Tesla Talked to Glencore About Buying Stake in the Miner
Tesla is a big customer of Glencore, which owns a mine in Ravensworth, Australia.
Photo:
LOREN ELLIOTT/REUTERS
Tesla Inc.
TSLA -0.43%
held early-stage talks with
Glencore
GLNCY -1.12%
PLC last year about buying a stake in the commodities giant, according to a person familiar with the matter.
The electric vehicle maker’s interest came as manufacturers across the West look to secure supplies of so-called future-facing metals that are used in batteries and the renewable energy industry.
A deal didn’t materialize from the talks, and those discussions are no longer active, the person familiar with them said. The Financial Times reported the talks earlier Monday.
Tesla
TSLA -0.43%
has long talked about securing sources of battery metals, such as lithium. Swiss-based mining and trading group
Glencore
is one of the world’s biggest producers of cobalt, a metal that is used in rechargeable batteries and renewable energy technologies. Tesla is a big customer of Glencore, agreeing in 2020 to buy cobalt from the miner. Glencore mines around a third of the world’s cobalt supply, much of which comes from the Democratic Republic of Congo.
In September, Tesla said it was looking into building a battery-grade lithium hydroxide refining facility that could support its electric-vehicle battery production.
Glencore doesn’t mine lithium, though trades it within its so-called market division. The company mines copper and nickel, two other metals used in the renewable energy industry.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Tesla is a big customer of Glencore, which owns a mine in Ravensworth, Australia.
Photo:
LOREN ELLIOTT/REUTERS
Tesla Inc.
TSLA -0.43%
held early-stage talks with
Glencore
GLNCY -1.12%
PLC last year about buying a stake in the commodities giant, according to a person familiar with the matter.
The electric vehicle maker’s interest came as manufacturers across the West look to secure supplies of so-called future-facing metals that are used in batteries and the renewable energy industry.
A deal didn’t materialize from the talks, and those discussions are no longer active, the person familiar with them said. The Financial Times reported the talks earlier Monday.
Tesla
TSLA -0.43%
has long talked about securing sources of battery metals, such as lithium. Swiss-based mining and trading group
Glencore
is one of the world’s biggest producers of cobalt, a metal that is used in rechargeable batteries and renewable energy technologies. Tesla is a big customer of Glencore, agreeing in 2020 to buy cobalt from the miner. Glencore mines around a third of the world’s cobalt supply, much of which comes from the Democratic Republic of Congo.
In September, Tesla said it was looking into building a battery-grade lithium hydroxide refining facility that could support its electric-vehicle battery production.
Glencore doesn’t mine lithium, though trades it within its so-called market division. The company mines copper and nickel, two other metals used in the renewable energy industry.
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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