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Chasing the cobalt

first_imgJohn Meyer of SP Angel reports, from Reuters sources, that battery makers are descending on Australian and Canadian cobalt developers. “Nervous Asian battery makers are turning to early-stage cobalt projects in Australia and Canada to lock in supplies of the critical battery ingredient ahead of expected shortages as demand for electric vehicles revs up.“Mine developers say interest from Japanese and Korean firms is particularly strong as they compete with rivals from China, which has built deep supply chain ties with the DRC, the world’s top producer.“At least half a dozen Australian and Canadian mine developers are currently in talks on potential supply deals with battery and automakers for production at some point beyond late 2019-2021, These include Australia’s Aeon Metals, Northern Cobalt and Cobalt Blue, and Canada’s Ecobalt and Fortune Minerals.”Meyer also reports that Glencore (its Kamoto operation in the picture) has signed a cobalt supply deal to sell 52,800 t of cobalt to GEM, a Chinese battery recycler, over the next three years. GEM comments that its need for cobalt is increasing daily and recycled resources are not able to satisfy demand.GEM and it’s subsidiaries are planning to buy 13,800 t of cobalt in 2018, 18,000 t in 2019 and 21,000 t in 2020.last_img read more

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