Cobalt Holdings Launches $230M IPO to Absorb Global Surplus

On May 12, 2025, Cobalt Holdings announced a $230 million IPO on the London Stock Exchange, aiming to become the UK’s largest mining IPO since 2022. The company plans to purchase 6,000 tonnes of cobalt from Glencore at a discount, accounting for one-third of the 2025 global surplus. With Glencore and Anchorage committing to a 20.5% equity stake, the move is seen as a bold investment in the physical cobalt market, positioning Cobalt Holdings as a strategic player in EV and battery supply chains despite current market softening.