Samsung SDI and Glencore extend their long term strategic cobalt partnership
10 February 2020
Glencore has today signed a five year agreement with Samsung SDI for the supply of cobalt hydroxide.
Under the terms of this supply contract, Glencore will provide up to 21,000 tonnes of cobalt contained in cobalt hydroxide between 2020 and 2024.
The cobalt will be sourced from Glencore’s industrial mining operations located in the DRC.
Glencore and Samsung SDI are committed to ensuring the ethical and responsible production and procurement of cobalt.
Both parties agree that Glencore’s DRC operations will be independently audited each year against the “Cobalt Refinery Supply Chain Due Diligence Standard”. This standard is defined by the Responsible Minerals Initiative (RMI).
Nico Paraskevas, Head of Copper & Cobalt Marketing, Glencore, commented:
“We are pleased to extend our partnership with Samsung SDI by entering into this long-term cobalt supply agreement. This demonstrates a further continuation of Glencore’s cobalt hydroxide marketing strategy to secure long term supply agreements with key players in the lithium-ion battery supply chain. This also illustrates Glencore’s important role in supplying the materials that enable the energy and mobility transition and Glencore’s commitment to responsible production”.
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Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of offices located in over 35 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 158,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.