From Reuters:
LONDON (Reuters) - Democratic Republic of Congo will declare cobalt and coltan, used in electric vehicle and renewable energy technology, as “strategic” minerals which will earn the country higher royalties, an advisor to the prime minister said on Wednesday.
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What's more they are not going to stop there. They expect to raise the royalty rate even more! The article goes on to say the announcement preempts the discussions with the mining companies. Overall, the Congo is going to exert it's monopoly on cobalt. They are going to force the price up significantly.
Given what OPEC with a much lower percentage of the world's output did with oil, the Congo could significantly increase the price of cobalt (double?) from the current price. Give a corrupt country 60% of the worlds supply and even higher percentage of the 'low cost' supply and you have the recipe for significant price increases.
CLQ Price at posting:
$1.23 Sentiment: Hold Disclosure: Held
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