Fuse Cobalt signs MOU with Electra Battery Materials
by CM Staff
The companies expect this transaction will provide a 'Made in North America,' solution that also promotes low greenhouse gas emissions.
COQUITLAM — Fuse Cobalt Inc. has signed a non-binding memorandum of understanding regarding a cobalt raw material supply agreement with Electra Battery Materials Corporation.
This agreement is focused primarily on Fuse’s Teledyne and Glencore Bucke Cobalt Exploration Projects located in Cobalt, Ont. in close proximity to Electra’s cobalt sulfate refinery in Temiskaming Shores, Ont.
“This MOU is the first step towards a potential Definitive Agreement to supply cobalt raw material for Electra’s nearby cobalt refinery and sets out the terms by which we will exchange information with Electra to advance a potential transaction to involving the supply of cobalt raw materials. The end result of this collaboration will be the execution of a Definitive Agreement to provide cobalt feed stock to the Electra Cobalt Refinery which is roughly a stone’s throw away from our two cobalt exploration properties in Ontario,” said Robert Setter, CEO of Fuse in a statement.
The transaction contemplates the supply of cobalt raw material from either one or both of the company’s Glencore Bucke and Teledyne mining projects located in northeastern Ont. The parties expect this transaction will provide a ‘Made in North America,’ solution that also promotes low greenhouse gas emissions, with the potential to supply the continent’s growing lithium-ion battery supply capacity.
