Cobalt may become rare

Cobalt is a metal used in electronic devices and electric cars. Growing demand requires new mines. Cobalt is a by-product of the production of, for example, nickel and copper. A variety of steps must be taken to extract cobalt.

Congo, which recently suffered major flooding, is the world’s largest producer of this metal. However, conditions for extracting cobalt are not the best in the Congo.

However, this is offset by other factors. In the US, the Inflation Reduction Act states that by next year, 50% of the critical metals used by car manufacturers must come from the US or its allies.

In a world striving to reduce its emissions to net zero, there is a high demand for raw materials such as cobalt.

Last year, the Chinese lockdowns led to a decline in the production of electronic devices. Similarly, US monetary policy and the energy crisis that followed Russia’s invasion of Ukraine had a major impact.

An increasing number of electric vehicles will lead to an increased demand for cobalt, and thus higher prices in line with the long-term trend.

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