Fabled Silver Gold Corp T.FCO

🚫China Takes 50,000 Tonnes of Cobalt Out of Circulation🚫

[JulianAssange]

GEM signs long-term cobalt supply deal with Glencore to lock in supply

Chinese cobalt producer GEM has signed a long-term strategic procurement contract with Glencore, securing more than 50,000 tonnes of cobalt intermediates for the following three years - part of a growing trend of producers looking to lock in supply amid growing global tightness.

Shenzhen-listed GEM will purchase 13,800 tonnes of crude hydroxide from Glencore in 2018 and a further 18,000 tonnes and 21,000 tonnes in 2019 and 2020 respectively, with the total procurement amounting to 52,800 tonnes, it said in a statement on Wednesday March 14. Glencore produced 27,400 tonnes of cobalt in 2017, according to a February 1 production report. The company raised its cobalt production guidance for 2018 to 36,000-42,000 tonnes, with an additional 11,000 tonnes expected to come on stream this year following the commissioning of the whole ore leach project at its Katanga mine.

https://www.metalbulletin.com/Article/3794043/Search-results/GEM-signs-long-term-cobalt-supply-deal-with-Glencore-to-lock-in-supply.html