First Cobalt secures cobalt hydroxide feed deals with Glencore, IXM

First Cobalt Corp has finalized long-term cobalt hydroxide feed deals with Glencore and trading company IXM, a subsidiary of mining company CMOC, as part of a plan by the Canada-based company to recommission and expand a currently idle cobalt refinery in the country.

The agreements will see Glencore and IXM provide a total of 4,500 tonnes per year of contained cobalt to the First Cobalt refinery, starting in 2022. The material will be sourced from Glencore's Kamoto Copper Co mine and CMOC's Tenke Fungurume mine, both in the Democratic Republic of Congo.
The supply agreements represent 90% of the Canadian refinery's capacity for 5,000 tpy and will yield 22,250 tpy of battery-grade cobalt sulfate. First Cobalt plans to purchase an additional 500 tpy of feed at a later date through contract or spot market purchases.

According to First Cobalt president and...

Bank of Japan boosts rates, continuing an unwinding carry trade

Gold stocks outperform equity market slide

Silver inventories rebound in UK, output from major producers rises

Silver's three-month outperformance continues

Silver & Copper Supply Distortions Continue