- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) says it signed a five-year deal to supply battery maker Samsung SDI with as much as 21K metric tons of cobalt, in anticipation of a boom in demand for electric vehicles.
- The agreement will see Glencore sending the equivalent of 45% of its 2019 cobalt production, or 63% of its expected total output for 2020, to Samsung.
- Glencore produced 46.3K metric tons of cobalt last year, 10% more than in 2018, but expects to generate only 29K mt this year after shutting down its Mutanda mine in the Democratic Republic of Congo last year.
- The supply going to the battery maker will come mainly from the company's Katanga mine, also in the DRC.