Glencore Reaches Agreement to Supply Cobalt to Umicore
29 May 2019 - 6:48PM
Dow Jones News
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.
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