Cobalt Blue Soars 20% on Glencore Partnership Progress: A New Era for the Broken Hill Cobalt Project

Key Highlights:

• Cobalt Blue’s stock surges 20.7% to $0.067 on ASX
• Glencore to advance the commercialisation of the Broken Hill Cobalt Project (BHCP)
• Deal signals confidence in Australia’s critical minerals sector
• Market cap now at $29.8 million, with over 2.2 million shares traded
  
   

Cobalt Blue Holdings Ltd (ASX: COB) lit up the ASX boards on Thursday, May 29, 2025, soaring 20.7% to $0.067 after announcing a key update in its strategic partnership with global commodities giant Glencore. The rally, accompanied by a robust trading volume of 2.26 million shares, underscores market enthusiasm for the next steps in the development of Australia’s largest primary cobalt project—the Broken Hill Cobalt Project (BHCP).

In the latest announcement, Cobalt Blue revealed that Glencore has exercised its option to advance the BHCP under an exclusive global marketing and offtake agreement. This pivotal step allows Glencore to secure access to the high-grade cobalt supply from the project, enhancing its position in the global battery metals supply chain. The partnership also reinforces Australia’s critical role in supplying ethically sourced cobalt for the global energy transition.

Glencore’s move signals confidence in the long-term viability of the BHCP, especially as the world braces for an accelerating demand for cobalt driven by electric vehicle (EV) adoption and renewable energy storage. The project, located in New South Wales, is targeting the production of 3,500 tonnes of cobalt per annum—enough to power millions of EV batteries.

Today’s rally comes as a much-needed boost for Cobalt Blue, whose shares have been under pressure, down 28.4% over the past year. With a market cap of $29.8 million, the company has faced headwinds tied to global cobalt price volatility and financing challenges. However, the renewed momentum from the Glencore agreement could reshape investor sentiment.

Analysts note that the deal aligns with Australia’s broader strategy to diversify its critical minerals exports away from dominant suppliers like the Democratic Republic of Congo, where geopolitical and ESG risks remain high. The BHCP’s domestic processing potential is also seen as a game-changer in reducing reliance on overseas refineries.

Looking ahead, investors will be keenly watching for updates on financing, environmental approvals, and project timelines. For now, the Cobalt Blue-Glencore partnership marks a significant step toward realising Australia’s ambitions in the global cobalt market.