As per the terms of the deal, Glencore will provide up to 21,000 tonnes of cobalt contained in cobalt hydroxide between 2020 and 2024
Samsung SDI and Glencore extend their long term strategic cobalt partnership. (Credit: Pixabay/Gerd Altmann)
Glencore has signed a five year agreement with Samsung SDI for the supply of cobalt hydroxide.
Under the terms of this supply contract, Glencore will provide up to 21,000 tonnes of cobalt contained in cobalt hydroxide between 2020 and 2024.
The cobalt will be sourced from Glencore’s industrial mining operations located in the DRC.
Glencore and Samsung SDI are committed to ensuring the ethical and responsible production and procurement of cobalt.
Both parties agree that Glencore’s DRC operations will be independently audited each year against the “Cobalt Refinery Supply Chain Due Diligence Standard”. This standard is defined by the Responsible Mining Initiative (RMI).
Nico Paraskevas, Head of Copper & Cobalt Marketing, Glencore, commented:
“We are pleased to extend our partnership with Samsung SDI by entering into this long-term cobalt supply agreement. This demonstrates a further continuation of Glencore’s cobalt hydroxide marketing strategy to secure long term supply agreements with key players in the lithium-ion battery supply chain. This also illustrates Glencore’s important role in supplying the materials that enable the energy and mobility transition and Glencore’s commitment to responsible production”.
Source: Company Press Release