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offtake","us-first-planned-cobalt-refinery-signs-850-million-offtake","article/us-first-planned-cobalt-refinery-signs-850-million-offtake",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":837,"featured":51,"reporter":838,"component":849,"seo_title":543,"categories":850,"visibility":856,"data_vis_image":857,"featured_image":859,"seo_description":864,"formattedDate":865,"formattedArticleDate":866},"b589b98d-96b7-400c-ae64-5c6a6df98b26","2026-05-01 00:00",[550,553,556,559],{"slug":551,"name":552},"evelution-energy","EVelution Energy",{"slug":554,"name":555},"north-america","North America",{"slug":557,"name":558},"usa","USA",{"slug":560,"name":561},"japan","Japan",[563],{"slug":564,"name":565,"content":566},"matthew-bird","Matthew Bird",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Senior Editor - Supply Chains & Data Visualisation",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":573,"content":574},"doc",[575,587,612,662,683,705,713,723,731,753,761,769,777,785,793,804,823],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579],{"text":580,"type":581,"marks":582},"US refined cobalt developer EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui.","text",[583],{"type":584,"attrs":585},"textStyle",{"color":586},"#000000",{"type":576,"attrs":588,"content":589},{"textAlign":49},[590,595,607],{"text":591,"type":581,"marks":592},"The deal will see ",[593],{"type":584,"attrs":594},{"color":586},{"text":596,"type":581,"marks":597},"EVelution",[598,605],{"type":599,"attrs":600},"link",{"href":601,"uuid":602,"anchor":49,"target":603,"linktype":604},"/videos/benchmark-week-2023-panel-critical-minerals-for-cathode-and-battery-making","2447b309-3ac5-4b3c-a3a5-72d1180aa003","_self","story",{"type":584,"attrs":606},{"color":586},{"text":608,"type":581,"marks":609}," supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production from its facility under development in Arizona.",[610],{"type":584,"attrs":611},{"color":586},{"type":576,"attrs":613,"content":614},{"textAlign":49},[615,620,629,634,643,648,657],{"text":616,"type":581,"marks":617},"The facility is due to begin construction in 2027 and come online from 2029, and is the only project in the ",[618],{"type":584,"attrs":619},{"color":586},{"text":621,"type":581,"marks":622},"US pipeline",[623,627],{"type":599,"attrs":624},{"href":625,"uuid":626,"anchor":49,"target":603,"linktype":604},"/article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","feaae01d-533b-45b9-8ad8-39aab491e0f0",{"type":584,"attrs":628},{"color":586},{"text":630,"type":581,"marks":631}," 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 ",[632],{"type":584,"attrs":633},{"color":586},{"text":635,"type":581,"marks":636},"Benchmark’s Cobalt Service",[637,641],{"type":599,"attrs":638},{"href":639,"uuid":49,"anchor":49,"target":603,"linktype":640},"https://www.benchmarkminerals.com/cobalt","url",{"type":584,"attrs":642},{"color":586},{"text":644,"type":581,"marks":645},". 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In March 2026, the two countries signed an action plan for critical mineral supply chain resilience and a ",[668],{"type":584,"attrs":669},{"color":586},{"text":671,"type":581,"marks":672},"memorandum of cooperation of deep sea minerals",[673,677],{"type":599,"attrs":674},{"href":675,"uuid":676,"anchor":49,"target":603,"linktype":604},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-3","c85032f5-9b74-40a3-a27b-e0ca9b0fdb70",{"type":584,"attrs":678},{"color":586},{"text":658,"type":581,"marks":680},[681],{"type":584,"attrs":682},{"color":586},{"type":576,"attrs":684,"content":685},{"textAlign":49},[686,691,700],{"text":687,"type":581,"marks":688},"EVelution has stated that the cobalt metal and cobalt sulphate produced at its Arizona facility is intended to establish domestic refining capacity to support the ",[689],{"type":584,"attrs":690},{"color":586},{"text":692,"type":581,"marks":693},"US defence sector",[694,698],{"type":599,"attrs":695},{"href":696,"uuid":697,"anchor":49,"target":603,"linktype":604},"/article/batteries-and-defence-the-new-demand-driver","cd757a9d-4181-460d-b5ca-c7f557dd8e84",{"type":584,"attrs":699},{"color":586},{"text":701,"type":581,"marks":702}," as well as battery production and other advanced manufacturing uses.",[703],{"type":584,"attrs":704},{"color":586},{"type":576,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":581,"marks":710},"The facility will be based in Yuma County, Arizona in a rural qualified opportunity zone. Such zones provide tax incentives to support domestic manufacturing.",[711],{"type":584,"attrs":712},{"color":586},{"type":714,"attrs":715,"content":717},"heading",{"level":716,"textAlign":49},2,[718],{"text":719,"type":581,"marks":720},"Where will EVelution source the feedstock?",[721],{"type":584,"attrs":722},{"color":586},{"type":576,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":581,"marks":728},"In 2023 EVelution signed a five year supply agreement with Eurasian Resource Group (ERG) for 3,000 tonnes per year of cobalt contained in hydroxide. ERG operates a copper and cobalt mining project in the DRC and has a second in development.",[729],{"type":584,"attrs":730},{"color":586},{"type":576,"attrs":732,"content":733},{"textAlign":49},[734,739,748],{"text":735,"type":581,"marks":736},"However, due