Samsung negotiates cobalt supplies for batteries with Congolese mine

A Samsung subsidiary is negotiating with a mining company in Congo about the supply of cobalt for several years. Like other tech companies, Samsung probably wants to secure the supply for the production of batteries.

Samsung talks to Somika SPRL about buying cobalt. The mining company confirms that it will sit down with Samsung, but will not release any details. According to the company, these are usually guaranteed supplies of a year or two years for a certain price. Prices for cobalt have tripled since early 2016.

Manufacturers use the transition metal cobalt for lithium ion batteries, and demand has skyrocketed from electric car manufacturers. Tech companies are now trying to negotiate out guaranteed supplies. Earlier reports came out that Apple is also knocking on cobalt mines for an agreement.

According to Bloomberg, Samsung is a trading subsidiary Samsung C&T that is in talks with Somika SPRL. The part of Samsung that focuses on accumulators and batteries is Samsung SDI.