Eurasian Resources Group, a diversified natural resources group based in Luxembourg, signed an agreement with China's BGRIMM Technology Group, an institute in mineral and material industries worldwide, in relation to a cobalt beneficiation facility, which ERG is building in the Democratic Republic of the Congo, at the third Belt and Road Forum for International Cooperation in Beijing.

This production facility is planned to be commissioned by the end of 2024 and cobalt hydroxide should be provided from ERG's DRC-based Metalkol, one of the world's largest producers for the battery industry, and one of the largest suppliers of cobalt to China.

The agreement between the two was signed on October 17th.

"ERG has been attending the BRI Forum every year since its inception, because we know it is where some of the most important decisions for the global industry are made," said Benedikt Sobotka, CEO of ERG. "It is no different this time that ERG's agreement with BGRIMM to build a high-quality cobalt beneficiation facility is much needed for critical mineral mining and processing industry and for the green energy transition."

"It is very exciting to help increase the overall investment in cobalt beneficiation in the DRC. This will also lead to further improvement of infrastructure and bring many benefits for local communities in the country, which is a vital region for metals and mining and a key building block for the cobalt industry," added Sobotka.