critical minerals that were extracted, processed, or recycled by entities that breach these requirements. ",{"type":586,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":591},"Chinese refineries also comprise over 90% of global battery-grade cobalt sulphate supply; and with the pipeline of US and FTA refining capacity limited, OEMs are facing headaches sourcing IRA-compliant material in the coming years. ",{"type":586,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":591},"As such, the US may need to be more pragmatic in regards to China and its hegemonic position in the cobalt supply chain. ",{"type":586,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":591},"“A lot of EVs lost eligibility for credits this year, as they could not meet the critical mineral value thresholds,” said Jorge Uzcategui, nickel and cobalt analyst at Benchmark.",{"type":586,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":591},"“As these thresholds increase, it will become ever more difficult for OEMs to qualify without more investment in cobalt resources and refining capacity in Free Trade Agreement (FTA) jurisdictions,” he added.",{"type":603,"attrs":668,"content":669},{"level":605,"textAlign":49},[670],{"text":671,"type":591},"Lithium the target of post-IRA investment",{"type":586,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":591},"With the IRA offering more than half a trillion dollars in clean energy incentives, de-risking reliance on China for critical minerals is now viewed as an economic and national security imperative in Washington.",{"type":586,"attrs":678,"content":679},{"textAlign":49},[680,682,688,690,696],{"text":681,"type":591},"Post-IRA investment has accelerated the build out of ",{"text":683,"type":591,"marks":684},"battery gigafactories",[685],{"type":628,"attrs":686},{"href":687,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://source.benchmarkminerals.com/article/us-gigafactory-construction-timelines-surpass-china-as-ira-turbocharges-capacity-pipeline",{"text":689,"type":591}," in the US and targeted l",{"text":691,"type":591,"marks":692},"ithium mining and processing capacity",[693],{"type":628,"attrs":694},{"href":695,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://source.benchmarkminerals.com/article/us-safeguards-long-term-lithium-supply-with-multi-billion-dollar-lithium-americas-loan",{"text":697,"type":591},". ",{"type":586,"attrs":699,"content":700},{"textAlign":49},[701,703,709],{"text":702,"type":591},"The focus on lithium comes as no surprise. ",{"text":704,"type":591,"marks":705},"Benchmark",[706],{"type":628,"attrs":707},{"href":708,"uuid":49,"anchor":49,"target":49,"linktype":631},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"text":710,"type":591},"’s Battery Cell Cost Calculator demonstrates that lithium currently accounts for 26% of the bill of materials for a nickel cobalt manganese (NCM) 811 cell;  half of the 50% critical mineral value threshold for tax credit qualification in 2024. In contrast, cobalt accounts for just 6%.",{"type":586,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":591},"As this threshold ramps up to 80% by 2027, cobalt supply could emerge as a pinch point for OEMs. ",{"type":586,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":591},"Moreover, as the IRA treats battery minerals as a basket of value added commodities, price volatility in any given market has the potential to alter a vehicles tax credit eligibility. ","Electra Battery Materials (Electra) has locked up all of its required feedstock as it progresses North America’s first cobalt sulphate refinery towards commercial production later this year. Last week, the Canadian battery materials refiner signed a binding letter of intent with Eurasian Resources Group (ERG) on the long-term supply of cobalt hydroxide to feed its […]",[723],{"slug":574,"name":575,"content":724},{"job_title":577,"image":725,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"26c05aff-31fc-43b0-bfe2-4cd6251fc241\", \"id\": \"\"}-->","article",[729,731],{"slug":730,"name":115},"cobalt",{"slug":732,"name":733},"critical-minerals","Critical Minerals","private",{"id":49,"alt":736,"name":736,"focus":736,"title":736,"source":736,"filename":737,"copyright":736,"fieldtype":738,"meta_data":739,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/b79626dceb/bm-aerial-view-directly-above-an-electric-vehicle-charging-station-with-parking-spaces-and-road-mark.jpg","asset",{"alt":736,"title":736,"source":736,"copyright":736},"Apr 12, 2024","12th April 2024",[],[],1792773902778]