https://www.miningweekly.com
Africa|Energy|Mining|PROJECT|Refinery|Refining|supply-chain
Africa|Energy|Mining|PROJECT|Refinery|Refining|supply-chain
africa|energy|mining|project|refinery|refining|supply chain

Africa moves a step closer to continent’s first cobalt refinery

15th February 2024

By: Bloomberg

  

Font size: - +

Africa could have its first cobalt sulphate refinery by the end of 2025, one of the few outside of China capable of making the product that’s a key component of lithium-ion batteries.

Nigeria-based Africa Finance Corp. last week signed an expression of interest to provide $100-million in financing to Kobaloni Energy, backed by mining veteran Mick Davis’ Vision Blue, for the planned facility in Zambia.

AFC should reach an investment decision within 3-4 months, Chief Executive Officer Samaila Zubairu said in an interview Feb. 9. Once the financing is finalized, production could start within 18 months, Johnny Velloza, Kobaloni’s co-founder, said by text message Wednesday.

The project would help diversify a crucial part of the global battery making supply chain away from China, which currently accounts for about 75% of global cobalt refining capacity. Zambia isn’t a major cobalt producer, but its northern neighbour Democratic Republic of Congo mines about two-thirds of the world’s supplies of the metal.

Still, prices have plunged from highs above $80 000 a ton two years ago to about $28 000 on the London Metal Exchange due to oversupply, making investments in the metal more difficult.

Edited by Bloomberg

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (24/05/2024)
24th May 2024 By: Martin Creamer
Magazine round up | 24 May 2024
Magazine round up | 24 May 2024
24th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.199 0.233s - 93pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: