wire / commodity
관점별 · 4 시각 이번 호 전체
Reuters reports on the Glencore-Electra five-year cobalt hydroxide supply agreement signed in May 2026; Glencore supplies cobalt hydroxide from its Mutanda mine in the DRC to Electra's Ontario refinery, making the supply chain Canada-DRC rather than China-DRC, qualifying Electra's output for IRA supply-chain provisions. Glencore also holds equity in Electra and has first-refusal rights on cobalt sulfate output.
“Glencore-Electra five-year cobalt hydroxide supply from Mutanda DRC to Ontario qualifies for IRA supply-chain provisions as a non-Chinese refinery.”
Reuters reports on the Guinea bauxite export cap announcement, noting that Guinea exported approximately 200 million tonnes of bauxite in 2025, making the 150Mt cap a reduction of roughly 25%; quotes an industry official saying the cap will be pro-rated across existing concession holders; notes that major producers including CBG (Compagnie des Bauxites de Guinée), Winning Consortium Simandou and SMB-Winning will all be affected. China received 75.3% of its bauxite imports from Guinea in 2025.
“Guinea's 150Mt bauxite export cap cuts approximately 25% from the 2025 run-rate and affects all concession holders including CBG and SMB-Winning.”
Reuters reports on Kamoa-Kakula's Q1 anode output of 71,417 tonnes and contextualises it as the DRC's first major copper smelter since the 1970s; notes that the DRC historically exported all copper as concentrate to Chinese smelters, with the Kamoa-Kakula smelter marking a structural shift toward in-country value addition. Quotes Ivanhoe CEO Marna Cloete saying the smelter transforms Kamoa-Kakula 'from a mine into a vertically integrated copper producer'.
“Kamoa-Kakula's 71,417 tonne Q1 anode output marks the DRC's first major copper smelter since the 1970s, shifting from concentrate export to in-country smelting.”
Wires SQM's Q1 earnings details and confirms the Tianqi stake sale as a separate but contemporaneous development; notes that Tianqi's reduction of its SQM position is being monitored by Chilean authorities, since the 2023 JV structure imposed restrictions on changes in beneficial ownership; the February sale was within permitted thresholds.
“SQM Q1 lithium revenues surged on a price recovery to $18/kg; Tianqi trimmed its SQM stake in February within permitted thresholds.”