The metals and mining companies CMOC, Eurasian Resources Group (ERG), Glencore as well as the battery material supplier Umicore are testing the blockchain solution “Re|Source” as part of a pilot project to “track responsibly produced cobalt from the mine to the electric car”.
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Norway’s battery cell start-up Freyr is about to go public on the US stock exchange, again through merging with an already listed investment firm, Alussa Energy Acquisition Corporation (think SPAC).
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Glencore is apparently going to supply Tesla’s Gigafactory in Shanghai and the planned plant in Brandenburg with cobalt from the Congo. A recent article in the Financial Times already mentions concrete quantities to be delivered to Tesla.
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Glencore and Samsung SDI have now signed a contract to supply Samsung with cobalt between 2021 to 2024. The contract covers an amount of 21,000 tonnes of cobalt from the Democratic Republic of Congo.
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SK Innovation, the South Korean battery cell manufacturer, has signed a six-year contract with Glencore for the purchase of up to 30,000 tonnes of cobalt. The deal is intended to enable the supply of batteries for three million electric cars.
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The BMW Group is changing its strategy for purchasing raw materials for electric cars. In the case of important materials such as lithium and cobalt, intermediaries are to disappear from the supply chain.
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After Andreas Wendt, the Board Member responsible for purchasing, recently announced that BMW will no longer purchase cobalt from Congo for the introduction of the fifth generation of electric vehicles from 2020/21, it is now clear that the raw material will instead come from Australia and Morocco.
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Glencore has agreed to sell approximately one third of their global cobalt production to Chinese battery recycling company GEM for the next three years. This corresponds to about 52,800 tonnes of the sought after rare earth.
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