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EV exuberance – tightening the cobalt supply chain

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Report summary

Cobalt spot prices have surged to US$30/lb at present due to rising demand from the battery sector supply side restrictions and investor interest . As governments and automakers clamber to issue ever more aggressive targets for electric vehicle sales and ownership we ask if the cobalt industry is ready for the spotlight. This initial overview of the cobalt market marks the continuation of our series of reports looking at the impact of the EV revolution on the metals and mining sector.

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    EV exuberance – tightening the cobalt supply chain

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  • Cobalt prices have surged 172% this year
  • EVs will account for 4% of car sales by 2025
  • EV sales will boost cobalt demand over the medium term
  • Copper and nickel mine supply has stagnated recently
  • Cobalt is only a small share of revenue at sulphide mines
  • The DRC accounts for nearly half of global reserves
  • China dominates production of cobalt chemicals
  • Around 90% of China's raw materials come from the DRC

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