Electra Battery Materials

Last updated

Electra Battery Materials Corporation
Nasdaq:  ELBM
TSX-V:  ELBM
IndustryMetals and mining
FoundedMarch 2017, as First Cobalt Corp.
Headquarters Toronto, Ontario, Canada
Area served
North America
Key people
Trent Mell, CEO
Website https://electrabmc.com

Electra Battery Materials Corporation (EBMC, formerly First Cobalt Corp.) is a Canadian multinational corporation engaged in mining and refining raw materials for electric batteries. Electra owns and operates the first fully permitted metallurgical refinery in North America for producing battery-grade cobalt and nickel sulfate. [1] The company also owns the Iron Creek cobalt-copper deposit in Lemhi County, Idaho, US. [2]

Contents

History

Cobalt has historically been obtained as a byproduct of copper and nickel mining. [3] The electric vehicle boom in the 2010s created an increased demand for cobalt as a component of electric batteries. In response to that, Electra (First Cobalt Corporation at the time) emerged as a pure-play cobalt exploration and mining company in 2017. [4] The company completed a three way merger with CobalTech Mining Inc. and Cobalt One Ltd to consolidate its ownership of cobalt assets in the Ontario cobalt camp. [5] [6]

First Cobalt acquired junior explorer US Cobalt in 2018 and took ownership of its Iron Creek cobalt-copper project. [7] The Iron Creek deposit is located in the Idaho Cobalt Belt, which is the second largest known source of cobalt in the United States. In a 2019 estimate, First Cobalt defined an indicated resource of 6000 tons of cobalt and 13,000 tons of copper contained in this deposit. [8] [9] By 2021, the company doubled its land position surrounding the Iron Creek project. [10]

In late 2021, the company announced the creation of Electra Battery Materials Park at its Ontario refinery site, with the addition of a recycling plant for expired Lithium-ion batteries. [11] Soon after, the company changed its name to Electra Battery Materials to reflect the strategic shift from being a pure-play cobalt miner toward refining and recycling a wider variety of battery materials. [12] In June 2022, Electra started preliminary discussions with the Quebec government to build a second cobalt refinery in the Bécancour Industrial Park. [13]

In December 2022, Electra launched a black mass (shredded remains of Li-ion batteries) recycling trial and demonstrated capability to extract lithium, nickel, cobalt, manganese, copper, and graphite at scale. [14] [15]

In August 2024, the United States Department of Defense announced a US$20 million award to Electra for the completion of the Ontario refinery and to start production of cobalt sulfate. [16]

See also

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