MMTA suspends Vollers after cobalt theft

The Minor Metals Trade Association (MMTA) has suspended approval of a Rotterdam-based warehouse belonging to German firm Vollers following the theft of a large volume of cobalt earlier this month.

The theft of 112t of cobalt metal from the Vollers facility in Rotterdam, Netherlands was estimated to have taken place between 5-9 July, the MMTA said.

The MMTA's warehouse committee is carrying out a review to further clarify the events surrounding the loss and the security of the site.

The facility has been removed from the list of MMTA approved warehouses while this investigation is ongoing.

Vollers was not immediately available for comment.

Based on an average of the latest Argus assessments for alloy and chemical grade metal in Europe of $38/lb, the value of the stolen material would total around $9.32mn. But this could be higher or lower depending on the brand and type stolen and when the metal was purchased.

Of the 112t of metal stolen, 76t has been identified as Falconbridge material, formerly known as Xstrata, a Glencore-produced cut cathode considered a premium alloy grade brand. And 16t is Chambishi broken cathode produced by Eurasian Resource Group (ERG), the MMTA said. The type of the remaining 20t was not specified.

The owner of the metal has not been identified.

Argus assessed chemical grade briquettes and broken cathodes at $37.50-38.50/lb and alloy grade cut cathode and rounds at $37.50-38.50/lb in Europe on 19 July.

Prices have been falling in recent weeks because of low seasonal demand and the availability of less-accepted Chinese brands sold at a discount.

Most large cobalt producers, suppliers and buyers use a variety of warehousing facilities in Rotterdam, which remains the largest port for metal deliveries and storage in Europe.