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Electra Battery Materials Corp (2)
Symbol ELBM
Shares Issued 32,449,946
Close 2022-09-22 C$ 4.43
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Globe says Electra Battery wins LG cobalt contract

2022-09-23 07:27 ET - In the News

The Globe and Mail reports in its Friday, Sept. 23, edition that Electra Battery Materials has agreed to supply electric car battery manufacturer LG Energy Solution with cobalt from an Ontario cobalt refinery that it hopes will be operational next year. The Globe's Niall McGee writes that Electra plans to supply 7,000 tonnes of battery-grade cobalt from 2023 to 2025 to LG Energy. The South Korean company is the world's second-biggest battery maker and counts Tesla, Volkswagen and Stellantis among its customers. China controls about 80 per cent of the refining of metals that feed into the EV supply chain, including lithium, cobalt, graphite and nickel. Both levels of government are investing in battery minerals because a consumer shift to battery-powered electric vehicles is essential if the country is to meet its long-term promise to achieve net-zero carbon emissions by 2050. Electra, which has already received $10-million in financial assistance from Ontario and Ottawa, is about halfway through a $100-million refurbishment of a shuttered cobalt refinery near the town of Cobalt in Northeastern Ontario. The facility is expected to be North America's first battery-grade cobalt refinery.

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