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Glencore enters long-term cobalt supply deal with Umicore

Glencore PLC entered into a long-term revolving agreement to supply cobalt hydroxide to European recycler Umicore SA's battery materials value chain.

The Switzerland-based diversified miner said May 29 that cobalt will be sourced from its KCC and Mutanda mines in the Democratic Republic of the Congo.

The product will be shipped to Umicore's cobalt refineries globally, including the Kokkola refinery in Finland, and will supply the majority of the company's long-term cobalt needs.

Freeport-McMoRan Inc. recently agreed to sell its Kokkola refinery and related cobalt cathode precursor business to Umicore for about US$150 million plus working capital.

Glencore recently signed a memorandum of understanding to supply cobalt feedstock and finance recommissioning of First Cobalt Corp.'s namesake refinery in Ontario.