Home / Metal News / Glencore signs a long-term supply agreement with Umco to provide a sustainable supply of cobalt to battery materials

Glencore signs a long-term supply agreement with Umco to provide a sustainable supply of cobalt to battery materials

iconMay 29, 2019 18:12
Source:SMM

SMM5 29 May 29, according to Glencore issued a notice that the company has signed a long-term supply agreement with Yumeco (Umicore) on battery materials to supply cobalt hydroxide. The cobalt will come from Glencore's state-of-the-art industrial mining operations, KCC and Mutanda, in the Democratic Republic of the Congo. Yumeco has assessed each operation as fully in line with its sustainable procurement framework for cobalt, which does not include artisanal mining cobalt in the supply chain and any form of child labour participation. Once the ongoing acquisition process is completed, cobalt will be shipped to graceful Cobalt refineries around the world, including the Kokkola refinery in Finland.

It is reported that the agreement ensures the safety of most of Yumeco's long-term demand for cobalt in its expanding global battery material value chain, and provides long-term market access for Glencore's cobalt raw materials. This is in line with Yumike's growing sales target for cathode materials.

Marc Grynberg, CEO of Umco, commented, "our partnership with Glencore and the Kokkola refinery we have just announced demonstrate that we have been able to consistently implement our growth strategy in the area of cathode materials. The agreement also reaffirms our strong commitment to promoting a sustainable battery material value chain around the world. I am confident that our battery and car customers will attach importance to our commitment to support their development. "

Nico Paraskevas, head of marketing at Glencore Copper and Cobalt, said, "We are pleased to establish a long-term partnership with Umeike in the fast-growing electric vehicle market. This further supports Glencore's important role in providing energy and mobility conversion materials. "

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