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Glencore and Umicore Inks Long Term Cobalt Supply Agreement

Metal News - Published on Mon, 03 Jun 2019

Image Source: Financial Times
Multinational miner Glencore announced last week that it has entered into a long-term cobalt supply agreement with Umicore, a global materials technology and recycling group based in Brussels. According to Glencore, the cobalt will be sourced from its KCC and Mutanda operations in the Democratic Republic of the Congo. Glencore said that “Umicore has assessed each operation as fully compliant with its sustainable procurement framework for cobalt which excludes artisanally mined cobalt from its supply chain, as well as any form of child labor. The cobalt units will be shipped to Umicore’s cobalt refineries globally, including the Kokkola refinery in Finland once the ongoing acquisition process is complete.”

Mr Nico Paraskevas, head of marketing for Glencore’s copper and cobalt division said that “We are pleased to enter into this long-term partnership with Umicore in the fast growing electric vehicle market which further endorses Glencore’s important role in supplying the materials that enable the energy and mobility transition.”

Umicore’s CEO touted the agreement as part of the firm’s gowth strategy for cathode materials. Umicore CEO Marc Grynberg said that “Our partnership with Glencore and the acquisition of the Kokkola refinery which has just been announced demonstrate our ability to execute our growth strategy for cathode materials with consistency. The agreement also reconfirms our strong commitment to promote a sustainable battery materials value chain globally. I am convinced that our battery cell and automotive customers will value our commitment to support their growth.”

Cobalt, a majority of which is mined in the DRC, is coveted for its application in high-tech technologies, including electric vehicle batteries.

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Posted By : Rabi Wangkhem on Mon, 03 Jun 2019
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