Glencore’s revamped deal with GEM could leave electric vehicle makers short of sustainable cobalt. Benchmark looks at what this deal means to the market.
In October Glencore announced a revamped deal with the world’s largest precursor producer, GEM Co Ltd, for cobalt hydroxide that equates to 61,200 tonnes of contained cobalt for a five-year period between 2020 and 2024.
Benchmark Mineral Intelligence estimates that the deal is for 25% of Glencore’s forecasted cobalt hydroxide production in the contracted time period, and it comes on the back of the commodity group’s closure of one of . . .