Glencore AG has provided a $5 million loan facility to First Cobalt Corp to complete work associated with a recommissioning and expansion of its refinery in Canada.
The goal is to produce battery-grade cobalt sulfate for prequalification for the electric vehicle supply chain.The loan will be used for advanced engineering, metallurgical testing, field work and permitting at the site in Ontario, Canada. First Cobalt is concluding a request for proposal process for the feasibility study, metallurgy and environmental work with a view to commencing field work in September. Glencore is prepared to advance an additional $40 million once First Cobalt completes a positive definitive feasibility study for a 55-tonnes-per-day expansion of...