to the ",[737],{"type":584,"attrs":738},{"color":586},{"text":740,"type":581,"marks":741},"DRC’s cobalt export restrictions",[742,746],{"type":599,"attrs":743},{"href":744,"uuid":745,"anchor":49,"target":603,"linktype":604},"/article/drc-to-lift-cobalt-export-ban-and-impose-quotas-through-2027","f7770a3b-8ebe-489f-ac18-ccd3d682f730",{"type":584,"attrs":747},{"color":586},{"text":749,"type":581,"marks":750},", ERG cut cobalt production at its Metalkol RTR asset by 70%. Towards the end of April, ERG stated that it plans to double production in 2026, though this would still not reach 2024 levels.",[751],{"type":584,"attrs":752},{"color":586},{"type":714,"attrs":754,"content":755},{"level":716,"textAlign":49},[756],{"text":757,"type":581,"marks":758},"What is the US’ position in the North American cobalt market?",[759],{"type":584,"attrs":760},{"color":586},{"type":576,"attrs":762,"content":763},{"textAlign":49},[764],{"text":765,"type":581,"marks":766},"On the mining side, the US has one operating cobalt mine operated by Lundin Mining. It primarily produces nickel, but produces 300 tonnes of cobalt per year. This is 7.5% of North America’s total mined cobalt production in 2025.",[767],{"type":584,"attrs":768},{"color":586},{"type":576,"attrs":770,"content":771},{"textAlign":49},[772],{"text":773,"type":581,"marks":774},"Idaho Cobalt Operations (ICO) also has a cobalt mine, owned by Jervois Global, though it is currently in care and maintenance.",[775],{"type":584,"attrs":776},{"color":586},{"type":576,"attrs":778,"content":779},{"textAlign":49},[780],{"text":781,"type":581,"marks":782},"The US Strategic Reserve is developing the Madison Mine which is due to begin operations this year. Electra Energy Materials and Talon Metals are both developing their own cobalt operations in the US.",[783],{"type":584,"attrs":784},{"color":586},{"type":576,"attrs":786,"content":787},{"textAlign":49},[788],{"text":789,"type":581,"marks":790},"In terms of refining,  EVelution’s facility will be the first to produce refined cobalt in the country. By 2030, it could represent a quarter of North American refined cobalt supply and 6% of ex-China supply.",[791],{"type":584,"attrs":792},{"color":586},{"type":794,"attrs":795},"blok",{"id":796,"body":797},"55437951-979e-4adc-90cf-739b22276f5c",[798],{"id":799,"_uid":800,"type":801,"component":802,"fixed_height":803,"use_fixed_height":50,"fixed_height_mobile":803,"fixed_height_tablet":803},"28782604","i-52144b0f-24d6-4374-92d8-0cc8a2bc9eaa","visualisation","ContentFlourish","",{"type":576,"attrs":805,"content":806},{"textAlign":49},[807,812,819],{"text":808,"type":581,"marks":809},"Join Benchmark in Washington DC 9–10 June to discuss the intersection of critical minerals, defence and policy at Giga US 2026. Get your tickets today ",[810],{"type":811},"italic",{"text":813,"type":581,"marks":814},"here",[815,818],{"type":599,"attrs":816},{"href":817,"uuid":49,"anchor":49,"target":603,"linktype":640},"https://www.benchmarkminerals.com/events/giga-usa",{"type":811},{"text":820,"type":581,"marks":821}," or fill out the form below to find out more:",[822],{"type":811},{"type":794,"attrs":824},{"id":825,"body":826},"29383c2a-f92f-47d6-adc8-bf656375fb10",[827],{"id":828,"_uid":829,"component":830,"wrap_in_box":50,"redirect_url":831,"success_file":833,"default_height":803,"success_message":803,"v2_hubspot_form":50,"success_sub_text":803,"hidden_field_values":836,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-7f4be722-4b80-4c7a-86c9-80fcc80c4da4","ContentHubspotForm",{"id":803,"url":803,"linktype":604,"fieldtype":832,"cached_url":803},"multilink",{"id":49,"alt":49,"name":803,"focus":49,"title":49,"source":49,"filename":803,"copyright":49,"fieldtype":834,"meta_data":835},"asset",{},[],"EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui.\n\nThe 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.\n\nThe 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.",[839],{"slug":840,"name":841,"content":842},"roman-aubry","Roman Aubry",{"job_title":843,"image":844,"bio":846,"linkedin":847,"markets_covered":848},"Analyst - Cobalt & Nickel",{"filename":845},"https://a.storyblok.com/f/287943243085208/512x512/2e40a46bef/roman-aubry.jpeg","Roman is an analyst at Benchmark, working on supply, demand, market analysis, and costs for nickel and cobalt. He previously covered nickel and cobalt as a price analyst for Benchmark's PRA division. He holds a BSc in Astrophysics from University College London. ","https://www.linkedin.com/in/roman-aubry-27bb80214/","Nickel and Cobalt ","article",[851,854],{"slug":852,"name":853},"critical-minerals","Critical Minerals",{"slug":855,"name":115},"cobalt","private",{"id":49,"alt":49,"name":803,"focus":49,"title":49,"source":49,"filename":803,"copyright":49,"fieldtype":834,"meta_data":858},{},{"id":860,"alt":803,"name":803,"focus":803,"title":861,"source":803,"filename":862,"copyright":803,"fieldtype":834,"meta_data":863,"is_external_url":50},171817227748738,"Image credit: EVelution","https://a.storyblok.com/f/287943243085208/3840x2160/7060a53ec0/evelution-entry-with-flag-002.jpg",{"alt":803,"title":861,"source":803,"copyright":803},"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.","May 01, 2026","1st May 2026",[],[],1781715030711]