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Tesla in Talks with Glencore to Source Cobalt for Shanghai Factory

Metal News - Published on Thu, 16 Jan 2020

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Bloomberg reported that Tesla is in talks to buy supplies of the battery metal cobalt from Glencore for its new factory in Shanghai and has held recent discussions with the Switzerland-based miner over a long-term supply deal though no final agreement has been signed. Tesla is looking to secure supplies of the metal for its Shanghai factory, which opened last month after a year of construction. The plant, which will produce the mass market Model 3 car, will use batteries from Korean producer LG Chem initially.

Glencore is the world’s largest producer of cobalt from its two mines in the DRC as well as its nickel mines in Australia and Canada. Last month Glencore signed a six-year agreement with Korean battery maker SK Innovation to supply around 30,000 tonnes of cobalt hydroxide for the next five years. Last year Glencore also signed a deal with BMW to provide the carmaker cobalt from its Murrin Murrin mine in Australia.

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Posted By : Rabi Wangkhem on Thu, 16 Jan 2020
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