Whether it is Tesla or the old car leader Volkswagen, Ford, etc. have begun to invest in electric vehicles, it is estimated that by 2025, the entire electric vehicle market value will reach 244 billion US dollars. As the main raw material for electric vehicle batteries , cobalt has risen by over 70% since the beginning of the year and is the best performing product among all commodities.
For a long time, cobalt has been one of the raw materials for the manufacture of tires, magnets and smartphones. Today, like lithium and copper, cobalt is the latest material to benefit from the manufacture of lithium batteries for electric vehicles. According to Benchmark Mineral Intelligence, slightly more than half of the cobalt materials traded last year went to the rechargeable battery industry; in 2006, the ratio was 20%.
The advent of the era of electric vehicles has opened an unprecedented period of growth for cobalt metal. Goldman Sachs said in a report at the end of 2015 that both Volkswagen AG and Ford Motor Co. began investing in electric vehicles, and the market value of the entire electric vehicle is expected to reach $244 billion by 2025.
In general, each electric car's battery contains 15 kilograms of cobalt, the laptop battery contains 33 grams of cobalt, and the smartphone battery contains 6 grams of cobalt. With the increase in demand for cobalt, the steady supply of 100,000 tons per year cannot match the demand. In 2016, the cobalt mine has a supply gap of 1,500 tons, which may double again this year.
Matthew Painter, managing director of Ardea Resources Ltd., said: “The current supply of cobalt is still unlikely to keep up with demand.†The company is seeking to redevelop a Vale mine in Western Australia, and the company estimates that Western Australia has the largest cobalt mine resources in developed countries. .
In the past year, the price of cobalt has doubled, and a series of cobalt projects have sprung up in Australia, the United States and Canada. Glencore, the world's two major cobalt suppliers, and the Democratic Republic of the Congo (DRC) are about to start a new round of competition. Glencore cobalt mines account for nearly one-third of global supply, while Congo's cobalt production, the world's largest source of cobalt, is 65% of global supply.
Sam Riggall, CEO of Clean TeQ Holdings Ltd., said, “It is necessary to make a decision beyond the Congolese system. The Congo’s strict control over supply has raised concerns about power battery manufacturers in the new energy market. They are looking for supplies outside Africa. Source. The company is currently developing a $680 million cobalt, nickel, and antimony project, about 350 kilometers (218 miles) west of Sydney.
According to Business Monitor International Ltd., almost all of the cobalt is produced as a by-product of nickel and copper. Congo will remain a major supplier of cobalt metal, but with the development of other regions, Congo’s market share will decreasing gradually. Australia has about 14% of its cobalt reserves. It is expected that during the five years to 2021, its production will grow at the fastest rate, production is expected to rise by 31%, Congo production is expected to increase by 24%, and China's production is expected to increase by 10%.
Tesla is one of the world's largest cobalt consumers, and in 2014 it received a supply of cobalt from North American miners due to concerns about the supply chain. Apple said in March that the company has expanded its reliable source of procurement to address the shortage of cobalt supplies.
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