The Best Kept Secret Of The #ElectricCar Boom – #Cobalt
We need more #Cobalt than we’ve got, and the mass production of #Lithium-ion batteries at global #Ggigafactories actually requires more cobalt than lithium.
The cobalt in this equation becomes even more valuable when you consider that almost 95 percent of global cobalt comes from #Copper and #Nickel mining, as a by-product. That makes its supply heavily dependent on copper and nickel demand and means it will be difficult to come by at a decent price.
The numbers speak for themselves. In 2015, the battery industry accounted for 41 percent of global cobalt demand, according to the Cobalt Development Institute (CDI). However, over the next 10 years, CDI expects that to increase to 65 percent, and it will be unsustainable unless new cobalt resources are brought into production.