#Bloomberg – #SaudiArabia of #Cobalt: #Congo Eyes Battery-Metal Price Power
Democratic Republic of Congo, the world’s main source of vital battery ingredient cobalt, is also one of the poorest nations. And while it’s dominated by huge industrial mines, about a fifth of its silvery-blue metal is still hand-dug, in often unregulated and dangerous conditions.
Jean-Dominique Takis Kumbo, the head of the new state cobalt buyer, is determined to change that.
His Entreprise Generale du Cobalt will have a monopoly on all hand-dug cobalt in the central African country, giving it power to improve working conditions and potential control of nearly 15% of the world’s production. Takis says he’s hoping that’s a market share big enough to help influence cobalt prices the way Saudi Arabian Oill Co., or Aramco, does with oil, and ultimately boost profit for the state.