Global commodities trader Glencore has agreed to buy almost 2,000 metric tons of cobalt from veteran metals trader Rami Weisfisch, in a transaction valued at approximately $115 million, according to CNBC Africa.
Sources familiar with the deal said the agreement was struck late last year, with deliveries scheduled throughout 2026. Pricing is reportedly tied to benchmark cobalt assessments from Fast markets. The metal, originally acquired by Weisfisch in 2015, is currently stored in various locations across Europe and the United States.
The cobalt is expected to be shipped to the U.S. as part of efforts to strengthen domestic critical minerals reserves. The transaction aligns with broader Western initiatives to secure supply chains for strategic materials used in batteries, electric vehicles and defence technologies, amid growing competition with China, which dominates global cobalt processing.
Investing.com says the deal underscores renewed demand for cobalt as governments and corporations seek to de-risk supply chains and build stockpiles of essential minerals. It also marks a notable transition for Weisfisch, a long-standing figure in the cobalt trade, as the material changes hands in a shifting global commodities landscape.
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