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.
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.
“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.