What is the significance of the memorandum of understanding signed in Madrid involving EVelution Energy, EGC, and Trafigura?

The memorandum of understanding establishes 'a framework for the long-term supply of Congolese cobalt hydroxide' to the United States, marking a critical step toward securing a reliable, long-term supply of responsibly sourced cobalt for domestic processing in the US; it also includes intentions to explore EGC taking a minority equity stake in EVelution or its refining infrastructure and to develop higher-value local processing capacity in Congo.

Why is the Democratic Republic of Congo central to US efforts to secure cobalt supplies?

Congo is the world’s dominant supplier of cobalt—accounting for about three-quarters of global output—and has assumed a central role in the Trump administration’s efforts to reduce US dependence on China for mineral products; this strategic importance was reinforced by a US-Congo partnership concluded five months earlier, granting US investors preferential access to Congo’s abundant reserves of cobalt, copper, lithium, and tantalum.

US Firm Building Cobalt Refinery Signs Congo Supply Agreement

May 13, 2026

EVelution Energy secured a supply framework with Congo’s EGC and Trafigura for its US cobalt refinery project. The initiative targets responsible sourcing for EV batteries while reducing US reliance on Chinese mineral imports.

bloomberg

2026-04-17

Yergin: Middle East Energy Supply Recovery May Take Years Despite Immediate Ceasefire; India Power Plant Explosion Death Toll Rises to 20

2026-04-22

Energy Insider | Domestic Fuel Prices Cut for First Time This Year; PV Modules, Lithium Carbonate Prices Rise

2026-04-26

Origin Energy's Third-Quarter APLNG Revenue Slips on Lower Production, Realised Prices

2026-04-28

EVelution Energy signs $850 million deal with Mitsui to supply cobalt

2026-05-13

US Firm Building Cobalt Refinery Signs Congo Supply Agreement