Mining and raw materials supplier Eurasian Resources Group (ERG) has partnered with investment platfrom Thara Future Investment Company to establish a refinery in Saudi Arabia to process cobalt hydroxide sourced from the Democratic Republic of Congo (DRC).
The refinery will process cobalt hydroxide extracted from the firm’s Metalkol mining facility in the DRC and enhance project monetization while contribute to the growing demand for cobalt required for electric vehicle (EV) batteries.
Benedikt Sobotka, CEO of Eurasian Resources Group, said “Being underpinned by supply from our upstream operations, the planned cobalt refinery project is considerably de-risked,” adding that with the demand for cobalt batteries set to triple by 2030, owing to increased penetration of EVs globally, the planned Saudi investment will position the firm as a crucial supplier to the industry.
The announcement follows ERG’s tenfold increase in cobalt production at the Metalkol facility over the past four years. The firm has also initiated a $250 million partnership with Chinese firm, BGRIMM Technology Group, to further enhance cobalt production at the DRC project.
