Glencore in talks to sell nickel to carmakers, says CEO Ivan Glasenberg

Electric vehicle

GLENCORE was in discussions with carmakers regarding the supply of nickel to them, said Reuters citing the comments of the mining group’s CEO, Ivan Glasenberg.

“A lot of the automobile guys and the battery guys are talking to us about nickel,” Glasenberg said speaking during the Financial Times Commodities Mining Summit. Glencore this year signed an agreement with Tesla to supply it with cobalt from the Democratic Republic of Congo, said Reuters.

Glencore produced 121,000 tons of nickel in 2019 and sold 181,000 tons through its marketing business. Glencore owns nickel mines in Australia, Canada and New Caledonia and a nickel refinery in Norway.

The miner already supplies German carmaker BMW with cobalt metal from its Murrin Murrin nickel-cobalt mine in Australia, said Reuters.

Glasenberg also said during the summit that the company was considering ways to further lower Scope 3 emissions with an announcement potentially being made on December 4, the date scheduled for an investor update.

“We are reviewing all of our coal operations and we’ve got that figure today of a 30% reduction by 2035. We are doing a bit of work on it and we will see where we can get by 4 December on the Scope 3 emissions overall,” he said.

But he stopped short of supporting the sale of the group’s coal assets whilst acknowledging Glencore would “seriously look” at its portfolio if it caused it to lose investors.