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    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Delayed Quote. Delayed London Stock Exchange - 09/16 11:35:07 am
333 GBX   -2.67%
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Glencore, Umicore to trace battery cobalt with blockchain technology

05/20/2021 | 05:48am EDT
FILE PHOTO: Artisanal miners work at the Tilwizembe outside of Kolwezi

LONDON, May 20 (Reuters) - Mining and trading company Glencore and other miners are joining forces with battery material supplier Umicore to make the cobalt used in electric cars traceable using blockchain technology, they said in a statement.

Miners and carmakers, under pressure to show electric vehicle batteries are sourced responsibly, are exploring the usefulness of blockchain - a digital platform for recording and verifying transactions that is shared across a network of computers - to improve scrutiny of supply chains and show sourcing does not rely on conflict minerals or child labor.

Umicore, Glencore, China Molybdenum Co (CMOC) and Eurasian Resources Group (ERG) will pilot blockchain technology Re|Source until the end of 2021 and expect to roll it out in 2022.

Cobalt is in high demand as it is a key mineral for making lithium-ion batteries, as governments and consumers clamp down on fossil fuels such as diesel and gasoline with targets for cutting emissions.

Governance is however challenging as the majority of supplies are from the Democratic Republic of Congo, where Glencore, CMOC and ERG own their mines.

(Reporting by Clara Denina; editing by David Evans)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOLYBDENUM CO., LTD. -5.97% 5.83 End-of-day quote.15.22%
GLENCORE PLC -2.67% 333 Delayed Quote.42.92%
S&P GSCI GOLD INDEX 0.22% 1025.0934 Delayed Quote.-5.29%
UMICORE 0.00% 50 Real-time Quote.27.26%
All news about GLENCORE PLC
09/15GLENCORE : Board Appointment
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Financials (USD)
Sales 2021 206 B - -
Net income 2021 5 801 M - -
Net Debt 2021 29 572 M - -
P/E ratio 2021 9,56x
Yield 2021 4,60%
Capitalization 60 623 M 60 535 M -
EV / Sales 2021 0,44x
EV / Sales 2022 0,39x
Nbr of Employees 135 000
Free-Float 75,1%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 4,59 $
Average target price 5,43 $
Spread / Average Target 18,2%
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Managers and Directors
Gary Nagle Chief Executive Officer
Steven F. Kalmin Chief Financial Officer
Kalidas V. Madhavpeddi Chairman
Patrice E. Merrin Independent Non-Executive Director
Martin James Gilbert Senior Independent Director
Sector and Competitors