Cobalt Blue and Iwatani Partner on Australia’s First Cobalt Refinery

Cobalt Blue has entered into a binding agreement with Iwatani Australia to jointly advance development of the Kwinana cobalt refinery in Western Australia. The agreement sets the framework for progressing the project toward a final investment decision (FID) by December 31, 2025.

Key conditions to be satisfied before a final decision include verification that cobalt samples meet customer specifications, finalization of joint venture terms and operational planning, as well as securing feedstock and offtake agreements. The deal also hinges on the completion of technical assessments, independent due diligence, and an approved financing strategy. Iwatani must additionally secure clearance from Australia’s Foreign Investment Review Board.

If a positive FID is reached, the Kwinana project will proceed as a 70:30 joint venture between Cobalt Blue and Iwatani Australia. The refinery would be the first in Australia to produce battery-grade cobalt sulfate and is intended to process feedstock from third-party sources as well as mixed hydroxide precipitate from Cobalt Blue’s Broken Hill project in New South Wales.

The plant is positioned as a contributor to Australia’s Critical Minerals Strategy, aiming to close a gap in domestic cobalt refining capacity. Detailed engineering is already underway, with 80% completed in partnership with consulting firm Tetra Tech.