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Glencore Agrees Cobalt Supply Deal With Belgian Battery Maker Umicore

29th May 2019 11:10

LONDON (Alliance News) - Glencore PLC has agreed to provide Belgian materials firm Umicore NV with cobalt, the bluechip miner and commodities trader said Wednesday.

The cobalt will come from Glencore's Katanga Mining and Mutanda operations in the Democratic Republic of the Congo, helping Umicore develop battery materials using the commodity.

Umicore is satisfied the operations meet its requirements, Glencore said, including no use of child labour. No cobalt will be supplied from artisanal workings.

Nico Paraskevas, the head of marketing at Glencore Copper & Cobalt, said: "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."

Glencore shares were 1.6% lower in London on Wednesday at 255.80 pence each, with Johannesburg shares also down 1.3% at ZAR47.78.


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