The project would help diversify a crucial part of the global battery making supply chain away from China.
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.
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 neighbor Democratic Republic of Congo mines about two-thirds of the world’s supplies of the metal.
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