First Cobalt secures $45M funding for cobalt refinery – recycling next step

The Canadian cobalt company First Cobalt has closed a debt and equity financing of US$45M which enables to company to finish the construction of a hydro metallurgical for the refining of battery grade cobalt in Ontario, Canada with planned commissioning in Q4 in 2022.

The company, which previously has evaluated the feasibility to use black mass from recycled batteries as part of the feedstock, also announced that recycling will be an integrated activity at the plant. This will broaden the scope and make First Cobalt a producer of other battery materials such as nickel and lithium.

The long term vision is to establish a Battery Park which would include nickel sulfate production from primary feeds and lithium-ion battery precursor manufacturing. The establishment is interesting as it adds another recovery option for black mass in North America.

Read more about the financing and the company's activity here.