Eurasian Resources Group and Thara Partner to Explore Cobalt Sulphate Refinery in Saudi Arabia
Eurasian Resources Group (ERG), a diversified mining company, is actively pursuing the establishment of a refinery dedicated to processing cobalt hydroxide into cobalt sulphates – a key component in electric vehicle (EV) batteries.
The move aims to bolster ERG’s position as a strategic supplier to the chemicals sector, particularly in the EV battery industry.
ERG has identified Saudi Arabia as a potential location for the refinery and is collaborating with the investment platform Thara to explore and pursue this investment opportunity.
Thara, focusing on unlocking Saudi Arabia’s Vision 2030 opportunities, aims to capitalize on the country’s mineral wealth and leverage value chains in chemicals, waste management, and future materials.
The partnership between ERG and Thara, formalized through a memorandum of understanding signed on January 12, marks a strategic move towards developing a critical value chain in Saudi Arabia.
ERG’s CEO, Benedikt Sobotka, anticipates a quadrupling of demand for cobalt-bearing batteries by 2030, driven by the sustained market penetration of EVs. The collaboration with Thara is expected to accelerate the development of a cobalt sulphate refinery in Saudi Arabia.
The refinery will be supplied with cobalt hydroxide from ERG’s Metalkol facility in the Democratic Republic of Congo (DRC), a responsible and sustainable operation known for tailings reclamation and environmental restoration.
As one of the largest suppliers of cobalt hydroxide globally, ERG aims to ensure sustainable and traceable cobalt sourcing for battery supply chains worldwide.
The Metalkol operations align with the ERG Clean Cobalt and Copper Framework, emphasizing responsible and sustainable practices.
