Eurasian Resources Group (ERG) is moving forward with its ambitions to develop a cobalt sulphate refinery, intending to process cobalt hydroxide from its Metalkol facility in the Democratic Republic of the Congo (DRC).
ERG’s strategic move aims to vertically integrate its cobalt business and solidify its position as a key supplier to the chemicals sector, specifically for electric vehicle (EV) batteries.
The refinery project focuses on meeting the growing demand for cobalt-bearing batteries in the EV market, positioning ERG as a significant player in this critical sector.
To explore this venture, ERG has identified the Kingdom of Saudi Arabia as a potential host jurisdiction for the refinery and is collaborating with Thara Future Investment Company (Thara), an investment platform established by prominent Saudi investors.
Thara, with a focus on unlocking opportunities outlined in Vision 2030, aims to capitalize on the Kingdom’s abundant mineral wealth and leverage value chains in sectors such as chemicals, waste management, and future materials.
Benedikt Sobotka, CEO of Eurasian Resources Group, highlighted the expected surge in demand for NCM and NCA cobalt-bearing batteries and emphasized ERG’s commitment to ensuring sustainable and traceable cobalt sourcing in global battery supply chains.
The partnership with Thara is anticipated to expedite the development of the cobalt sulphate refinery in Saudi Arabia.
Hisham Attar, Managing Partner of Thara, expressed enthusiasm about the collaboration, emphasizing the alignment of this endeavor with their commitment to innovation and sustainable growth, unlocking new opportunities in line with their vision and purpose.
The planned cobalt refinery will receive a supply of cobalt hydroxide from ERG’s Metalkol facility in the DRC.
Metalkol, known for its historic tailings reclamation and environmental restoration operations, produces high-quality copper cathode and cobalt in hydroxide.
Benedikt Sobotka highlighted ERG’s substantial cobalt resources in the DRC and positioned the planned cobalt refinery project as considerably de-risked due to its underpinning by supply from upstream operations.
ERG ensures that its operations at Metalkol align with recognized responsible and sustainable practices, as outlined in the ERG Clean Cobalt & Copper Framework.
