Race to supply more cobalt is on as demand for electric cars increases
Melbourne — The race is on to supply more of the cobalt needed for batteries in the fast-growing market for electric vehicles — and that means fresh competition for the big players Glencore and the Democratic Republic of Congo. A pipeline of projects is looming in places including Australia, the US and Canada after cobalt prices more than doubled in the past year. Glencore produces almost a third of the world’s supply, mainly from the Congo, which is by far the biggest source, accounting for as much as 65%. Among those backing new global developments are billionaire Anil Agarwal and mining tycoon Robert Friedland. They were aiming to capitalise as a battery boom sent demand for cobalt soaring more than 30-fold by 2030, said Bloomberg New Energy Finance. "There’s going to have to be a response that goes beyond Congo," said Sam Riggall, CEO of Friedland-backed Clean TeQ Holdings, which is developing a $680m cobalt, nickel and scandium project about 350km west of Sydney. Congo’s tight ...
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