PRESS: Cobalt eyes May IPO in London with Glencore backing - Times

(Alliance News) - Cobalt Holdings Ltd is planning to float in London, as early as May, with Glencore PLC as a cornerstone investor, the Times reported on Monday.

The electric vehicle battery material investment company is believed to be seeking to raise GBP180 million to make an initial purchase of USD200 million of cobalt from Glencore, as part of a six-year supply agreement.

It is understood that Glencore, the FTSE 100 commodities trading and mining group, will also take an initial 10% holding in the company, according to the report.

The timing of the float is believed to have been influenced by a decision in February by the Democratic Republic of Congo, which produces about three quarters of the world’s cobalt, to suspend exports for four months, which it is hoped will help to support prices, the Times said.

The metal is used in electric vehicle batteries.

Cobalt's Chief Executive Jake Greenberg helped to establish Yellow Cake PLC, a listed specialist uranium vehicle.

Citi is understood to be leading the fundraising process for Cobalt Holdings, the Times said.

Shares in Glencore were down 1.0% at 316.00 pence each in London on Monday morning. They were down 1.3% at ZAR74.69 in Johannesburg.

By Jeremy Cutler, Alliance News reporter

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