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Cobalt Holdings plans to raise $230 million in a London IPO
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Release time：2025-05-14
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Glencore International and its entities managed by Anchorage Structured Commodities Advisor will purchase approximately 20.5% of the shares.
Cobalt Holdings announced plans to raise approximately $230 million in an initial public offering (IPO) in London. Glencore International and an entity managed by Anchorage Structured Commodities Advisor have committed to purchase approximately 20.5% of the IPO as cornerstone investors. Cobalt Holdings has signed a six-year supply contract with Glencore, securing up to $1 billion worth of high-quality cobalt, and a further agreement to purchase up to 1,500 tonnes of cobalt from Anchorage in 2031. The company made its first purchase of 6,000 tonnes of cobalt from Glencore, worth approximately $200 million, at a price below the current spot price.
Cobalt Holdings' ordinary shares are planned to be included in the Financial Conduct Authority (FCA) Official List's category of ordinary shares and traded on the main market of the London Stock Exchange. The listing date is expected to be June 2025. This offering makes Cobalt Holdings the only company offering public equity investors direct exposure to the price of the strategic raw material cobalt without the risks and responsibilities of cobalt exploration and mining operations. The current oversupply in the cobalt market provides an opportunity to acquire cobalt at below long-term average prices, especially with the anticipated surge in demand from sectors such as electric vehicle (EV) batteries, portable electronics, and energy storage systems.
Jake Greenberg, CEO of Cobalt Holdings, said: “Our strategy is simple: to provide equity investors with direct, pure exposure to the cobalt price through a low-risk, low-cost business model—we buy physical cobalt and hold it long-term. We believe now is the optimal time to build a strategic cobalt reserve. The long-term price of cobalt has historically been significantly higher than the current spot price. The Democratic Republic of Congo has begun to implement export restrictions, leading to reduced cobalt supply, while demand for cobalt has more than doubled between 2015 and 2024 and is projected to grow by over 54% between 2024 and 2031, driven primarily by the accelerating growth in demand for electric vehicle batteries. We are very pleased to have Glencore and Anchorage as cornerstone investors. The collaboration of two cobalt market experts is a strong validation of our strategy, timing, and business model.”
Cobalt Holdings is committed to storing its cobalt in secure facilities in Belgium, the Netherlands, Singapore, and South Korea to mitigate geopolitical risks and has insurance coverage for all metals under its custody. In April this year, Premier African Minerals signed a non-binding letter of intent with Glencore International concerning the potential sale of spodumene concentrate from its Zulu lithium-tantalum project.
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