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Glencore secures five-year deal to supply cobalt to Samsung SDI – Source Reuters Tech News

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

LONDON (Reuters) – Glencore signed a five-year deal to supply battery maker Samsung SDI with up to 21,000 tonnes of cobalt, the miner and trader said on Monday.

An expected boom in demand for electric vehicles has pushed battery and car makers to clinch supply deals for key raw materials such as cobalt.

In the last year, Glencore has agreed cobalt supply deals with battery maker SK Innovation, China’s GEM Co Ltd, Umicore and BMW.

Glencore produced 46,300 tonnes of cobalt in 2019, up 10% from the previous year and but expects to churn out 29,000 tonnes this year after shutting as its Mutanda mine in the Democratic Republic of Congo.

Some cobalt sourced in Congo, which accounts for about 60% of global supply, has come under scrutiny for its potential use of children in mining.

Glencore and Samsung SDI said…

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Source Reuters Tech News

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