15th Jan 2020 15:11
(Alliance News) - Mining firm Glencore PLC is in talks for a long-term cobalt shipping contract for Tesla Inc's new electric car factory in Shanghai, China, Bloomberg reported on Wednesday.
https://www.bloomberg.com/news/articles/2020-01-15/tesla-in-talks-to-buy-glencore-cobalt-for-shanghai-car-factory
A person familiar with the matter told Bloomberg that executives from the two companies "hammered out terms of the deal before an official ceremony to mark the first sales from the Shanghai plant earlier this month".
The person requested not to be identified and would not give details to Bloomberg regarding the deal's size or its value.
A Glencore spokesman declined to comment on the cobalt contract, while a representative for Tesla didn't immediately respond to a request for comment, according to Bloomberg.
Glencore's shares were down 1.6% at 238.90 pence in London on Wednesday and were down 2.1% in South Africa at ZAR44.60. Shares in Tesla were down 1.8% in New York at USD529.47.
By Anna Farley; [email protected]
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