Cobalt Holdings Sets $230M London IPO With Glencore

Cobalt Holdings plc has announced plans for a $230 million initial public offering (IPO) on the London Stock Exchange in June 2025, offering investors direct exposure to physical cobalt prices. The company will purchase and hold physical cobalt, aiming to benefit from current market oversupply and forecasted demand growth in electric vehicles, electronics, and energy storage. Cornerstone investors Glencore International AG and Anchorage Structured Commodities Advisor together will acquire about 20.5% of shares, with Glencore investing $24.3 million for a 10% stake. Cobalt Holdings has secured a six-year, $1 billion cobalt supply contract with Glencore and a separate agreement with Anchorage for 1,500 tonnes in 2031. CEO Jake Greenberg emphasized the strategic importance of building a cobalt stockpile due to export restrictions in the Democratic Republic of Congo and anticipated rising demand. The company positions itself as a low-risk, low-cost alternative to traditional cobalt mining investments.