Glencore proposes sliding scale for cobalt hydroxide prices in 2012
Dec 13, 2011 | 09:43 AM
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Glencore has proposed selling cobalt hydroxide on 2012 annual contracts to some counterparts in China with a sliding floor price for cobalt payables, market sources told Metal Bulletin.
The proposal makes an inverse link between metal prices and payables.
As cobalt metal prices ascend the scale, the cobalt payables descend, according to figures proposed to a potential buyer in China that Metal Bulletin has seen.
Glencore owns a 40% stake in Mutanda Mining in Katanga province in the Democratic Republic of Congo (DRC), which is set to produce 23,000 tonnes of cobalt contained in hydroxide in 2012, in addition to 110,000 tonnes of copper, according to Glencore’s IPO prospectus.....
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