China Inc. Extends Cobalt Grip With Bigger Glencore Deal
- Glencore to supply 150,000 tons of cobalt to GEM Co. by 2029
- Deal with Chinese battery maker comes as cobalt prices recover
Photographer: Samir Tounsi/AFP/Getty Images
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Glencore Plc, the world’s biggest supplier of cobalt, has extended its supply agreement with battery maker GEM Co., allowing the Chinese company to secure supply of the crucial metal until the end of the decade.
The deal ensures GEM will have a steady supply of the battery-making ingredient until at least 2029, and further strengthens China’s growing dominance of the industry. Glencore said Thursday that it will sell 150,000 tons of cobalt between 2020 and 2029. It replaces a previous agreement to sell about 60,000 tons through 2024.