Battery Metals


  • -Former Co-Head of Glencore USA, Greg Young joins in US-based role.

    -Mr Young has extensive knowledge of nickel and cobalt trading after more than 25 years at Glencore, where he built Glencore's cobalt trading book to be the worlds' largest.

    -Mr Young will lead sales and distribution for products generated by Jervois' Sao Miguel Paulista refinery in Sao Paulo, Brazil.

    -Mr Young has invested A$0.75 million in Jervois's current equity raise and elected to receive options instead of a cash salary for his role.

19 October 2020 - TheNewswire - Jervois Mining Limited (" Jervois " or the " Company ") (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) announces that Greg Young has joined as Executive General Manager (" EGM ") - Sales.

Mr Young is one of the world's foremost traders of nickel and cobalt products, with extensive knowledge of the commodities, their materials flow, market indices and pricing strategies.

Mr Young gained this experience during his 25-year tenure in Glencore's United States business, which culminated in his appointment as Co-Head of Glencore USA, a position he held for over 10 years. Mr Young ran Glencore's Stamford office in Connecticut, which housed approximately 50 metals traders and other employees.

Over the course of his career with Glencore, Mr Young managed more than 20 commodities including all North American marketing for Glencore's alloy division. Glencore's alloy division during his tenure encompassed, amongst other products, nickel, cobalt and ferrochrome. Mr Young started Glencore's cobalt trading book, which during his tenure became the worlds' largest. Mr Young oversaw United States marketing and placement of all nickel and cobalt products resulting from Xstrata plc's US$17 billion acquisition of Falconbridge, a Canadian base metal producer, in 2006. Mr Young also handled all North American sales resulting from Glencore's acquisitions of the Mopani copper-cobalt mine and processing plant in Zambia and the Murrin Murrin nickel-cobalt facility in Australia.

During Mr Young's tenure, Glencore's United States metals business achieved compounded annual sales growth of almost 35 percent. Mr Young left Glencore shortly after its IPO, having established a 30 percent market share or greater in the majority of the commodities traded.

Mr Young has joined Jervois to handle the sales and distribution of nickel and cobalt products from the Company's recent refinery acquisition, Sao Miguel Paulista, and will be based in the United States. At Glencore, Mr Young managed all aspects of their alloy division trading and distribution including transportation, importation, packaging, delivery, tolling contracts, plant production, invoicing and collection.

Jervois is excited to welcome an individual of Mr Young's calibre to the Company, with the principals having worked closely for many years. Mr Young will invest A$0.75 million alongside other Company principals in the current equity raise, which is co-cornerstoned by Jervois insiders to A$1.75 million. Mr Young will not be paid any cash salary for his executive duties and will receive 7.5 million options with an exercise price of A$0.325/share, Jervois's last closing price. The options will vest in three years subject to continued employment.

On behalf of Jervois Mining Limited

Bryce Crocker, CEO.

For further information, please contact:

Investors and analysts: Media:

Bryce Crocker Nathan Ryan

Chief Executive Officer NWR Communications

Mob: +61 420 582 887

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2020 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Click here to read the previous top cobalt stocks article.

Cobalt prices performed strongly in 2021 and in March through May of this year experienced highs not seen since 2018, reaching US$82,000 per metric ton (MT). However, since then prices have fallen.

Sitting at US$49,445 per MT on August 8, cobalt is officially down year-to-date. Trading Economics explains that high cobalt prices and demand led to producers announcing returns to production, thus dampening supply worries. Additionally, COVID-19 lockdowns in China have affected demand.

However, the battery metal is an essential part of the lithium-ion batteries used in electric vehicles (EVs) and the clean energy movement. Experts expect rising EV purchases to continue driving demand for cobalt.

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