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HomeNewsTesla Talked to Glencore About Buying Stake in the Miner

Tesla Talked to Glencore About Buying Stake in the Miner


Tesla is a big customer of Glencore, which owns a mine in Ravensworth, Australia.



Tesla Inc.

TSLA -0.43%

held early-stage talks with


GLNCY -1.12%

PLC last year about buying a stake in the commodities giant, according to a person familiar with the matter.

The electric vehicle maker’s interest came as manufacturers across the West look to secure supplies of so-called future-facing metals that are used in batteries and the renewable energy industry.

A deal didn’t materialize from the talks, and those discussions are no longer active, the person familiar with them said. The Financial Times reported the talks earlier Monday.


TSLA -0.43%

has long talked about securing sources of battery metals, such as lithium. Swiss-based mining and trading group


is one of the world’s biggest producers of cobalt, a metal that is used in rechargeable batteries and renewable energy technologies. Tesla is a big customer of Glencore, agreeing in 2020 to buy cobalt from the miner. Glencore mines around a third of the world’s cobalt supply, much of which comes from the Democratic Republic of Congo.

In September, Tesla said it was looking into building a battery-grade lithium hydroxide refining facility that could support its electric-vehicle battery production.

Glencore doesn’t mine lithium, though trades it within its so-called market division. The company mines copper and nickel, two other metals used in the renewable energy industry.

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