By Oliver Griffin

Glencore PLC (GLEN.LN) said Wednesday that it has entered a long-term revolving agreement to supply cobalt hydroxide to Umicore SA's (UMI.BT) battery materials value chain.

The Anglo-Swiss miner and commodities trader said the cobalt will be sourced from its operations in the Congo.

Cobalt units will be shipped to Umicore's cobalt refineries around the globe, including to the Kokkola refinery in Finland, once Umicore's acquisition of the plant is complete.

Glencore said the deal--for which no value was disclosed--will provide it with long-term market access for its cobalt raw materials in line with Umicore's growing cathode materials sales.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

(END) Dow Jones Newswires

May 29, 2019 04:33 ET (08:33 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Umicore (PK) (USOTC:UMICY)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Umicore (PK) Charts.
Umicore (PK) (USOTC:UMICY)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Umicore (PK) Charts.