Fortescue cuts 700 jobs, slows down green hydrogen plans
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as main reason for restructuring and layoffs.
Commodities trader Trafigura has signed a memorandum of understanding with US electric vehicle battery materials company EVelution Energy to support development of a battery-grade cobalt sulphate processing plant in Arizona.
With expected annual capacity of 7,000 tonnes of cobalt, the facility will be able to meet 40% of expected 2027 cobalt demand in relation to US production of electric vehicles, the companies said. EVelution Energy is expected to start construction of the plant in late 2023.
(By Arundhati Sarkar and Eileen Soreng; Editing by David Goodman)
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