15th March 2018
Data source: S&P Global Market Intelligence
Glencore Plc, the biggest cobalt producer in the world, struck a deal to sell 52,800 tonnes of cobalt hydroxide, or about a third of its cobalt production in the next three years, to GEM Co. Ltd. Reuters reported March 14.
GEM and its units will buy around 13,800 tonnes of the material this year, about 18,000 tonnes in 2019 and 21,000 tonnes in 2020.
Glencore is targeting to produce about 39,000 tonnes of cobalt this year, with output rising to 65,000 tonnes in 2019 and sliding to 63,000 tonnes in 2020.
The commodities trader was reportedly in talks with the Chinese battery recycler for a one-year contract to sell around a quarter of its cobalt output, but the price was said to be a “sticking point,” Reuters wrote earlier in the month.