The refinery also has the potential to produce cobalt metal for North America's industrial and military applications. "You likely can't get a more knowledgeable partner in the cobalt sector than Glencore," Eight Capital analysts said in a note to clients, reiterating their "buy" recommendation with a C$0.95 target price. "This deal also appears to help Glencore diversify its cobalt hydroxide deliveries beyond China, and toll milling gets it one step closer to providing refined cobalt into the US."