ShareUS Blames China’s CMOC for Predatory Tactics Behind Cobalt Glut
May 14, 2024
”(Bloomberg) -- China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key battery metal by flooding the market with cobalt from Democratic Republic of Congo mines.”
”Low cobalt prices are harming upstream producers and recyclers. Australian miner Jervois Global Ltd. cut jobs in March in response to falling prices, which it blamed on Chinese oversupply. The company also mothballed a project in Idaho last year, which would have been the first new US cobalt mine in decades.”
”Cobalt prices are expected to rise before the end of the decade as need for the mineral explodes along with demand for electric vehicles according to the Cobalt Institute report. Even Congo is considering a quota on cobalt exports to bolster prices.”
https://www.bnnbloomberg.ca/us-blam...CMOC Group,Democratic Republic of Congo mines.
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