Skip to main content

First Cobalt Corp. says it has struck a partnership with commodities giant Glencore AG for the development of its cobalt refinery in Ontario.

The company says it has a memorandum of understanding that would see Glencore provide raw material to feed the refinery, as well as evaluate making a loan to the company.

First Cobalt says the refinery, which was commissioned in 1996 and placed on care and maintenance in 2015, would be the only primary cobalt refinery in North America if reopened.

Story continues below advertisement

It says the refinery, sitting about 600 kilometres north of Toronto in Lorrain Township, could produce up to 1,000 tonnes of cobalt per year.

Cobalt prices have fluctuated significantly in recent years over speculation of potential demand for their use in batteries for electric cars and elsewhere, though some companies have signalled they plan to shift away from the metal over supply issues.

Shares of First Cobalt closed up 2.5 cents, or 17.24 per cent, at 17 cents on the TSX Venture Exchange.

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter
To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies