It would be grrrrrreat if we heard some cobalt news
This company is run by traders so we might just get the 'news' soon
https://www.ft.com/content/297d7d4a-b002-11e7-aab9-abaa44b1e130
VW fails to secure long-term cobalt supply for electric vehicles Producers shun carmaker’s tender for five years’ worth of the battery raw material Read next fastFT Charts that matter: Electric vehicles spark metals bonanza An employee working on an e-Golf at VW's factory in Dresden, Germany © Bloomberg Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) 4 Save to myFT 12 HOURS AGO by Henry Sanderson and Neil Hume An attempt by one of the world’s biggest carmakers to secure long-term supplies of cobalt for its push into electric vehicles has been shunned by leading producers of the metal. Volkswagen issued a tender last month seeking a minimum of five years of supply at a fixed price, according to people familiar with the process, but struggled to find any takers. The carmaker put off miners by suggesting a price that was well below current market prices, which have jumped by more than 80 per cent this year, the people said. “They’re being arrogant because they’re automotive and they’re used to doing it,” one trader said. “They completely misjudged the contents of the tender. There’s no point negotiating — it’s not even a discussion point.” The pushback is a sign of the difficulties carmakers face securing long-term supplies of battery raw materials as they gear up to produce electric vehicles for the mass market. “Volkswagen is looking for long-term strategic solutions for important e-mobility raw materials in order to ensure capacity and price stability,” a spokesman for the company said, declining to comment on ongoing sourcing processes. Electric vehicle batteries require much larger quantities of raw materials than those found in smartphones and iPads. That is challenging small markets for lithium and cobalt, which have seen dramatic price rises. More than 60 per cent of cobalt is mined in the Democratic Republic of Congo, which has raised fears among automakers over security of supply. The DRC’s president Joseph Kabila has not set a date for elections, after he failed to step down before a deadline last December. Recommended Charts that matter: Electric vehicles spark metals bonanza Clean electric cars are built on pollution in Congo Free Lunch: The electric car’s unstoppable drive Cobalt production in the DRC is dominated by a handful of producers including Glencore and China Molybdenum. Outside the large companies, cobalt is mined by hand before it is collected and sent to China. Last year Amnesty International said that process often involved child labour. “A secure and sustainable supply of raw materials for the Li-ion [lithium ion] battery will be the key factor to become e-mobility market leader,” VW said in the tender, a copy of which was seen by the Financial Times. The original deadline for the tender was the end of September, which was then extended until this month. Tesla Motors and BMW is also said to be looking for supplies of cobalt, according to people in the market, though no formal tenders have been issued. VW Group, whose 12 brands include Porsche, Audi, Skoda and Bentley, has pledged to spend €70bn to electrify 300 models by 2030. It aims to be the biggest producer of electric vehicles by 2025. While it did not give a specific amount of cobalt required, based on the tender it would need 80,000 to 130,000 tonnes of cobalt, one trader said. The current market is just over 100,000 tonnes a year. With assistance from Patrick McGee in Frankfurt
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It would be grrrrrreat if we heard some cobalt news This company...
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