Entreprise Générale du Cobalt, EVelution Energy and Trafigura sign MOU to establish direct U.S.–DRC cobalt supply chain

Madrid, Spain, 13 May 2026 — Entreprise Générale du Cobalt (“EGC”), EVelution Energy LLC (“EVelution Energy”) and Trafigura Pte Ltd. (“Trafigura”) today announced the signing of a tripartite Memorandum of Understanding (MOU) to establish a framework for the long-term supply of Congolese cobalt hydroxide to the United States.

The arrangement is expected, subject to definitive agreements, to support EVelution Energy’s production of up to approximately 40% of projected U.S. cobalt demand. This represents a landmark step toward a commercial framework linking EGC and the Congolese cobalt sector, through Trafigura, with EVelution Energy, the first commercial-scale cobalt sulfate and cobalt metal processor in the United States. It builds on the December 2025 U.S.–DRC strategic critical minerals agreement aimed at strengthening secure supply chains between the United States and the Democratic Republic of the Congo (DRC).

Planned Commercial Structure:

• EGC is expected to originate cobalt hydroxide under its state mandate in the DRC
• Trafigura is expected to provide supply chain, logistics and marketing services.
• EVelution Energy is expected to process the material at its Arizona facility into battery-grade cobalt sulfate and/or alloy-grade cobalt metal for the U.S. aerospace and defense and EV battery industries.

This integrated model is designed to derisk cross-border flows and support long-term, bankable supply of cobalt feedstock into the United States.

A Strategic Milestone in U.S.–DRC Critical Minerals Cooperation

Cobalt is a critical input for aerospace, defense systems, electric vehicles, and advanced technologies (including microchips and permanent magnets). EVelution Energy’s facility in Yuma County, Arizona will be the first commercial-scale cobalt refinery in U.S., and is designed to establish secure domestic cobalt processing capacity supported by reliable long-term feedstock supply from the DRC.

Under the MOU, the parties also intend to explore:

• Support for the development of local cobalt refining capacity in the DRC, with a view to increasing in-country value creation and contributing to the long-term economic development of the Congolese mineral sector.
• Opportunities for EGC minority equity participation in EVelution or its refining infrastructure, to support value-sharing.
• The development of technical training programs for the benefit of EGC teams, in order to gradually strengthen Congolese capacities in cobalt refining.

Anchored by the Lobito Atlantic Railway (LAR)

EVelution Energy, Trafigura, and EGC are expected to leverage the Lobito Atlantic Railway (LAR), which is owned solely by its shareholders, Trafigura, Mota-Engil and Vecturis, and comprises a 1,300-kilometre rail line linking the deep-water port of Lobito on Angola’s Atlantic coast to the DRC border at Luau, with a further 450-kilometre extension to Kolwezi in the heart of the DRC’s Copperbelt.

The railway provides the shortest route from Kolwezi to an African port, reducing inland transit times to approximately seven days. LAR has received $753 million in financing from the U.S. International Development Finance Corporation (DFC) and the Development Bank of Southern Africa. The use of LAR is expected to deliver cost and transport time savings for all parties.

These efficiencies are expected to materially improve supply chain reliability and competitiveness of U.S.-based refining, underpinning a supply chain capable of supporting a significant share of U.S. cobalt demand.

Responsible Sourcing and Traceability

EGC, a commercial company under Congolese law, established by the government of the DRC, holds under the 2019 decrees the exclusive mandate to purchase, process, and commercialize cobalt from artisanal mining in the DRC, with a focus on improving traceability, environmental standards, and social responsibility. Trafigura, EVelution and EGC intend to jointly develop a responsible sourcing and traceability framework at EGC's artisanal mining sites in the DRC, aligned with EGC standards, OECD Due Diligence Guidance and applicable U.S. regulatory standards.

Supporting U.S. Industrial Policy and Economic Development

The arrangement between EVelution Energy, Trafigura and EGC further reinforces U.S. government efforts to:

• Build secure and durable supply chains for critical minerals
• Support reindustrialization and domestic manufacturing
• Maintain competitiveness in defense, energy, and automotive sectors

Construction of EVelution Energy’s groundbreaking facility is currently expected to commence in early 2027, with completion targeted by the end of 2029.

The parties have agreed to advance discussions toward definitive long-term commercial agreements over the coming months.

Executive Commentary

"This partnership marks a structural milestone for the Democratic Republic of Congo. It is in line with the strategic agreement between the United States and the Democratic Republic of Congo and illustrates the effective implementation of the commitments made by the DRC. It not only secures a high-value outlet for artisanal production, but also underscores an important skills transfer, based on American industrial expertise, to develop local processing capabilities. Beyond the economic dimension, it sends a strong signal to the international community: the DRC is resolutely committed to building responsible supply chains that create value for its people and are fully aligned with international standards," said Eric Kalala, CEO of EGC.

“This MOU is a critical step toward securing a reliable, long-term supply of responsibly sourced cobalt for domestic processing in the United States”, said Navaid Alam, President & CEO of EVelution Energy. “Collaborating with EGC and Trafigura enables us to establish a transparent and resilient supply chain that supports U.S. industrial and national security priorities, while creating genuine benefits for the DRC's local artisanal mining community. By combining technology transfer and operational know-how with the opportunity for minority participation by Congolese interests, this MOU establishes a true win-win framework — one that creates a more transparent, resilient and mutually beneficial DRC-U.S. cobalt supply chain.”

Gonzalo De Olazaval, Global Head of Metals and Minerals at Trafigura, said: “We are pleased to have signed this MOU with EVelution Energy to advance U.S. domestic processing capacity for cobalt, a strategic critical mineral. Trafigura's position as a shareholder of the Lobito Atlantic Railway, combined with our existing collaboration with EGC, places us in a uniquely strong position to deliver Congolese cobalt to international markets efficiently and at scale. This agreement demonstrates the integral role that Trafigura plays in connecting market participants to strengthen strategic commodity supply chains.”