Baar, Switzerland 7 October 2019
GEM Co. Ltd (GEM) and Glencore are pleased to announce that they have entered into a five year agreement for the supply of cobalt hydroxide (cobalt).
Under the terms of the agreement, Glencore will provide a minimum of 61,200 tonnes of Cobalt for GEM between 2020 and 2024.
Mr Xu, Chairman of GEM commented:
“GEM is very pleased to announce this long-term strategic co-operation with Glencore. This agreement represents a major cornerstone in GEM’s cobalt sourcing strategy as it will support GEM’s continued contribution to the Chinese New Energy Market.
“In an ever-changing and fast evolving cobalt environment, GEM and Glencore have managed to maintain a very strong working relationship.
“By securing a key battery raw material, GEM clearly demonstrates its ability to implement and deliver its vision for an electrified, carbon-free transportation system.
“GEM will continue focusing on the development and the manufacturing of high quality sustainable cobalt products to meet the fast growing demand for cobalt containing battery products.
“GEM truly appreciates Glencore’s long term approach and its support in establishing a stable and sustainable cobalt supply chain.”
Nico Paraskevas, Head of Marketing, Copper & Cobalt, Glencore, commented:
“The extension of our long established partnership with GEM further endorses Glencore’s important role in supplying the materials that enable the energy and mobility transition. Furthermore, this long term partnership provides Glencore with a stable outlet for a significant portion of its expected future Cobalt Hydroxide production.”
