To purchase this space contact Gordon

Diversified miner Glencore International and Norwegian battery producer FREYR have signed a letter of intent for the supply of up to 3 700 t of high-purity cobalt metal cut cathodes produced at Glencore’s Norwegian operations, Nikkelverk.

This ethically sourced cobalt will be a core component in FREYR’s lithium-ion battery (LIB) cells, which will be produced at planned facilities in Mo i Rana, Norway, Glencore said in a statement issued on February 1.

 Glencore has also acquired an equity stake in FREYR through its business combination with NYSE-listed special purpose acquisition company Alussa Energy.

The combined company will be named FREYR and its common stock is expected to start trading on the NYSE upon closing, which is expected to occur in the second quarter of this year.

“The finalisation of the letter of intent alongside our investment in the combined group cements our long-term partnership.

“We look forward to helping FREYR achieve its goal of producing batteries with the world’s lowest-carbon content and contributing to our ambition of net-zero total emissions by 2050,” said Glencore copper and cobalt marketing head Nico Paraskevas.