RMI is one of the most utilized and respected resources for companies from a range of industries addressing responsible mineral sourcing issues in their supply chains. First Cobalt will qualify the First Cobalt Refinery under the Responsible Minerals Initiative (RMI).
The Company will provide a clean and ethical supply of cobalt for the EV market. KCC and Tenke Fungurume are large, commercial mining operations that provide ethically sourced cobalt and the highest quality cobalt hydroxide globally. Glencore, CMOC and First Cobalt are members of the Cobalt Institute, which will be leading a cobalt industry LCA project, demonstrating the industry's commitment to ongoing decarbonization. This important attribute is enhanced by buying feed from mining operations that are operated with clean hydroelectric power, resulting in a low carbon product from the mine through to the refined product. In particular, the carbon footprint generated through the production of one kilogram of cobalt sulfate from First Cobalt's production process is projected to be 50% lower than the benchmark cobalt facility. The report concludes that the environmental impacts associated with refining cobalt at First Cobalt's facility will be materially lower than the published impacts of other leading refiners. An independent life cycle assessment (LCA) completed in 2020 confirmed the low carbon footprint of its Canadian refinery. Offtake discussions, financing and permitting are on schedule, supporting commencement of construction in mid-2021.įirst Cobalt is committed to implementing decarbonization strategies in line with the Paris Agreement. The supply agreements and commencement of shipments are conditional on First Cobalt obtaining the necessary permits and a working capital facility. The Company plans to purchase an additional 500 tonnes per annum of feed at a later date through contract or spot market purchases. Together the arrangements will provide 90% of the Refinery's annual contained cobalt capacity of 5,000 tonnes per annum. The Company and IXM will work to complete a definitive contract.Ĭobalt hydroxide will be purchased at prevailing market prices, providing First Cobalt investors with exposure to the cobalt market and, by extension, a growing EV market. for cobalt from CMOC's Tenke Fungurume mining operation in the DRC over the same time period. First Cobalt has also signed a memorandum of understanding with IXM S.A. Under the terms of a binding cobalt hydroxide supply contract, Glencore AG will supply the First Cobalt Refinery from the KCC mining operation in the Democratic Republic of Congo for five years, commencing in Q4 2022.
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We are now focused on offtake arrangements and the financing package with the goal of commencing construction in mid-2021 and full commissioning in the second half of 2022." will be the next large market to take off. Electric vehicle sales in Europe were up more than 100% in 2020 and the U.S. With feedstock arrangements in place, we can continue to advance our vision to create a new cobalt supply chain in North America. Our globally competitive cost structure and industry-leading ESG credentials put us in a strong position for a rapidly growing EV market. "This is a pivotal moment for our North American cobalt refining strategy. Trent Mell, President & Chief Executive Officer, commented:
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