The need for larger rechargeable batteries and more energy...

The need for larger rechargeable batteries and more energy storage for 5G technology is expected to significantly boost demand for cobalt over coming years and potentially pit the sector against electric vehicle makers.Larger batteries, using lithium cobalt oxide chemistry (LCO), are needed in 5G phones because the antenna, used to transmit and receive radio waves, need more power than those in 4G phones.SIGN UP FOR THE BATTERY METALS DIGESTSign UpBase station antenna for 5G also need significantly more power, putting pressure on power grids, necessitating the use of energy storage systems, which in China are now being built with cobalt containing lithium-ion batteries.QUOTE.
The global demand is exploding due to new technologies IMO.

https://www.mining.com/web/cobalt-demand-for-5g-to-challenge-electric-vehicles/