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Glencore and First Cobalt Corp want to rebuild the canadian manufacturing plant of cobalt

Glencore is a multinational mining Corporation. Recently it was signed a Memorandum of understanding. The second side was made by the canadian company First Cobalt Corp. Both companies will participate in the implementation of the new project. According to him, will be restored now idle plant. Previously, he was engaged in the production of cobalt. The cobalt used in the manufacturing process of batteries. They, in turn, are used in electric vehicles. The factory is located in the canadian province of Ontario. It is the only such company in North America.

Despite the signed document, the final decision still had not been accepted. First of all, you need to conduct a thorough study. The results will be determined whether to undertake the project. It is not excluded that the parties will eventually abandon the idea. It is known that to restore the operation of the plant will significantly potratila. But, perhaps, businesses will be able to find a solution. In the past year there have been some calculations. These included the costs of restoring production. At that time they were estimated at $ 30 million.

However, companies have suggested how to act in case of positive decision. So Glencore will give your partner credit. Funds will be used for preparatory work to launch. In addition, concluded a tolling agreement. Today Glencore is the largest supplier of cobalt concentrate. This refers to in the world. The plant’s capacity can reach about 2−2,5 thousand tons of cobalt. It comes in the form of sulphate and refined metal. Sulfate is used by the battery manufacturers. Refined metal — the defense industry and aerospace.

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