Feels like we can't be too far off an official announcement...

Feels like we can't be too far off an official announcement regarding the Japanese partner for the Kwinana refinery.
As previously discussed in the forum, Sumitomo Metal Mining Co Ltd (SMM) feels like the most likely partner at this stage.

Cobalt Blue visits Japan – furthering Kwinana Cobalt Refinery and Broken Hill Cobalt Project Cooperation (Aug. - Sept. 2023)

Closing on the delivery of feasibility studies for the Kwinana Cobalt Refinery and Broken Hill Cobalt Project, Cobalt Blue is finalising funding assistance and offtake partnerships. Discussions held included strategic commercial alignments aimed at supplying critical minerals to fast-growing US and EU Electric Vehicle (EV) markets.

A COB commercial team comprising CEO (Joe Kaderavek), Executive Manager (Andrew Tong) and Project Finance Manager (Jan Fuchter) visited Japan (28 Aug. – 1 Sept. 2023).

Discussions were held regarding funding assistance to both projects, representing a potential investment in cobalt extraction and processing, with resulting material targeting the US (Inflation Reduction Act) and EU (Critical Raw Materials Act) markets.

The landscape is changing, with Western markets demanding sustainable minerals from dependable countries such as Australia.

CEO, Joe Kaderavek says: “This presents an exciting opportunity for incoming producers such as Cobalt Blue, with financial support available not only for individual projects but entire supply chains. Its all about sustainable production from trusted partners. The Japanese battery industry is changing rapidly and pivoting towards these markets, with cobalt contracts today already being classed as IRA compliant or IRA non-compliant. In our view the IRA compliant market will begin to demand pricing premiums over time, reflecting the higher costs of sustainable extraction and processing. Looking forward, EV customers can make purchasing decisions based on knowledge of the origin and sustainability of these materials. Customers are demanding strict environmental, social and corporate governance as well as carbon emission standards of metals within their vehicles. COB is proud to be part of that future.”

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Extracts from Reuters article from last year.

"TOKYO (Reuters) - Sumitomo Metal Mining Co Ltd (SMM) said on Tuesday it will triple its capital expenditure over the next three years to boost its output capacity of nickel and cathode materials used in batteries."

"Using some of the funds, SMM, which also makes electrical materials, plans to boost its monthly output capacity of cathode materials for rechargeable batteries used in electric vehicles to 10,000 tonnes by end-March 2028 and 15,000 tonnes by end-March 2031 from nearly 5,000 tonnes now to meet burgeoning demand.

SMM supplies the nickel-cobalt-aluminium (NCA) cathode materials used in Panasonic Corp’s lithium-ion battery that powers Tesla Inc’s Model 3 and Model X cars."