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Generics

Umicore buys big cobalt refinery in Finland

by Alex Scott
June 1, 2019 | APPEARED IN VOLUME 97, ISSUE 22

Belgium’s Umicore has acquired Europe’s largest cobalt refinery, in Kokkola, Finland, from Freeport Cobalt for $190 million. Umicore expects the deal—which also includes cathode intermediate facilities—to lower costs along its supply chain for electric vehicle battery materials. With a staff of 250, the Finnish business will supply intermediate chemicals for Umicore’s cathode-materials facility in Nysa, Poland, which is due to open in the second half of 2020. Separately, Umicore struck a deal to purchase cobalt oxide from Glencore’s facilities in the Democratic Republic of Congo for refining by Umicore.

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