Trader Trafigura Strikes $600 Million Cobalt Deal in Congo

Trafigura has agreed a $600 million financing and marketing deal with Shalina Resources' Congo subsidiary Chemaf, the global commodities trader said on Wednesday.

The financing will help Chemaf complete the mechanisation of its Mutoshi cobalt and copper mine and progress the expansion of its Etoile processing plant in Lubumbashi, Trafigura said.

Under the agreement Trafigura will market all the cobalt hydroxide produced by Chemaf's Congo operations, expected to continue until the end of 2027.