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Corporation Glencore has signed a three-year agreement with GEM

Corporation Glencore has signed a three-year agreement with GEM

Glencore is one of the largest mining corporations in the world. On the days between it and the company GEM, an agreement was signed. It will last three years. According to it, Glencore will supply cobalt to your Chinese partner. This is one of the largest agreements to date. We are talking about the metal market. Cobalt high demand. However, it is expected that it will grow even more. This is due to the active production of electric cars. The first delivery to be carried out this year.

The Corporation will supply the hydroxide of cobalt. It contains 3.8 thousand tons of pure metal. Consumers are the companies of the GEM. They produce always select lithium-ion batteries. The plants in Hong Kong, Hubei, Jiangsu. Next year the supply will grow. The volume will amount to 18 thousand tons of cobalt. In 2020 be supplied will have 21 thousand tons. Prior to the current agreement, the Chinese company has used cobalt. She got it, recycling old batteries. Now these volumes will not be enough. It plans to expand production.

Last year Glencore produced 27.4 thousand tons of cobalt. This allowed her to become his largest manufacturer. We are talking about global suppliers. For the current year the Corporation has serious plans. It is planned to increase the produced volumes. The increase should be more than 40%. Thus, the annual figure should be 36 — 42 thousand tons. 10% of this amount will go a Chinese company. Increasing the production of cobalt was planned long ago. It intensified with the popularity of electric vehicles. To achieve these goals, the company will again connect the copper mine Katanga. He is in D. R. Congo. For the past two years there is its simple.

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