China's GEM Co. Ltd. and Glencore are extending their long-term strategic cobalt partnership.
GEM Co. Ltd (GEM) and Glencore are pleased to announce that they have entered into a five-year agreement to supply Kobalthalxide (Cobalt).
Under the agreement, Glencore will provide at least 2020 tonnes of cobalt for GEM between 2024 and 61.200.
Mr. Xu, Chairman of GEM, commented:
“GEM is very pleased to announce this long-term strategic collaboration with Glencore. This agreement is an important cornerstone of GEM's cobalt sourcing strategy as it will support GEM's continued contribution to the Chinese new energy market.
“In a constantly changing and rapidly evolving cobalt environment, GEM and Glencore have managed to have a very strong collaboration.
“By securing an important battery raw material, GEM clearly shows its ability to implement its vision for an electrified, CO2-free transport system.
“GEM will continue to focus on developing and manufacturing high quality sustainable cobalt products to meet the rapidly growing demand for cobalt-containing battery products.
"GEM values Glencore's long-term approach and its support in building a stable and sustainable cobalt supply chain."
Nico Paraskevas, Head of Marketing, Copper & Cobalt, Glencore commented:
“Expanding our longstanding partnership with GEM underscores Glencore's important role in delivering materials that enable the transition from energy to mobility. In addition, this long-term partnership offers Glencore a stable sales market for a substantial part of the expected future cobalt hydroxide production. "
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About GEM
The headquarters of GEM is located in Shenzhen, China. It is a progressive company in the global circular economy and a leader in the Chinese circular economy. It is China's leading company in the recycling of rare metal resources, battery packs, electronic scrap and end-of-life vehicles. Recognized by the Chinese government as a national base for urban mining, as a nationwide training base for the circular economy, as a national battery recycling leader, and as a national green factory, GEM plays a leading role in China's waste management sector. After more than 10 years, GEM has built the world's largest superfine cobalt powder manufacturing facility and the world's largest ternary source material manufacturing facility. In the field of cobalt products, GEM has a melting capacity of 30.000 tonnes of cobalt per year and produces cobalt salt, cobalt cathode, finest cobalt powder, cobalt trioxide, lithium cobalt oxide, ternary base and ternary cathode materials, and other types of cobalt products. The raw material, finest cobalt powder and ternary feedstock production system is the largest in the world, with GEM cobalt products serving more than 60% of the world's cemented carbide production facilities and more than 30% of lithium-ion battery manufacturers. The cobalt cathode is a trademark registered by the LME. GEM is the largest buyer of cobalt raw materials from globally registered markets.
About Glencore
Glencore is one of the world's largest diversified natural resource companies and a major producer and distributor of more than 90 commodities. The Group's business comprises approximately 150 mining and metallurgy sites, oil production facilities and agricultural facilities.
Glencore's industrial and marketing activities, which have a strong presence in both established and emerging natural resource regions, are supported by a global network of more than 90 offices in over 50 countries.
Glencore's customers are industrial consumers, such as automotive, steel, power generation, oil and food processing. Glencore also offers financing, logistics and other services to producers and consumers of raw materials. Glencore companies employ approximately 158.000 employees, including contractors.
Glencore is proud to be a member of the Voluntary Principle.
Press release from Glencore
