Glencore to buy almost $115 million of cobalt from industry veteran Weisfisch

Published: Feb 24, 2026 18:37

Save

According to reports, Glencore has agreed to purchase approximately 2,000 metric tons of cobalt in batches in 2026 from industry veteran Rami Weisfisch, with a total value of nearly $115 million at current prices. The material is mainly stored in Europe and North America and is expected to be shipped to the United States for inclusion in its strategic stockpiling program for critical minerals, aimed at reducing reliance on China in the supply and processing of key metals. The transaction is also seen as marking the conclusion of Weisfisch’s five-decade career in the cobalt industry.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

Ultra-High Specific Energy Lithium-Rich Manganese Solid-Liquid Battery Successfully Installed In FAW Vehicle

Recently, an ultra-high specific energy lithium-rich manganese solid-liquid battery was successfully installed in a vehicle by Zhongqi Xinneng Battery Technology Co., Ltd., a subsidiary of FAW Group. This marks the industry's first installation of a lithium-rich manganese solid-liquid battery in a vehicle, achieving a significant breakthrough in battery energy density. The ultra-high specific energy lithium-rich manganese solid-liquid battery product installed in the vehicle was jointly developed by Zhongqi Xinneng and the academician team from Nankai University. The cell energy density exceeds 500Wh/kg, and the battery pack's energy capacity has increased by 67% year-on-year, reaching 142 kWh. After installation, the vehicle's driving range can exceed 1,000 kilometers.

8 hours ago

9 hours ago

[SMM Analysis] Review of the Lithium Ore Market During the 2026 Chinese Lunar New Year Holiday and Post-Holiday Outlook

[SMM Analysis] Pre-holiday lithium ore market stabilized with a wait-and-see sentiment; post-holiday supply-demand tug-of-war intertwines with macroeconomic factors.

9 hours ago

[SMM Analysis] Review of the Lithium Ore Market During the 2026 Chinese New Year Holiday and Post-Holiday Outlook

[SMM Analysis] The lithium ore market stabilized and adopted a wait-and-see approach before the holiday, while after the holiday, the tug-of-war between sellers and buyers and macro factors intertwined.

9 hours ago