US’ first planned cobalt refinery signs $850 million offtake

EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui. The deal will see EVelution supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production from its facility under development in Arizona. The facility is due to begin construction in 2027 and come online from 2029, and is the only project in the US pipeline with any refined cobalt production in the coming decade. With an expected production of 7,000 tonnes of cobalt metal and cobalt sulphate combined when ramped up, it is forecast to be the third largest non-Chinese cobalt refining asset by 2035 according to Benchmark’s Cobalt Service.