Benchmark Minerals article provides a bit more...

Benchmark Minerals article provides a bit more detail:

https://www.benchmarkminerals.com/glencores-revamped-gem-deal-could-leave-electric-vehicle-makers-short-of-sustainable-cobalt/

Some highlights:

Despite child labour-linked cobalt affecting fractions of actual cobalt supply, the reputation is particularly damaging to automakers EV brands.

This is compounded by the fact that Umicore – which is set to be the new owner of the Kokkola cobalt refinery in Finland after the acquisition from Freeport Cobalt completes later this year – will receive up to 12,000 tonnes a year of this material, Benchmark Mineralsestimates.

This means over 50% of Glencore’s cobalt production is tied up in long term contracts with two major customers.

It also had a significant impact on Benchmark Minerals’ Cobalt Forecast, shifting the market into structural undersupply by as early as 2020, three years sooner than expected such is the size of the Mutanda operation.

Over the past 18 months, however, Benchmark Minerals has seen significant cobalt stockpiles grow in the DRC and elsewhere in Africa which will be sufficient to feed the market in 2020 and soften the short term blow.

Doubts still remain over whether cobalt’s ex-Glencore supply base can or is willing to expand supply in time for 2021 onwards, especially considering how difficult the industry finds predicting the leading producer’s strategy.