Over 50% of global cobalt is used in batteries. Now, if you know the size and scale of Tesla's gigafactory, you'll know that after they've finished building it, they'll need a hell of a lot of cobalt. Just to put it in perspective, a Tesla model S battery is equivalent to roughly 2,000 iPad3 batteries. If you thought the lithium supply was tight, wait until the gigafactory comes online and cobalt suddenly needs to be ramped up >300%
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